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Mutual guarantee institutions and small business finance
Columba, Francesco; Gambacorta, Leonardo; Mistrulli, … - Bank for International Settlements / Monetary and …
A large body of literature has shown that small firms experience difficulties in accessing the credit market due to informational asymmetries. Banks can overcome these asymmetries through relationship lending, or at least mitigate their effects by asking for collateral. Small firms, especially...
Persistent link: https://www.econbiz.de/10009138470
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The Value of Business Networks in Emerging Economies:An Analysis of Firms’ External Financing Opportunities
Owolabi, Oluwarotimi; Pal, Sarmistha - Institut zur Zukunft der Arbeit <Bonn> - 2011
The paper argues that networked firms are likely to have an advantage in securing externalfinance in countries with weak legal and judicial institutions since it helps financial institutionsto minimize the underlying agency costs of lending. An analysis of recent BEEPS data fromfifteen Central...
Persistent link: https://www.econbiz.de/10009360517
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The risk of relying on reputational capital: a case study of the 2007 failure of New Century Financial
Frankel, Allen B. - Bank for International Settlements / Monetary and … - 2009
The quality of newly originated subprime mortgages had been visibly deteriorating for some time before the window for such loans was shut in 2007. Nevertheless, a bankruptcy court's directed ex post examination of New Century Financial, one of the largest originators of subprime mortgages,...
Persistent link: https://www.econbiz.de/10009138458
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The Relationship between Bankruptcy Risk and Growth for Non-listed Firms
Nordal, Kjell Bjørn; Næs, Randi - Universitetet <Stavanger> / School of Business … - 2010
We investigate the relationship between bankruptcy risk and expected future sales growthfor Norwegian non-listed rms for the period 1988-2007. We nd that rms with highbankruptcy risk also have high expected future growth. Financial ratios characterizingrms with high bankruptcy risk also...
Persistent link: https://www.econbiz.de/10009305186
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The diversification cost of large, concentrated equity stakes. How big is it? Is it justified?
Ødegaard, Bernt Arne - Universitetet <Stavanger> / School of Business … - 2009
While the hypothesis that ownership concentration can aect the value of a company has seen a lotof empirical study, little light has been shed on a complementary problem, that these concentratedowners have a cost of their position due to an undiversified portfolio. Using a unique data set ofthe...
Persistent link: https://www.econbiz.de/10009305207
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Finanzinnovationen der Fremdfinanzierung
Breuer, Wolfgang; Hartmann, Nora; Kleefisch, Anke - RWTH <Aachen> / Lehrstuhl für … - 2002
have survived. Several papers deal with the valuation of existing financialproducts. In contrast, our approach tries to …
Persistent link: https://www.econbiz.de/10005858823
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Finanzinnovationen der Beteiligungsfinanzierung
Breuer, Wolfgang; Hartmann, Nora; Kleefisch, Anke - RWTH <Aachen> / Lehrstuhl für … - 2002
As in Breuer/Hartmann/Kleefisch (2003) this approach tries to explain the use of certainfinancial innovations by their fulfillment of different corporate financing functions. In contrast, wedissect equity instead of debt innovations. First, we identify numerous basic components of...
Persistent link: https://www.econbiz.de/10005858826
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The Convergence of Financial Systems in Europe
Schmidt, Reinhard H.; Hackethal, Andreas; Tyrell, Marcel - 2001
Since the beginning of the 1990s, it has been widely expected that the implementation of the European Single Market would lead to a rapid convergence of Europe’s financial systems. In the present paper we will show that at least in the period prior to the introduction of the common currency...
Persistent link: https://www.econbiz.de/10005844565
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Monitoring versus incentives
Demougin, Dominique; Fluet, Claude - 1997
This paper analyzes the trade-o! between monitoring and incentives in a principal-agent relationship with moral hazard … the agentfaces a limited liability constraint. We show that the principal uses less monitoring andstronger incentives if … the agent's liability limit is relaxed or if monitoring costs increase.To induce more e!ort on the part of the agent, the …
Persistent link: https://www.econbiz.de/10005841062
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Web Site Monitoring - Datenquellen, Web-Logfile-Analyse, Logfile-Analyzer
Schwickert, Axel C.; Wendt, Peter - 2000
Zusammenhang wird die Ermittlung und die Analyse der Web-Site-Nutzung unter dem Begriff "Web Site Monitoring" (WSM) zusammengefaßt …. Arbeitspapier Nr. 6/2000 definierte zunächst die zentralen Begriffe "Web Site" und "Monitoring" und verdeutlichte dessen …
Persistent link: https://www.econbiz.de/10005841413