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Finance and employment in developing countries : the working capital channel

Dao, Mai; Liu, Lucy Qian - 2017

We study the effect of external financing constraint on job creation in emerging markets and developing countries (EMDC) at the firm level by looking at a specific transmission channel - the working capital channel. We develop a simple model to illustrate how the need for working capital...

Persistent link: https://www.econbiz.de/10011742739

Small and vulnerable : small firm productivity in the great productivity slowdown

Chen, Sophia; Lee, Do - 2020

We provide broad-based evidence of a firm size premium of total factor productivity (TFP) growth in Europe after the Global Financial Crisis. The TFP growth of smaller firms was more adversely affected and diverged from their larger counterparts after the crisis. The impact was progressively...

Persistent link: https://www.econbiz.de/10012487176

Bankruptcy and Firm Dynamics : The Case of the Missing Firms

Rodríguez-Delgado, Jose Daniel - 2010

Financial frictions have been documented as an important determinant of firm dynamics. In this paper I model bankruptcy procedures, liquidation in particular, as an institutional feature that affects both sides of financial transactions. I construct a model of firm dynamics that generate...

Persistent link: https://www.econbiz.de/10014402687

Complex Ownership Structures and Corporate Valuations

Laeven, Luc - 2007

The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100 percent small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact,...

Persistent link: https://www.econbiz.de/10014401077

Corporate funding and the COVID-19 crisis

Deghi, Andrea; Seneviratne, Dulani; Tsuruga, Tomohiro; … - 2021

This paper assesses whether corporate liquidity needs in the G7 economies were met during the containment phase of the COVID-19 pandemic (February-June 2020) using various approaches to identify credit supply shocks. The pandemic crisis adversely affected nonfinancial corporate sector cash...

Persistent link: https://www.econbiz.de/10012518978

Capital inflows, credit growth, and financial systems

Igan, Deniz; Tan, Zhibo - 2015

Exploiting a granular panel dataset that breaks down capital inflows into FDI, portfolio and other categories, and distinguishes between credit to the household sector and to the corporate sector, we investigate the association between capital inflows and credit growth. We find that non-FDI...

Persistent link: https://www.econbiz.de/10011373931

Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel?

Claessens, Stijn - 2011

This paper analyzes through what channels the euro crisis has affected firm valuations globally. It examines stock price responses over the past year for 3045 non-financial firms in 16 countries to three key crisis events. Using pre-crisis benchmarks, it separates effects arising from changes in...

Persistent link: https://www.econbiz.de/10014412174

Valuation of Menu items in Debt Restructuring

International Monetary Fund - 1989

This paper outlines a procedure for calculating the cash value of “menu items” in debt restructuring proposals, including par and non-par exchanges, with enhancements consisting of either interest or principal guarantees. It is argued that under certain plausible assumptions interest and...

Persistent link: https://www.econbiz.de/10014396239

Did the Euro crisis affect non-financial firm stock prices through a financial or trade channel?

Claessens, Stijn; Tong, Hui; Zuccardi, Igor - 2011

Persistent link: https://www.econbiz.de/10009422595

Valuation of Unlisted Direct Investment Equity

Elkjaer, Thomas - 2009

This paper analyzes the seven valuation methods for unlisted direct investment equity included in the recently adopted … Danish data, we test the three methods that are generally applicable and find that the choice of valuation method and … the price-to-earnings method. This finding suggests that the valuation basis for the forthcoming Coordinated Direct …

Persistent link: https://www.econbiz.de/10014402233