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Capital market financing, firm growth, and firm size distribution
Didier, Tatiana; Levine, Ross; Schmukler, Sergio L. - 2016
How many and which firms issue equity and bonds in domestic and international markets, how do these firms grow relative to non-issuing firms, and how does firm performance vary along the firm size distribution (FSD)? To evaluate these questions, we construct a new dataset by matching data on...
Persistent link: https://www.econbiz.de/10011974670
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Growth of global corporate debt : main facts and policy challenges
Abraham, Facundo; Cortina, Juan J.; Schmukler, Sergio L. - 2020
expansion of global nonfinancial corporate debt after the 2008-09 global financial crisis. Nonfinancial corporate debt steadily … increased after the crisis, especially in emerging economies. Between 2008 and 2018, corporate debt increased from 56 to 96 …. Nonfinancial corporate debt was mainly issued through bond markets, and its growth can be largely attributed to accommodative …
Persistent link: https://www.econbiz.de/10012296893
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Public guarantees, private banks' incentives, and corporate outcomes : evidence from the COVID-19 crisis
Jiménez, Gabriel; Laeven, Luc; Martinez-Miera, David; … - 2024
We show that public guaranteed loans (PGL) increase credit availability improving real effects, but private banks' incentives imply that weaker banks shift riskier corporate loans to taxpayers. We exploit credit register data during the COVID-19 shock in Spain, and a stylized model guides the...
Persistent link: https://www.econbiz.de/10014490453
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Do demand or supply factors drive bank credit : in good and crisis times?
Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; … - 2017
Persistent link: https://www.econbiz.de/10011697384
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Do demand or supply factors drive bank credit, in good and crisis times?
Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; … - 2017
Persistent link: https://www.econbiz.de/10011686971
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Stakeholder governance, competition and firm value
Allen, Franklin; Carletti, Elena; Marquez, Robert - 2014
In many countries, the legal system or social norms ensure that firms are stakeholder oriented. We analyze the advantages and disadvantages of stakeholder-oriented firms that are concerned with employees and suppliers compared to shareholder-oriented firms in a model of imperfect competition....
Persistent link: https://www.econbiz.de/10010249637
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Education and credit: a Matthew effect
Delēs, Manthos D.; Deli, Yota D.; Peydró, José-Luis; … - 2022
Using a unique corporate loans dataset for entrepreneurs with small and microenterprises, this paper examines how educational attainment affects bank credit decisions and subsequent individual and firm outcomes. Our results highlight a "Matthew Effect," where an initial advantage is...
Persistent link: https://www.econbiz.de/10013191364
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Market efficiency and limits to arbitrage : evidence from the Volkswagen short squeeze
Allen, Franklin; Haas, Marlene; Nowak, Eric; Tengulov, Angel - 2018
On October 26, 2008, Porsche announced a largely unexpected domination plan for Volkswagen. The resulting short squeeze in Volkswagen's stock briefly made it the most valuable listed company in the world. We argue that this was a manipulation designed to save Porsche from insolvency and the...
Persistent link: https://www.econbiz.de/10011875647
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Globalization and firms' financing choices : evidence from emerging economies
Schmukler, Sergio L.; Vesperoni, Esteban - 2000
Persistent link: https://www.econbiz.de/10001483089
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Globalization and firms' financing choices : evidence from emerging economies
Schmukler, Sergio L.; Vesperoni, Esteban - 2001
Persistent link: https://www.econbiz.de/10001612408