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Using internal data of a leasing company in Germany, we examine the determinants of the probability and use of leasing by small firms. We find that small and young firms are likely to be constrained on the leasing market but use leasing to increase their debt capacity. Beyond contract- and...
Persistent link: https://www.econbiz.de/10010986127
This paper shows that the presence of conditional staging in R&D (Research & Development) has a critical impact on portfolio risk, and changes diversification arguments when a portfolio is constructed. When R&D projects exhibit option-like characteristics, correlation between projects plays a...
Persistent link: https://www.econbiz.de/10005016277
Two main approaches have been utilized to explain the relationship between entrepreneurs and their investors. The first is based on the separation of ownership and management i.e. the so-called principal-agent approach. The second emphasizes trust and cooperation in the relationship. This...
Persistent link: https://www.econbiz.de/10010790712
We develop a dynamic model of investment, capital structure, leasing, and risk management based on firms' need to collateralize promises to pay with tangible assets. Both financing and risk management involve promises to pay subject to collateral constraints. Leasing is strongly collateralized...
Persistent link: https://www.econbiz.de/10010678713
We develop a dynamic model of investment, cash holdings, financing, and risk management policies in which firms face financing frictions and are subject to permanent and temporary cash flow shocks. In this model, target cash holdings depend on the long-term prospects of the firm, implying that...
Persistent link: https://www.econbiz.de/10011168895
This paper shows that the presence of conditional staging in R&D (Research & Development) has a critical impact on portfolio risk, and changes diversification arguments when a portfolio is constructed. When R&D projects exhibit option-like characteristics, correlation between projects plays a...
Persistent link: https://www.econbiz.de/10011257428
Surveys, which measure firms’ experience of corruption and the gender of their owners and top managers. We find that women in …, ethically at least, good for business our research contributes to the literature on development, gender equality, and corruption …
Persistent link: https://www.econbiz.de/10011266239
upon discriminatory effects (direct effect). Whether gender has an impact on size and composition of start-up capital, is …
Persistent link: https://www.econbiz.de/10010730856
-time borrowers to loan officers of a large Albanian lender, we test for own-gender bias in the loan officer-borrower match. We find … is independent of loan officer gender. Ending up with an opposite-sex loan officer also affects demand for credit, with …
Persistent link: https://www.econbiz.de/10011091317
to show that own-gender preferences affect both credit supply and demand. Borrowers matched to officers of the opposite … gender are less likely to return for a second loan. The effect is larger when officers have little prior exposure to … borrowers of the other gender and when they have more discretion to act on their gender beliefs, as proxied by financial market …
Persistent link: https://www.econbiz.de/10011091775