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Bank lending, financing constraints and SME investment

Carbó Valverde, Santiago (contributor); … - 2008

SME investment opportunities depend on the level of financing constraints that firms face. Earlier research has mainly focused on the controversial argument that cash flow-investment correlations increase with the level of these constraints. We focus on bank loans rather than cash flow. Our...

Persistent link: https://www.econbiz.de/10003774086

Trade Credit, the Financial Crisis, and SME Access to Finance

Carbo-Valverde, Santiago - 2014

Mounting evidence indicates that firms, particularly SMEs, suffered from a significant credit crunch during this crisis. Little research exists on how SMEs coped with this problem due to a lack of data in the U.S. and elsewhere. We analyse for the first time whether trade credit provided an...

Persistent link: https://www.econbiz.de/10013063319

Structure and determinants of financial covenants in leveraged buyouts - evidence from an economy with strong creditor rights

Achleitner, Ann-Kristin; Braun, Reiner; Tappeiner, Florian - 2009

We apply control rights theory to explain the structure and determinants of financial covenants in private equity backed leveraged buyouts. We analyze 130 German transactions from 2000 to 2008, covering about 40 percent of the LBO market during this period. We consider Germany to be a superior...

Persistent link: https://www.econbiz.de/10003919605

Geographic location of a new venture and the likelihood of a venture capital investment

Achleitner, Ann-Kristin; Bender, Marko; Kaserer, Christoph - 2010

Based on 1182 dyads of German new ventures and venture capitalists involved in a financing round between 2002 and 2007, we examine the impact of spatial proximity on the likelihood of an investment. We find that with each triplication of journey time the relative likelihood of an investment...

Persistent link: https://www.econbiz.de/10008659237

Influence of internal factors on the use of equity- and mezzanine-based financing in family firms

Achleitner, Ann-Kristin; Lutz, Eva; Schraml, Stephanie C. - 2009

The paper analyzes internal factors which influence the use of equity - and mezzanine-based financing instruments in German privately held family firms. Based on a sample of 195 surveys of family firms, we investigate the impact of family specific goals and corporate governance structures on the...

Persistent link: https://www.econbiz.de/10003919589

The impact of the financial crisis on financing technology ventures

Achleitner, Ann-Kristin; Braun, Reiner; Metzger, Georg; … - In: International journal of entrepreneurship and small business 29 (2016) 1, pp. 4-24

Persistent link: https://www.econbiz.de/10011576762

Cross-border banking and the international transmission of financial distress during the crisis of 2007 - 2008

Popov, Alexander; Udell, Gregory F. - 2010

We study the effect of financial distress in foreign parent banks on local SME financing in 14 central and eastern … financial assets. We also find that foreign banks transmit to Main Street a larger portion of similar financial shocks than … domestic banks. The observed decline in credit is greater among high-risk firms and firms with fewer tangible assets. - Credit …

Persistent link: https://www.econbiz.de/10003973496

Loan Officers and Relationship Lending to SMEs

Uchida, Hirofumi - 2014

officer activities are associated with bank production of soft information. We also find that loan officers at small banks … produce more soft information than at large banks, but large banks appear to have the equivalent potential to underwrite … relationship loans. Nevertheless, large banks choose instead to focus their resources on transactions lending …

Persistent link: https://www.econbiz.de/10013067014

Sovereign Stress, Unconventional Monetary Policy, and SME Access to Finance

Ferrando, Annalisa - 2015

We investigate the effect of sovereign stress and of unconventional monetary policy on small firms' financing patterns during the euro area debt crisis. We find that after the crisis started, firms in stressed countries were more likely to be credit rationed, both in the quantity and in the...

Persistent link: https://www.econbiz.de/10013019629

A More Complete Conceptual Framework for Financing of Small and Medium Enterprises

Berger, Allen N.; Udell, Gregory F. - 2006

The authors propose a more complete conceptual framework for analysis of credit availability for small and medium enterprises (SMEs). In this framework, lending technologies are the key conduit through which government policies and national financial structures affect credit availability. They...

Persistent link: https://www.econbiz.de/10014060180