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The main objective of this paper is to investigate determinants of non-performing loans in the Middle East and North Africa region by exploring the role of bank-specific and macroeconomic factors, particularly in the period of the global financial crisis, as well as the COVID-19 pandemic, as a...
Persistent link: https://www.econbiz.de/10013369129
In the early stages of the global financial crisis and the COVID-19 crisis, bond issuance by non-financial and non-bank financial corporations in the developed economies hit record levels. However, the underlying reasons for this are different: during the global financial crisis, bond issuances...
Persistent link: https://www.econbiz.de/10013211317
The aim of the study is to examine the impact of financial constraints and financial distress on cash holdings, both in normal and crisis times. We collected the 4,406 firm-year observations of companies listed on the Warsaw Stock Exchange (WSE). Our research shows that companies maintain higher...
Persistent link: https://www.econbiz.de/10014310085
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Analyzing syndicated loan and public debt originations by publicly traded U.S. firms between 2004 and 2011, we document a sharp migration from bank borrowing to either no borrowing or public debt issuance in the crisis years. We find evidence for a bank-lending channel; the migration from bank...
Persistent link: https://www.econbiz.de/10013033834
The paper examines the real effects of the financial crisis for private firms. Analyzing a novel dataset from the Netherlands and controlling for multiple key factors, we find that investments of small and medium-sized private enterprises reduced significantly during and after the financial...
Persistent link: https://www.econbiz.de/10012844709
The rise of bond financing in EuropeUsing large panel data of public and private firms, this paper dissects the growth of bond financing in the Euro Area through the lens of the cross-section of issuers. In recent years, the composition of bond issuers has shifted, with the entry of many smaller...
Persistent link: https://www.econbiz.de/10013198743
We study the delivery of subsidized financing to small firms through the Paycheck Protection Program (PPP). Smaller firms are less likely to gain early PPP access, an effect attenuated in small banks and firms with prior lending relationships. Their more even treatment offers a new rationale,...
Persistent link: https://www.econbiz.de/10013224246
In crisis times, insurance companies might feel the pressure to present an investment portfolio performance that is superior to the market, since investment portfolios back the claims of policyholders and serve as a signal for the claims' safety. I investigate how a stock market crisis as...
Persistent link: https://www.econbiz.de/10014365273