I investigate how banks manage liquidity as specified in the German prudential liquidity regulation, which combines a stock and cash-flow mapping approach. To do so, I use dynamic panel data regressions, take into account that payment obligations are endogenous and test whether banks whose...

The generally accepted view is that to achieve macroeconomic stability and sustainable economic growth, good management of public finance is necessary. The concept of external audit of public finance, as a subject of research in this paper, is analyzed as an integral element of public financial...

This paper aims to provide an analysis of the profitability of audit firms in the Republic of Serbia during the period 2016-2018. The analysis is based on the data collected from the financial statements from all audit firms registered in the Republic of Serbia. The profitability analysis...

This paper aims to investigate factors of profitability in the manufacturing sector in the Republic of Serbia. The research is based on the sample of 220 observations of financial statements of listed companies on the Belgrade stock exchange from sector C - manufacturing during 2017-2020....

Credit market imperfections give rise to boom-bust cycle episodes in emerging markets. In the present paper, we aim to provide a comprehensive analysis for Eastern Europe. We focus on documenting credit market imperfections, asymmetric financing opportunities across sectors, and business cycle...

This paper provides a theory of incorporation and taxation that emphasizes the role of the corporate legal form in facilitating access to external capital and the potential advantages of limited liability. Incorporation relaxes financing constraints and makes corporations larger than comparable...

This paper extends the literature on predatory short selling and bailouts through a joint analysis of the two. We consider a model with informed short sales, as well as predatory short sales by an uninformed investor, which can trigger the inefficient liquidation of a firm. We obtain several...

In this paper we analyze the risks the European Telecom market is experiencing. Many economic disincentives to investing in infrastructure are related to the fact that market value of the companies can be lower than expected. Next Generation Networks (NGN) deployment require great amounts of...

We study the effects of financial sanctions on cross-border credit supply. Using a differences-in-differences approach to analyze eleven sanctions episodes between 2002 and 2015, we find that banks located in Germany reduce their positions in countries with sanctioned entities by 38%. The...