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Debt overhang, rollover risk, and corporate investment : evidence from the European crisis

Kalemli-Ozcan, Sebnem; Laeven, Luc; Moreno, David - 2019

We quantify the role of financial factors behind the sluggish post-crisis performance of European firms. We use a firm-bank-sovereign matched database to identify separate roles for firm and bank balance sheet weaknesses arising from changes in sovereign risk and aggregate demand conditions. We...

Persistent link: https://www.econbiz.de/10011975573

Firm or bank weakness? : access to finance since the European sovereign debt crisis

Corbisiero, Giuseppe; Faccia, Donata - 2020

This paper uses a unique dataset where credit rejections experienced by euro area firms are matched with firm and bank … the euro area during the sovereign debt crisis, and in credit developments characterising the post-crisis recovery … representation of euro area firms of small and medium size. Our findings suggest that, while firm balance sheet factors have been …

Persistent link: https://www.econbiz.de/10012150099

Universal banks and corporate control : evidence from the global syndicated loan market

Ferreira, Miguel A.; Matos, Pedro - 2009

Banks play a role in the corporate governance of firms as well as acting as debt financiers around the world. Universal banks can have control over borrowing firms by representation on the board of directors or by holding shares through direct stakes or institutional holdings. We investigate the...

Persistent link: https://www.econbiz.de/10003867057

Financing obstacles and growth : an analysis for euro area non-financial corporations

Coluzzi, Chiara; Ferrando, Annalisa; … - 2009

,000 non-financial corporations in five euro area countries. In addition to the balance sheet information in this panel, we …

Persistent link: https://www.econbiz.de/10003826608

The rise of bond financing in Europe

Darmouni, Olivier; Papoutsi, Melina - 2022

of bond financing in the Euro Area through the lens of the cross-section of issuers. In recent years, the composition of …

Persistent link: https://www.econbiz.de/10013198743

Identifying financial constraints

Cherchye, Laurens; Rock, Bram de; Ferrando, Annalisa; … - 2020

We propose a new methodology to recover firm-time varying financial constraints from firms' production behavior. We model financial constraints as the profitability that firms forgo when budget constraints on production inputs bind, impeding them from using the optimal level of inputs and...

Persistent link: https://www.econbiz.de/10012241106

Corporate debt and investment : a firm level analysis for stressed euro area countries

Gebauer, Stefan; Setzer, Ralph; Westphal, Andreas - 2017

This paper investigates the link between corporate debt and investment for a group of five peripheral euro area …

Persistent link: https://www.econbiz.de/10011719911

Bank credit and market-based finance for corporations : the effects of minibond issuances

Ongena, Steven; Pinoli, Sara; Rossi, Paola; Scopelliti, … - 2020

We study the effects of the diversification of funding sources on the financing conditions for firms. We exploit a regulatory reform which took place in Italy in 2012, i.e., the introduction of "minibonds", which opened a new market-based funding opportunity for unlisted firms. Using the Italian...

Persistent link: https://www.econbiz.de/10012390449

Medium-term investment responses to activity shocks : the role of corporate debt

Barrela, Rodrigo; López-García, Paloma; Setzer, Ralph - 2022

empirical analysis is based on a large Orbis-iBACH firm-level data set for euro area countries from 2005 to 2018. Our results …

Persistent link: https://www.econbiz.de/10013448723

Investor-driven corporate finance : evidence from insurance markets

Kubitza, Christian - 2023

I study the causal effect of bond investor demand on the financing and investment decisions of nonfinancial firms using granular data on the bond transactions of U.S. insurance companies. Liquidity inflows from insurance premiums combined with insurers' persistent investment preferences identify...

Persistent link: https://www.econbiz.de/10014315209