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...

Relying on a perspective borrowed from monetary policy announcements and introducing an econometric twist in the traditional event study analysis, we document the existence of an "event risk transfer", namely a significant credit risk transmission from the sovereign to the corporate sector after...

In this paper we disagree with the proposal in the Financial Conduct Authority's consultation paper CP19/4 to exclude the head of legal of regulated firms from the Senior Manager and Certification Regime (“SM&CR”). We argue that there are benefits to inclusion; from the perspective of...