This paper presents the main findings of the Survey for bank financing to small and medium enterprises (SMEs). The key objective was to capture the main features of the "supply side" of SMEs financing in the Republic of North Macedonia and to identify institutional and policy constraints of...

The vast majority of firms in Europe are micro firms. Still, we know little about their financing patterns. Our paper aims to close this gap. Based on a large European firm-level data set, we find that micro firms differ in their financing patterns from small and medium-sized companies. Our...

The novel coronavirus disease, COVID-19, has brought significant change to people's lives and business activities nationally, regionally, and globally. The Philippines took swift action-including enhanced community quarantine (ECQ)-to contain the pandemic and launched an emergency subsidy...

The purpose of this article is twofold. First, it aims to provide a concise, but comprehensive overview of the Prospectus Regulation’s main provisions, highlighting the changes introduced to the previously applicable regime. Second, it carefully analyses the way in which the EU legislator...

Based on automated credit lines to more than two million vendors trading on Alibaba’s online retail platform, we show how the take-up of FinTech credit varies with the entrepreneur’s bank distance. Proximity to the branches of the five largest stateowned banks correlates positively with the...

Black-owned businesses tend to operate with less finance and employ fewer workers than those owned by Whites. Motivated by a simple conceptual framework, we document these facts and show they are causally connected using large firm-level surveys linked to universal employer data from the Census...

This study assesses the impact of the COVID-19 pandemic on micro, small, and medium-sized enterprises (MSMEs) and the role of Fintech, in particular mobile financial services (MFS), in their recovery from COVID-induced losses. The study uses data from a survey of 216 MSMEs from Bangladesh Small...

This paper investigates the links between alternative growth phases of firms and barriers to financing and investment using firm-level information for a representative sample of EU companies. We propose a novel classification of corporates: high growth (HGEs), stable and declining enterprises....

Businesses without employees—or nonemployer firms—make up the majority of small businesses in the United States, but little is known about their financial lives, including their business financing needs and experiences. In this paper, we discuss findings from data on nonemployer firms in the...