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An analysis of the effects of the severance payment reform on credit to Italian SMEs

Calcagno, Riccardo; Kräussl, Roman; Monticone, Chiara - 2008

We study the effects of the reform of the system of severance payments (TFR) of Italian employees on the cost and the access to credit for small and medium-size enterprises (SMEs). The most direct consequence of the reform is to reduce in the long run the amount of liquid assets available to...

Persistent link: https://www.econbiz.de/10011377271

Financial frictions, real estate collateral, and small firm activity in Europe

Banerjee, Ryan; Blickle, Kristian - 2018

We observe significant heterogeneity in the correlation between changes in house prices and the growth of small firms across certain countries in Europe. We find that, overall, the correlation is far greater in Southern Europe than in Northern Europe. Using a simple model, we show that this...

Persistent link: https://www.econbiz.de/10011904686

Investment Sensitivity to Lender Default Shocks

Celil, Hursit - 2020

We investigate how idiosyncratic lender shocks impact corporate investment. Lenders with recent default experience write stricter loan contracts, leading to a reduction in real investment for borrowing firms. The decline in investment is not attributable to loan riskiness, borrower's agency...

Persistent link: https://www.econbiz.de/10012839813

How Does Lender Health Affect Covenant-Violating Borrowers?

Ao, MingMing - 2020

Using the Emerging Market Debt Crises of the late 1990s, a shock that directly impacted some U.S. banks but not their domestic borrowers, we study the causal impact of lender health on covenant-violating borrowers. Using difference-in-differences, we find that banks exposed to the crises become...

Persistent link: https://www.econbiz.de/10012848722

Financial Constraints of Private Firms and Bank Lending Behavior

Behr, Patrick - 2015

We investigate whether and how financial constraints of private firms depend on bank lending behavior. Bank lending behavior, especially its scale, scope and timing, is largely driven by bank business models which differ between privately owned and state-owned banks. Using a unique dataset on...

Persistent link: https://www.econbiz.de/10013038432

Bank Shocks, Financial Constraints, and Targeting Behavior : Evidence from Credit Supply Fluctuations

Shikimi, Masayo - 2019

This study investigates whether fluctuations in credit supply in a macroeconomy and a relational bank's financial condition affect the capital structure adjustment of firms. Using data for Japanese listed firms from 1988 to 2014, we find that firms adjust their capital structure slower during...

Persistent link: https://www.econbiz.de/10012890523

Credit Supply Shocks, Financial Constraints and Investments for Small and Medium-sized Firms

Hetland, Ove Rein - 2018

In this paper, we find that reduced credit supply reduces firm investments in our sample of small private firms. The effect is strongest for the least financially constrained firms. We use a representative survey of identified Norwegian firms that is linked with financial, bank account and...

Persistent link: https://www.econbiz.de/10012940395

What firms don't like about bank loans : new evidence from survey data

Kolev, Atanas; Maurin, Laurent; Ségol, Matthieu - 2019

determining firm satisfaction with bank loan financing: non-financial firms with weaker finances and those financed by weaker … banks are less satisfied with their bank financing. We also find that the impact of supply factors differs across regions …

Persistent link: https://www.econbiz.de/10012098322

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 … issue bonds. We also demonstrate that, by changing the cost of financing, these characteristics affect the timing of …

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

How Does Personal Bankruptcy Law Affect Start-Ups?

Cerqueiro, Geraldo - 2017

effect of debtor protection on the financing structure and performance of a representative panel of U.S start-ups. The effect …

Persistent link: https://www.econbiz.de/10012975744

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