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This paper analyses some of the empirical implications of the pecking order theory in the Spanish market using a panel data analysis of 1,566 firms over 1994-2000. The results show that the pecking order theory holds for most subsamples analyzed, particularly for the small and medium-sized...
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estate assets on credit supply for non real-estate firms in Spain over 2000-2010. We show that firm-level equilibrium … dynamics nullify the strong local (bank-level) lending channel of securitization on credit quantity for firms with multiple … banking relationships. Credit terms however become softer, but there are no real effects. Securitization implies a credit …
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This research explores the effects of securitization on the market's perception of banks' risk exposure between 2002 … systematic betas until 2007. We find no evidence of increasing idiosyncratic risk with securitization. We identify significant …
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