In 2021, retail lending has been the most dynamically growing banking market segment spurring banking revenues growth. The worsening of loan portfolio quality was driven by rising inflation, stagnation of households’ real incomes and the epidemiological situation, which factors could not but...

The financial sector has emerged as the main economic engine over the past two decades. The comparative advantages of placing financial activities in Luxembourg have mostly been in terms of an adaptive legislative and regulatory framework and low taxation. As a result, Luxembourg is today one of...

We propose a unified theory of asset price determination encompassing both "conventional" and "alternative" asset classes (private equity, real estate, etc.). The model features disruption of old by young firms and skewness in the distribution of innovative rents among the young innovators. The...

Many startups are commonly-held by the same venture capital (VC) investors. We exploit the staggered introduction of liability exemptions when investors hold stakes in conflicting business opportunities as a shock to common ownership. We find increases in common ownership and directors serving...

This article uses an endogenous growth model to study how the improvements in financing for innovative start-ups brought by venture capital (VC) affect firm innovation and growth. Partial equilibrium results show how lending contracts change as financing efficiency improves, while general...

New industry finance has the following five characteristics. First, information asymmetry problem appears relatively stronger in the new industry finance compared to the normal industry finance. Asymmetry of information between trading partners means that the amount of information is on...

This paper investigates the compensation and growth dynamics of private equity firms. Using proprietary data, I estimate that about half of their revenue is performance-related and find that current fund performance also has indirect effects on firms’ future revenue. The dynamics of these...

This article uses an endogenous growth model to study how the improvements in financing for innovative start-ups brought by venture capital (VC) affect firm innovation and growth. Partial equilibrium results show how lending contracts change as financing efficiency improves, while general...

The study had set forth to explore the intertwining relationship that exist between oil revenue shock, non-oil export and industrial output in Nigeria. In achieving this objective the study utilized data spanning the period 1970-2010. This period captured the major era of regime shift (changes...

This study aims to identify public financial indicators involved in the investment projects of GCC countries. The data was collected from the IMF and the MEED from 2011-2017. The study measured the impact of public finance based on eight variables and two proxies (national and trade accounts) on...