Using a panel of 1122 UK firms listed on the London Stock Exchange over the period of 1981 to 2009, endogenous switching regression models (SRM) incorporating a predicted corporate efficiency index are estimated in this paper in an effort to clarify the role of cash flow in examining the impact...

The current situation of Ukrainian banks on credit and investment markets is very complicated. During 2009-2012 , the banking system was going through hard times, eliminating the effects of the financial crisis of 2008, that resulted in the strengthening of banks' claims on borrowers; active...

The traditional innovation-growth view posits that financial innovations help facilitate risk sharing, complete the market, and ultimately improve allocative efficiency. However, financial innovations are often attributed as the root cause of the Global Financial Crisis, by engineering...

I exploit variation in the congestion of civil courts across Brazilian municipalities, together with a bankruptcy reform increasing secured creditors' protection, to estimate the effect of enforcement on firm access to finance, investment and size. I find that firms operating in municipalities...