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Collateral Damage? On Collateral, Corporate Financing and Performance

Cerqueiro, Geraldo - 2016

In this paper, we investigate the economy-wide effects of the collateral channel by exploiting: (i) a legal reform in … Sweden in 2004 that reduced collateral values, and (ii) a dataset that covers all incorporated firms in Sweden over the … period 2000-2006. We find that the loss in collateral value reduces both the amount and the maturity of firm debt and leads …

Persistent link: https://www.econbiz.de/10012988601

Debt Overhang, Rollover Risk, and Corporate Investment : Evidence from the European Crisis

Kalemli-Ozcan, Sebnem - 2019

We quantify the role of financial factors behind the sluggish post-crisis performance of European firms. We use a firm-bank-sovereign matched database to identify separate roles for firm and bank balance sheet weaknesses arising from changes in sovereign risk and aggregate demand conditions. We...

Persistent link: https://www.econbiz.de/10012892581

Firm-Bank Relationships : A Cross-Country Comparison

Kosekova, Kamelia; Maddaloni, Angela; Papoutsi, Melina; … - 2023

We document the structure of firm-bank relationships across eleven euro area coun-tries and present new stylised facts using data from the Eurosystem credit registry -AnaCredit. We look at the number of banking relationships, reliance on the main bank, credit instruments, loan maturity, and...

Persistent link: https://www.econbiz.de/10014353941

The Real Effects of Credit Constraints : Evidence from Discouraged Borrowers in the Euro Area

Ferrando, Annalisa - 2015

This paper uses a new survey-based data set and a model with strong theoretical under-pinnings to explain the characteristics and behaviour of discouraged borrowers in the euro area. The results show that more borrowers are discouraged when the average interest rate charged by banks in a country...

Persistent link: https://www.econbiz.de/10013016941

Assessing the Financial and Financing Conditions of Firms in Europe : The Financial Module in CompNet

Ferrando, Annalisa - 2015

This paper provides an encompassing description of the various indicators compiled in the financial module of CompNet using balance sheet information of European firms. We investigate whether and to which extent the heterogeneous financial positions of firms have affected firms' investment...

Persistent link: https://www.econbiz.de/10013018000

Financial Constraints and Productivity : Evidence from Euro Area Companies

Ferrando, Annalisa - 2015

We study the relation between firms financial structure, access to external finance and labor productivity using a unique dataset of firm-level data for several euro area countries during the period 1995-2011. The empirical strategy is twofold. First we build a synthetic indicator of financial...

Persistent link: https://www.econbiz.de/10013019618

Bank Credit and Market-Based Finance for Corporations : The Effects of Minibond Issuances

Ongena, Steven; Pinoli, Sara; Rossi, Paola; Scopelliti, … - 2021

We study the effects of the diversification of funding sources on the financing conditions for firms. We exploit a regulatory reform which took place in Italy in 2012, i.e., the introduction of “minibonds”, which opened a new market-based funding opportunity for unlisted firms. Using the...

Persistent link: https://www.econbiz.de/10013314794

Financing Constraints and Firms' Cash Policy in the Euro Area

Ferrando, Annalisa; Pal, Rozalia - 2021

This paper investigates the financing conditions of non-financial corporations in the euro area. We develop a new firm classification based on micro data by distinguishing between three groups of firms: unconstrained, relatively and absolutely constrained firms. We also provide further evidence...

Persistent link: https://www.econbiz.de/10013317574

The Rise of Bond Financing in Europe

Darmouni, Olivier; Papoutsi, Melina - 2022

Using large panel data of public and private firms, this paper dissects the growth of bond financing in the Euro Area through the lens of the cross-section of issuers. In recent years, the composition of bond issuers has shifted, with the entry of many smaller and riskier issuers. New issuers...

Persistent link: https://www.econbiz.de/10013406429

Investor-Driven Corporate Finance : Evidence from Insurance Markets

Kubitza, Christian - 2023

I study the causal effect of bond investor demand on the financing and investment decisions of nonfinancial firms using granular data on the bond transactions of U.S. insurance companies. Liquidity inflows from insurance premiums combined with insurers’ persistent investment preferences...

Persistent link: https://www.econbiz.de/10014350690