arrangements among small, financially constrained firms. This paper asks whether vertical integration relaxes those financial … constraints. It shows that vertical integration trades off the benefits of joint liability against the costs of rendering the …

availability of new external capital. In this study we analyze the impact of financial constraints on the performance of Swiss …

optimal investment policy, even in the presence of stringent Employment Protection Laws, than those facing financial … constraints. Our results support the effort put forward by European institutions in recent years to reform both markets. …

This paper is a brief survey of recent empirical work on financial constraints faced by firms. It is organized as a … series of stylized results which mirror what is generally understood about severity of financial constraints and effects that …

sensitivity of investment to cash flow, which is interpreted as a measure of financial constraints, is assumed to be higher for …

Financial constraints due to the imperfection of capital market have been emphasized as an important factors … China from different views of SBC, agency cost theory and financial constraints. Based on the empirical study of 1 373 … listed company, we find there is indeed some differences for SOE and non-SOE in the aspect of financial constraints even the …

negative effect of financial constraints on firm- and aggregate-level R&D investment is most pronounced at both high and low …Using a dynamic model of a step-by-step innovation race between financially constrained firms, I study how financial … constraints affect innovation activity. The novel theoretical results derive from an analysis of the interaction between the …

behavior of R&D investment in credit constrained firms. In contrast, we find that in firms with no financial constraints R …

financing yields higher financial constraints on average. …