This paper explores the effects of bank lending shocks on export behavior of Spanish firms. For that purpose, we combine Balance of Payments data on exports at the firm product-destination level with a matched bank-firm dataset incorporating information on the universe of corporate loans from...

Flexibility theory of capital structure, credit rationing, and stage-financing theory are consistent with many patterns of financing of entrepreneurial or small/medium size enterprises (SME). Tax theory of capital structure does not seem to play a significant role for SMEs as opposite to large...

This article focuses on the development and implementation of modern Shari'ah-compliant project and infrastructure finance structures and techniques. The definition and history of project finance are summarized, as are some of the essential institutions, practices, premises, methodology and...

This study applies the panel convergence methodology developed by Philips and Sul (2007) on the debt maturity ratios of a set of firms in developed economies, to explore the effects of credit market integration on debt maturity choices. In contrast to prior studies, our methodology allows for a...

In its June 2010 Morrison v. National Australia Bank ruling, the U.S. Supreme Court unexpectedly decided that key fraud-related provisions of U.S. securities laws would only apply to transactions in foreign securities that take place on U.S. exchanges. We document a statistically significant and...

The new accounting standards, namely, IFRS 9 and CECL, require calculating the expected credit losses (ECL). In this article, we focus on the ECL calculation within the transition-based framework for retail lending products, including residential mortgages, home equity lines of credit (HELOCs),...

Shipping goods internationally is risky and takes time. To allocate risk and to finance the time gap between production and sale, a range of payment contracts is utilized. I study the optimal choice between these payment contracts considering one shot transactions, repeated transactions and...

This study presents compelling experimental evidence indicating that the core intertemporal choice anomalies, encompassing extreme short-run impatience, present bias, hyperbolicity, and transitivity violations, are primarily attributable to complexity rather than time or risk preferences....

This paper examines the organizational forms of Islamic banks, corporate governance mechanism, and their effects on organizational behavior, specifically relating to managerial expense preferences. The paper opted for an OLS cluster regression and followed by a stochastic frontier approach test...

Operational risk is a substantial source of risk for US banks. Improving the performance of operational risk models' allows banks' management to make better risk decisions by better matching economic capital and risk appetite, and allows regulators to better understand the risk of banks. We show...