- Verhältnis Finanzierer /Bank versus Unternehmer /Manager im Wandel: vom Misstrauen zum gegenseitigen Verstehen und Vertrauen - Kriterien für ein individuelles Geschäftsverständnis und Analyseinstrumente als Voraussetzung für eine fundierte Finanzierugnsberatung - Systematische Planung und...

We examine a large and unique panel containing survey and financial statement data on small and medium sized private enterprises (SMEs) in Germany from 1991 to 2011. From the survey data, we derive a financial constraints measure based on managers' self-perception. We find that our measure...

This study tests for financial constraints on Ramp;D investment and how they differ from capital investment. To identify constraints in the access to external capital, we employ a credit rating index. Our models show that internal constraints, measured by mark-ups, are more decisive for Ramp;D...