the Eurobarometer data for small and medium-sized firms (SME´s). The analysis for SME´s seems to be interesting because …

Consumption risk sharing among U.S. federal states increases in booms and decreases in recessions. We find that small … aggregate risk sharing are more pronounced in states in which small firms account for a large share income or employment. In … to have loosened the dependence of aggregate risk sharing on the business cycle. Not only do our result support that …

Financial theory creates a puzzle. Some authors argue that high-risk entrepreneurs choose debt contracts instead of … microeconometric evidence on the determinants of debt and equity financing in young and innovative SMEs. We pay special attention to … the role of risk for the choice of the method of financing. Since risk is not directly observable we use different …