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Financing investment: the choice between bonds and bank loans

Morellec, Erwan; Valta, Philip; Zhdanov, Alexei - 2014

We build a model of investment and financing decisions to study the choice between bonds and bank loans in a firm …'s marginal financing decision and its effects on corporate investment. We show that firms with more growth options, higher … investment. We test these predictions using a sample of U.S. firms and present new evidence that supports our theory …

Persistent link: https://www.econbiz.de/10010258730

Firm investment, liquidity, and bank health : a panel study of Asian firms in the 2000s

Ogawa, Kazuo - 2013

financially turbulent periods in the 2000s in making investment decisions and in meeting demand for liquidity. A rise in … uncertainty regarding the ability to obtain external funds may have induced firms to rely on internal funds to finance investment … activities. Therefore, we shed light on the cash flow sensitivity of investment and cash holdings by estimating firm- level …

Persistent link: https://www.econbiz.de/10009734202

Finance for micro, small, and medium-sized enterprises in India : sources and challenges

Singh, Charan; Wasdani, Kishinchand Poornima - 2016

Finance for micro, small, and medium-sized enterprises (MSMEs) has been a concern for all stakeholders including entrepreneurs, financial institutions, and government organizations. The key objective of the study was to identify various challenges faced by MSMEs in sourcing of finance during...

Persistent link: https://www.econbiz.de/10011522010

Optimal credit guarantee ratio for Asia

Yoshino, Naoyuki; Taghizadeh-Hesary, Farhad - 2016

Difficulty in accessing finance is one of the critical factors constraining the development of small and medium-sized enterprises (SMEs) in Asia. Owing to their significance to national economies, it is important to find ways to provide SMEs with stable finance. One efficient way to promote SME...

Persistent link: https://www.econbiz.de/10011522082

SME finance in Asia : recent innovations in fintech credit, trade finance, and beyond

Cornelli, Giulio; Davidson, Vukile; Frost, Jon; … - 2019

This study gives an overview of recent innovations in the financing of small and medium-sized enterprises (SMEs) in Asia. While SMEs are an important contributor to employment and gross domestic product in Asia, they often face significant credit constraints. Recently, in the context of Asia's...

Persistent link: https://www.econbiz.de/10012119148

What determines SMEs' funding obstacles to bank loans and trade credits? : a comparative analysis of EU-15 and NMS-13 countries

Leitner, Sandra M.; Stehrer, Robert - 2015

Persistent link: https://www.econbiz.de/10011290641

Financial system, and SME financing in Kazakhstan

Dosmagambet, Yergali; Oskenbayev, Yessengali; … - 2018

Kazakhstan remains a resource-dependent country, and the overall economy experiences external commodity price volatility. Oil export revenue exerts a positive effect on the economic development of oil-producing countries; however, depending only on oil revenue will make the economy vulnerable to...

Persistent link: https://www.econbiz.de/10011949765

Unsecured loans and intangible investment

Ogura, Yoshiaki; Uesugi, Iichiro; Iwaki, Hiromichi - 2023

Persistent link: https://www.econbiz.de/10014427425

Designing financial support for SMEs during crises : the role of bank lending

Wang, Tianxi; Wang, Xuan - 2021

When designing schemes to help SMEs survive crises, the government typically faces asymmetric information, so that it cannot target the SMEs most worth saving. We show that the government can exploit the information in the borrower loan demand to improve policy targets compared with existing...

Persistent link: https://www.econbiz.de/10012665866

Estimating conditional treatment effects of EIB lending to SMEs in Europe

Barbera, Alessandro; Gereben, Aron; Wolski, Marcin - 2022

Persistent link: https://www.econbiz.de/10012888522

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