and growth opportunities, whereas the managers' pay-forperformance sensitivity remains largely unexplained. Firms with …

effect is particularly pronounced for firms that are affected by financing constraints on the firm or bank side. Finally, our …

determined by (i) the specific time period (crisis vs. non-crisis) and (ii) the balance sheet strength of the firm's main bank in … terms of bank capital. Results of difference-in-differences estimations utilizing three time periods: 2002-2006 (pre …

financial crisis 2008/2009 on their business customers’ innovation activity. Using a matched bank-firm data set for Germany, we … find that having relations with a more severely affected bank seriously hampers firms’ current innovation activities due to … funding shortages. Furthermore, we find that firms with a relationship to a less severely affected bank are more likely to …

paper identifies three elements – improper incentive system, rationalization and opportunity – that encouraged managers in …

provision. Consistent with a causal effect of a negative shock to bank credit, we find that firms with high pre-crisis liquidity … consistent with firms providing liquidity insurance to their clients when bank credit is scarce and provide an important …