Showing 1 - 10 of 19
This paper studies the effects of differences in local administrative burdens in Italy in the years preceding a major reform that sped up firm registration procedures. Combining regulatory data from a survey on Italian provinces before the reform (costs and time to start a business) with...
Persistent link: https://www.econbiz.de/10011099694
We examine the effects of the government guarantee schemes for bank bonds adopted in the aftermath of the Lehman Brothers demise to help banks retain access to wholesale funding. We describe the evolution and the pattern of bond issuance across countries to assess the effect of the schemes. Then...
Persistent link: https://www.econbiz.de/10008626021
In this paper we examine the main aspects of Italian factoring market and its evolution during last two decades. Moreover, we analyze the characteristics of firms accessing this kind of financing. In Italy factoring market size is the third in the world in absolute terms (amount of turnover),...
Persistent link: https://www.econbiz.de/10005111554
Small firms encounter difficulties in raising external finance owing to greater information problems. For small innovative firms, whose activity is more difficult to evaluate, the cost of external finance could be even higher. This paper examines special features of the financial structure of...
Persistent link: https://www.econbiz.de/10005111559
A remarkable feature of short-term business finance is the widespread use of trade credit as collateral in bank borrowing, especially by small and medium-sized firms. The paper models the incentives for a firm to collateralize accounts receivable as a trade-off between the benefit from lower...
Persistent link: https://www.econbiz.de/10005111571
We survey the existing work on the cross-country differences in the transmission of European monetary policy. We find that prior work, focusing on macroeconomic data, does not clearly answer the question posed in the title and offer some explanations for the ambiguity. Aside from the...
Persistent link: https://www.econbiz.de/10005111576
This paper examines how firm characteristics, the legal system and financial development affect corporate finance decisions using a novel and unexplored data set containing balance sheet information for listed and unlisted companies. Contrary to the previous literature, by using data on unlisted...
Persistent link: https://www.econbiz.de/10005113552
This paper analyzes the results of two surveys conducted by the Bank of Italy in 2003, respectively among 1,900 and 500 Italian firms, on ownership structures, control and control transfers of non-listed firms, building upon similar surveys carried on in 1993. The aim of the research is to...
Persistent link: https://www.econbiz.de/10005196852
This paper presents a survey of the literature on the determinants of inter-firm credit and on its implications for the transmission mechanism of monetary policy. Theoretical explanations for trade credit can be divided in two categories: a) theories based on real functions performed by trade...
Persistent link: https://www.econbiz.de/10005770786
Guarantees play an important role in debt contracts. They alter the risk for the lender, transform borrowers� incentives and, possibly, modify the equilibrium allocation of financial resources. This paper studies the role of guarantees on bank loans, using a sample of over 50,000 individual...
Persistent link: https://www.econbiz.de/10005609333