The most fundamental form of systemic risk in modern financial networks is contagion. In this article we describe a homogeneous banking system (banks with identical preferences and the same size of total assets) with interconnectedness: banks own shares in each others' assets. Using these...

There have been significant changes in the financing of early-stage innovative companies since the beginning of this decade. The importance of institutional venture capital funds' investments declined in financing startups and early-stage ventures. At the same time, alternative sources of...

The most fundamental form of systemic risk in modern financial networks is contagion. In this article we describe a homogeneous banking system (banks with identical preferences and the same size of total assets) with interconnectedness: banks own shares in each others' assets. Using these...

Hungarian Abstract: Dolgozatom témája a Debreceni Gyógyfürdő Kft. és a Hajdúszoboszlói Gyógyfürdő Rt. 1997 és 2002 közötti tevékenységének elemzése az éves beszámolókból nyert pénzügyi mutatószámok segítségével

There have been significant changes in the financing of early-stage innovative companies since the beginning of this decade. The importance of institutional venture capital funds' investments declined in financing startups and early-stage ventures. At the same time, alternative sources of...

The paper provides evidence on what affects at the margin the cost and availability of bank credit for firms in Argentina. We study in particular how banks use different pieces of private and public information to screen firms and overcome informational asymmetries in the credit market. Some...

The paper considers a model in which limited liability causes an asset substitution problem for banks. The problem can at times become so severe that the current regulatory framework – based on a combination of effectively full deposit insurance, minimum capital requirements and prudential...

The financing of innovation impacts on economic growth. What’s, among bank-based or market-based system, the best organizational form? The paper supports the view that both forms have to be merged into a unique approach (law and finance view) embracing not only the overall quality of the...

Hungarian Abstract: A tőzsdén kereskedett alapok gyors elterjedése és dinamikus növekedése felveti a kérdést, mi áll az egyes kibocsátások sikerének hátterében. A termék speciális szerkezetéből fakadó nyilvánvaló előnyöket megkerülve, ebben a cikkben azt vizsgáltam,...