Since summer 2007 the Subprime credit crisis has been affecting the international financial markets. One of the consequences of the crisis was the collapse of the market for large-sized leveraged buyout transactions in late 2007 and early 2008. The goal of this Working Paper is to examine to...

This paper examines the financing structure of small and medium-sized enterprises (SMEs) in Germany and questions whether an equity gap - or, more generally, a financing gap -exists. Reviewing the literature and available data sources, we find that financing constraints seem to affect, if at...

Since summer 2007 the Subprime credit crisis has been affecting the international financial markets. One of the consequences of the crisis was the collapse of the market for large-sized leveraged buyout transactions in late 2007 and early 2008. The goal of this Working Paper is to examine to...

Based on German data between 1999 and 2007, we analyze the growth factors of SMEs and contrast them with those of large firms. Differences show up both in balance sheet and employment growth. While we confirm earlier results on inherent growth structures and the influence of firm age, we derive...

We study the dynamics of the relationship between capital structure and performance of unlisted small and medium-sized enterprises (SMEs) in Germany. A panel vector autoregressive model allows us to account for potential endogeneity and individual heterogeneity. Our results show that there is a...

Since summer 2007 the Subprime credit crisis has been affecting the international financial markets. One of the consequences of the crisis was the collapse of the market for large-sized leveraged buyout transactions in late 2007 and early 2008. The goal of this Working Paper is to examine to...