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This paper tests the impact of an imperfect bank-firm type match on firms' financial constraints using a dataset of about 4,500 Italian manufacturing firms. We start considering an optimal matching of opaque (transparent) borrowing firms with relational (transactional) lending main banks. Next...
Persistent link: https://www.econbiz.de/10010791321
Cressy (2000) argues that the positive correlation between assets and the rate of business startups is due to DARA preferences. We show however that the required property is prudence, and prudence is consistent with DARA, IARA or CARA.
Persistent link: https://www.econbiz.de/10010678828
We study the effects of credit rationing on Research and Development (R&D) investment using survey and accounting data on a large representative sample of manufacturing small and medium size enterprises (SMEs). Our econometric model accounts for the endogeneity of our credit rationing indicator...
Persistent link: https://www.econbiz.de/10010682894
This paper studies the phenomenon of mismatch in a decentralized credit market where borrowers and lenders must engage in costly search to establish credit relationships. Our dynamic general equilibrium framework integrates incentive based informational frictions with a matching process...
Persistent link: https://www.econbiz.de/10010688154
Purpose – Using a unique dataset of a commercial microfinance institution (MFI) in Madagascar, the purpose of this paper is to investigate how credit access probabilities and loan volume rationing magnitudes for farmers change if the MFI switches to offer flexible microfinance loans, which can...
Persistent link: https://www.econbiz.de/10010688437
This paper focuses on the access of independent French SMEs to bank lending and analyzes whether the observed evolution of credit to SMEs over the recent period was "demand driven" as a result of the decrease in firms' activity and investment projects or was "supply driven" with an increase in...
Persistent link: https://www.econbiz.de/10010592256
One of the most important elements of financial crises is the credit restriction that follows and the immediate consequences it has on investment and employment. In the post-Keynesian vision, an exit from economic crises frequently requires increased demand, specifically through public...
Persistent link: https://www.econbiz.de/10010663352
In this paper we examine how financial constraints, especially fluctuations in the supply of credit, affect the capital structure of 1537 publicly listed Japanese firms from 1980 to 2007, in a data set with 33,000 observations. It is one of the first studies to do so and is inspired by the...
Persistent link: https://www.econbiz.de/10010574542
We use the stochastic frontier approach to estimate the impact of firm characteristics on investment decisions of Indian firms during the 1997-2006 period. The use of the stochastic frontier approach allows us to define the (unobserved) optimum investment that is consistent with a firm's...
Persistent link: https://www.econbiz.de/10010575340
Using survey data for firms from Eastern European transition economies we investigate the determinants of credit rationing. Our rationing definition incorporates firms whose loan application was rejected, but also ‘discouraged’ potential borrowers. We employ a bivariate probit with...
Persistent link: https://www.econbiz.de/10010577040