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Trade credit arises from delayed payments between firms. It is not easy to identify its determinants since they are connected to organisational,technical, commercial and financial factors.In this paper we empirically examine the determinants of the usage of trade credit by Italian industrial...
Persistent link: https://www.econbiz.de/10005113604
The paper examines micro data on Italian manufacturing firms� inventory behavior to test the Meltzer (1960) hypothesis according to which firms substitute trade credit for bank credit during periods of monetary tightening. It finds that their inventory investment is constrained by the...
Persistent link: https://www.econbiz.de/10005196848
On 5-6 September 2012 SUERF held its 30th Colloquium “States, Banks, and the Financing of the Economy” at the University of Zürich, Switzerland. The papers included in this SUERF Study are based on contributions to the Colloquium. All the papers in this publication discuss from different...
Persistent link: https://www.econbiz.de/10011070915
The bank lending channel theory posits that during monetary contractions banks restrict some firms’ loans, thus …
Persistent link: https://www.econbiz.de/10005121035
among Chinese listed firms. We first document an asymmetric effect of trade payables and receivables on cash holdings, in … that firms hold an additional $0.71 of cash for every $1 of credit payable but use $1 of receivables as a substitute for … payables while substituting more receivables for cash. A more highly developed financial sector helps firms to better use trade …
Persistent link: https://www.econbiz.de/10010580940
impact on borrowing according to the theory of signalling whereas the negative correlation of profit and debt supports …
Persistent link: https://www.econbiz.de/10008634433
This paper analyses the influence of economic fluctuations on the financing decisions of companies from Indonesia and Malaysia from 1996 to 2005. Our results show that companies with better access to external capital and those that adjust their financial structures faster outperform other...
Persistent link: https://www.econbiz.de/10005753753
Persistent link: https://www.econbiz.de/10008515417
This paper analyses the influence of economic fluctuations on the financing decisions of companies from Indonesia and Malaysia from 1996 to 2005. Our results show that companies with better access to external capital and those that adjust their financial structures faster outperform other...
Persistent link: https://www.econbiz.de/10008538672
This Paper analyses the transmission mechanisms of monetary policy in a general equilibrium model of securities markets and banking with asymmetric information. Banks' optimal asset/liability policy is such that in equilibrium capital adequacy constraints are always binding. Asymmetric...
Persistent link: https://www.econbiz.de/10005136682