The paper aims to examine the new regulatory framework of project finance in the economics of banking firms. In particular, the paper investigates the uniqueness of the project finance, the significant importance of the project finance in bank activity, and the role of the new bank capital...

Venture capital is an important source of finance for small businesses although it is least understood. The Venture Capital financing market in Afghanistan is inactive and mainly targets large companies instead of small to medium enterprises. The study sought to evaluate the role of venture...

This paper investigates the links between alternative growth phases of firms and barriers to financing and investment using firm-level information for a representative sample of EU companies. We propose a novel classification of corporates: high growth (HGEs), stable and declining enterprises....

It is well known that Micro and Small and Medium sized Enterprises (SMEs) are the backbone of the economy. Most of these companies use external financing sources like debt and equity capital to finance their activities. However, in general, in the area of SMEs' access to finance, there are...

Using a recently developed method of causal inference, this paper estimates the additional up-front loan origination costs that a small business can expect to pay when it first borrows from a new lender. I compare firms that borrow from a previously unused financial institution with firms that...

Using a sample of bank loans, we study how financial contracts are different when there are conflicts of interest not only between the contracting parties but within one of the contracting parties. Such conflicts can arise in lending syndicates when, for instance, the lead arranger has the...

In this paper, we aim to assess how a specific socio-institutional environment, identified according to the level of corruption, may affect the access to credit for micro, small, and medium-sized enterprises (MSMEs). Using a sample of 68,115 observations - drawn from the ECB-SAFE survey -...

We study the effects of a unique lending program initiated by the Swedish government at the height of the financial crisis that allowed firms to suspend payment of all labor-related taxes and fees. Comprehensive administrative data on all Swedish firms show that firms borrowing from the program...

We examine the factors that influence public firms' choice between project financing and corporate financing. Using a sample of 15,191 syndicated deals closed between 2000 and 2016, we find that economies of scale, agency costs of debt, and information asymmetry arguments affect the choice of...