How does uncertainty affect the costs of raising finance in the bond market and via bank loans? Empirically, this paper … finds that heightened uncertainty is accompanied by an increase in corporate bond yields and a decrease in bank lending …

Cash holdings at the onset of a financial crisis are a key determinant of investment by SMEs not only during the crisis … but also during the recovery period. Cash-rich SMEs could maintain their capital stock during the global financial crisis …, while cash-poor rivals reduced theirs. This gave cash-rich SMEs a competitive advantage during the recovery, resulting in a …

Cash holdings at the onset of a financial crisis are a key determinant of investment by SMEs not only during the crisis … but also during the recovery period. Cash-rich SMEs could maintain their capital stock during the global financial crisis …, while cash-poor rivals reduced theirs. This gave cash-rich SMEs a competitive advantage during the recovery, resulting in a …

loan from a fintech lender than a traditional bank. Among conventional lenders, smaller banks were much less likely to lend … to show that the disparity is not primarily explained by differences in pre-existing bank or credit relationships, firm …

bank and a crowdlending platform and show that the entry of crowdlending can induce a switching effect as well as a credit …

-sized enterprises (SMEs). We conjecture that easy-to-understand risk ratings conveyed by the platform play a pronounced role in … influencing the borrowing success of SMEs and that more sophisticated financial information and adverse selection are largely … absent in these markets. We introduce a dataset of 414 SME marketplace loans and 8,236 online loan days to test these …