Private sector borrowing has been identified as a major factor behind the euro crisis. We study the contribution of non-financial public corporations to this finding. Using data from eleven euro countries and a control group of five other European countries over 1991-2006, we show that firms...

In this paper we study how the introduction of the euro has affected corporate financing in Europe. We use firm-level data from eleven euro area countries as well as from a control group of five other European countries spanning the years 1991–2006. We show that firms from euro area countries...

We study the financing policies of European public corporations prior to the euro crisis. Using data from eleven euro countries and a control group of five other European countries over 1991-2006, we show that non-financial firms from euro countries with previously weak currencies considerably...

It is widely acknowledge that financial constraints are the most visible problems of the SMEs. So through this paper we propose to analyze the main sources of financing that SMEs use to conducttheir business. And, from these sources, we should focus on the ways of financing offered by credit...

We quantify the role of financial factors behind the sluggish post-crisis performance of European firms. We use a firm-bank-sovereign matched database to identify separate roles for firm and bank balance sheet weaknesses arising from changes in sovereign risk and aggregate demand conditions. We...

We quantify the role of financial factors behind the sluggish post-crisis performance of European firms. We use a firm-bank-sovereign matched database to identify separate roles for firm and bank balance sheet weaknesses arising from changes in sovereign risk and aggregate demand conditions. We...

In this paper, we evaluate firm-, industry- and country-specific factors determining a firm's capital structure. The empirical validity of several capital structure theories has been ambiguous so far. We shed light on the main drivers of leverage and depict differences in industry and country...

We quantify the role of financial factors behind the sluggish post-crisis performance of European firms. We use a firm-bank-sovereign matched database to identify separate roles for firm and bank balance sheet weaknesses arising from changes in sovereign risk and aggregate demand conditions. We...

This paper explores how the structure of EU non-financial corporation's in terms of size and activity specialisation can influence their financing mix and, particularly, the use of capital markets as a source of funding.Significant differences in the structure and size of firms are observed...

We use data on the sources of debt finance of U.S. majority-owned foreign affiliates in 53 countries over the period 1983 to 2001 to examine the role of financial market development, and exposure to host country-specific risk on the financing choices of these affiliates. We find that total...