Showing 1 - 10 of 482
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
Modelling the link between the global macro-financial factors and firms’ default probabilities constitutes an elementary part of financial sector stress-testing frameworks. Using the Global Vector Autoregressive(GVAR) model and constructing a linking satellite equation for the firm-level...
Persistent link: https://www.econbiz.de/10011604921
The post-2008 period in the euro area was characterised by sharp dispersion in borrowing costs faced by firms, across both countries and firm types. This dispersion was an important manifestation of the "financial fragmentation" which hampered the smooth transmission of accommodative monetary...
Persistent link: https://www.econbiz.de/10012949926
We study the effect of financial distress in foreign parent banks on local SME financing in 14 central and eastern …
Persistent link: https://www.econbiz.de/10013143334
We investigate the effect of sovereign stress and of unconventional monetary policy on small firms' financing patterns during the euro area debt crisis. We find that after the crisis started, firms in stressed countries were more likely to be credit rationed, both in the quantity and in the...
Persistent link: https://www.econbiz.de/10013019629
This paper aims at investigating the relationship between firms' profit efficiency, access to finance and innovation activities. We enrich our understanding on firms' performance by adopting the stochastic frontier approach (SFA), which allows us to estimate profit functions and to obtain...
Persistent link: https://www.econbiz.de/10012831402
We show that FinTech lending affects credit markets and real economic activity using a unique data set of a Peer-to-Business platform for which we have the universe of loan applications. We find that FinTech serves high quality and creditworthy small businesses who already have access to bank...
Persistent link: https://www.econbiz.de/10013302730
Utilising a unique data set with annual accounts from around 37,000 Danish non-financial firms spanning almost one and a half decade, we offer microeconometric evidence on bankfirm relationships and the survival of firms during the financial crisis 2008-9. Within the framework of...
Persistent link: https://www.econbiz.de/10013086885
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
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