This paper studies FinTech platforms’ role in SMEs’ access to financing using French administrative data. We show that firms served by FinTech platforms have less tangible assets than bank borrowers. Relative to observably similar firms that take out bank loans or were denied FinTech credit,...

This paper studies customer loyalty during aggregate downturns. Exploiting a French reform that restricted trade credit supply as a liquidity shock, we show that liquidity-constrained firms export 4 to 7% less after the 2008-9 trade collapse. Consistent with liquidity-constrained firms investing...

In this paper we examine the impact of noisy earnings signals on the equity premium. The motivation for the model is that many agents make current investment decisions based upon IBIS reports that are later revised to actual earnings reports. Agents know that the earnings forecasts are less...

We review the literature on long memory ARFIMA and GARMA models and introduce a new efficient estimator for GARMA models, which we show to be robust. Next we conduct a Monte Carlo study to demonstrate the power of the Dickie-Fuller test when the data are generated from a stationary GARMA...