This paper uses market-to-book ratio decomposition to examine whether firms that issue equity through initial public offerings or seasoned equity offerings exploit mispricing because of investor enthusiasm or to finance growth opportunities. We find strong evidence that, on average, firms do not...

This article investigates the determinants of bank loan survival time in an emerging economy for ‘micro’, ‘small’ and ‘medium’-sized enterprises. We use proprietary data from the Central Bank of Mexico for approximately 1.5 million company loans between January 2010 and May 2017. Our...