This paper provides a better understanding of the negative impact of R&D-to-sales ratio on bank debt financing by exploring whether it can be related to the type of R&D firms are involved in. Using a large panel of French firms, we show that this negative impact is mainly due to the more risky...

Using a large panel dataset of more than 60.000 firms matched to 125 banks in France, we investigate the transmission of the Sovereign Debt Crisis to the French economy via lending relations. We show that French banks' exposure to sovereign stress negatively affected their corporate borrowers...

We study how private R&D investment in France was affected by the tightening of credit conditions during the European Sovereign Debt Crisis. Using detailed R&D information on more than 25000 French companies, we show that financially constrained firms were relatively more likely to scale back...