We develop a model of bidding markets with financial constraints à la Che and Gale [15] in which two firms choose their …

' productivity-enhancing activities, we provide novel evidence showing that financial constraints can impair the effect on R …

Financial constraints are fundamental to empirical research in finance and economics. We propose two novel tests to … evaluate how well measures of financial constraints actually capture constraints. We find that firms classified as constrained …. We propose an alternative proxy for financial constraints, based on Merton’s (1974) distance-to-default measure, which …

productivity. Further tests show this negative relation is attenuated by a firm’s financial constraints and stock price …

Purpose – This paper aims to empirically investigate the impact of bank market concentration of financial constraints …

with unexploited growth opportunities appear unable to ameliorate their financial constraints by having banker directors …

), and the consequent relaxation of firms’ financial constraints, for firm-level long term employment decisions. We find that … most likely channel for the realization of higher employment growth is the relaxation of financial constraints, allowing …

The goal of this paper is to examine how financial constraints affect firms’ decisions to export when the mode of …