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Small firms and domestic bank dependence in Europe's Great Recession

Hoffmann, Mathias; Maslov, Egor; Sørensen, Bent E. - 2019

Small businesses (SMEs) depend on banks for credit. We show that the severity of the Eurozone crisis was worse in countries where firms borrowed more from domestic banks ("domestic bank dependence") than in countries where firms borrowed more from international banks. Eurozone banking...

Persistent link: https://www.econbiz.de/10012119808

Marketplace lending of SMEs

Cumming, Douglas J.; Hornuf, Lars - 2020

absent in these markets. We introduce a dataset of 414 SME marketplace loans and 8,236 online loan days to test these …

Persistent link: https://www.econbiz.de/10012166027

All you need is cash : corporate cash holdings and investment after the global financial crisis

Joseph, Andreas; Kneer, Christiane; Horen, Neeltje van - 2021

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...

Persistent link: https://www.econbiz.de/10012509557

Low inflation : high default risk AND high equity valuations

Bhamra, Harjoat Singh; Dorion, Christian; Jeanneret, … - 2018

We develop an asset-pricing model with endogenous corporate policies that explains how inflation jointly impacts real asset prices and corporate default risk. Our model includes two empirically grounded nominal frictions: fixed nominal coupons and sticky profitability. Taken together, these two...

Persistent link: https://www.econbiz.de/10011941263

Gendered access to finance : the role of team formation, idea quality, and implementation constraints in business evaluations

Bartoš, Vojtěch; Castro, Silvia; Czura, Kristina; … - 2023

We analyze gender discrimination in entrepreneurship finance. Access to finance is crucial for entrepreneurial success, yet constraints for women are particularly pronounced. We structurally unpack whether loan officers evaluate business ideas and implementation constraints differently for male...

Persistent link: https://www.econbiz.de/10014388597

Drivers and obstacles to banking SMEs : the role of competition and the institutional framework

Torre, Augusto de la; Martínez Pería, María Soledad; … - 2009

foster SME lending and attention has focused on improving the institutional environment, such that the financial system is … more willing to lend to SMEs. In this paper, we directly ask banks (the main providers of SME external finance) what … and retail sectors. They perceive the SME market as highly profitable, large, and with good prospects. Moreover, banks are …

Persistent link: https://www.econbiz.de/10003850504

Supply chain finance and SMEs : evidence from international factoring data

Auboin, Marc; Smythe, Harry; Teh, Robert - 2016

The unbundling of trade across regions offers unique opportunities for SMEs to integrate into global trade notably through their involvement into supply-chains. With supply-chains shifting and expanding into new regions of the world, the challenge for SMEs to accessing financing remains an...

Persistent link: https://www.econbiz.de/10011521813

Gender, access to finance, occupational choice, and business performance

Gazanchyan, Nelli S.; Hashimzade, Nigar; Rodionova, Yulia; … - 2017

We present a theoretical and empirical analysis of the links between the gender of an entrepreneur, access to finance, occupational choice, and business performance. Our theoretical model predicts that, when lenders discriminate against women entrepreneurs, the average entrepreneurial skill of...

Persistent link: https://www.econbiz.de/10011610923

Gendered access to finance : the roles of team formation, idea quality, and implementation constraints in business evaluations

Bartoš, Vojtěch; Castro, Silvia; Czura, Kristina; … - 2024

We analyze gender bias in entrepreneurship finance. Access to finance is crucial for entrepreneurial success, yet women are particularly constrained. We structurally unpack whether loan officers evaluate business ideas and implementation constraints differently for male and female entrepreneurs,...

Persistent link: https://www.econbiz.de/10014578559

Racial disparities in access to small business credit : evidence from the paycheck protection program

Howell, Sabrina T.; Kuchler, Theresa; Snitkof, David; … - 2021

We explore the sources of racial disparities in small business lending by studying the $806 billion Paycheck Protection Program (PPP), which was designed to support small business jobs during the COVID-19 pandemic. PPP loans were administered by private lenders but federally guaranteed, largely...

Persistent link: https://www.econbiz.de/10012643529