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better at screening and monitoring opaque borrowers than banks are. Thus, banks benefit from the willingness of MGIs to post …
Persistent link: https://www.econbiz.de/10013143714
affiliates with peer monitoring incentives. Hence, MGI willingness to post collateral signals firms credit-worthiness to banks …
Persistent link: https://www.econbiz.de/10013159734
The 2007-2009 financial crisis and its destructive consequences for the real economy have placed social finance in the spotlight. Social finance involves a wide spectrum of initiatives ranging from large institutions such as social or alternative banks to small informal initiatives such as...
Persistent link: https://www.econbiz.de/10014141297
consistent with the view that MGIs are better than banks at screening and monitoring opaque borrowers. Thus, banks benefit from …
Persistent link: https://www.econbiz.de/10014202502
The recent economic and financial crisis has drawn attention to how mutual guarantee institutions (MGIs) facilitate small and medium enterprises in accessing bank financing. The aim of this paper is twofold. First, we describe the structural features of the Italian market for mutual guarantees...
Persistent link: https://www.econbiz.de/10013111256
This paper tests for the sensitivity of R&D to financing constraints conditional on restrictions in external financing. Financing constraints of firms are identified by an exogenously calculated rating index. Restrictions in external financing are determined by (i) the specific time period...
Persistent link: https://www.econbiz.de/10014100103
Using firm-level data from surveys and financial statements, this paper presents an analysis of credit standards, capital allocation and financial conditions of non-financial enterprises in Denmark since the beginning of the financial crisis. The analysis indicates that low interest rates and...
Persistent link: https://www.econbiz.de/10011489436
We investigate the effect of individual banks' liquidity shocks during the recent financial crisis of 2008/2009 on the innovation activities of their business customers. Individual banks' liquidity shocks are identified by the degree of interbank market usage. We use a difference-in-differences...
Persistent link: https://www.econbiz.de/10011762085
We analyze the causal effect of the credit supply shock to banks induced by interbank market disruptions in the recent financial crisis 2008/2009 on their business customers’ innovation activity. Using a matched bank-firm data set for Germany, we find that having relations with a more severely...
Persistent link: https://www.econbiz.de/10011798962
We examine the relation between financing patterns and firm growth in transition economies. Using a survey dataset covering over 20,000 firms in 30 Eastern European and Central Asian countries from 2002-2014, we find that firms using formal bank finance grow faster than those financed by...
Persistent link: https://www.econbiz.de/10012936378