This paper examines the financing structure of small and medium-sized enterprises (SMEs) in Germany and questions … whether an equity gap - or, more generally, a financing gap -exists. Reviewing the literature and available data sources, we … find that financing constraints seem to affect, if at all, only a very small subgroup among highly growth-oriented firms …

systems provide constrained firms with easier access to external financing. -- Financial constraints ; financial system ; cash …

In order to identify the relevant sources of firms' financing constraints, we ask what financial frictions matter for … corporate policies. To that end, we build, solve, and estimate a range of dynamic models of corporate investment and financing … common technology, but differ in the friction generating financing constraints. Using panel data on Compustat firms for the …

We examine firms' simultaneous choice of investment, debt financing and liquidity in a large sample of US corporates …