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giving more to all entrepreneurs. In equilibrium, competition for the best entrepreneurs forces intermediaries to offer …. Competition among financial intermediaries always forces them to fund projects with negative expected returns both from a private … scale. The three main features of our framework (competition, adverse selection, and limited liability) are necessary to get …
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This working paper provides an overview of the main markets relevant to the EIF, with a particular focus on the impact of COVID-19. It starts by discussing the general market environment, then looks at the main aspects of equity finance and the markets for SME debt products and, finally, it...
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