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Financial Development, Property Rights, and Growth
Claessens, Stijn; Laeven, Luc - 2002
The authors analyze how property rights affect the allocation of firms' available resources among different types of assets. In particular, they investigate empirically for a large number of countries whether firms in environments with more secure property rights allocate available resources...
Persistent link: https://www.econbiz.de/10012573177
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The Transactions Costs of Primary Market Issuance : The Case of Brazil, Chile, and Mexico
Zervos, Sara - 2013
domestic corporate debt market is well developed by emerging market standards (size of the market and maturity of issues …
Persistent link: https://www.econbiz.de/10012559863
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When Do Enterprises Prefer Informal Credit?
Safavian, Mehnaz; Wimpey, Joshua - 2012
This paper tests the hypothesis that enterprises may forgo formal finance in lieu of informal credit by choice. They do so to avoid the additional regulatory scrutiny and harassment that engaging with the formal financial sector invites. We test this hypothesis using enterprise-level data on...
Persistent link: https://www.econbiz.de/10012552881
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Bank Financing for SMEs around the World : Drivers, Obstacles, Business Models, and Lending Practices
Beck, Thorsten; Demirg????-Kunt, Asli; Mart??nez … - 2012
enterprises (SMEs) around the world. They find that banks perceive the SME segment to be highly profitable, but perceive …
Persistent link: https://www.econbiz.de/10012552217
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The Impact of the Global Financial Crisis on Firms' Capital Structure
Demirguc-Kunt, Asli; Martínez Pería, María Soledad; … - 2015
leverage and debt maturity declined in advanced economies and developing countries, even in countries that did not experience a … crisis. The deleveraging and maturity reduction were particularly significant for privately held firms, including small and …, there is weaker evidence of a significant decline of leverage and debt maturity among firms listed on a stock exchange …
Persistent link: https://www.econbiz.de/10012571386
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New Firm Formation and Industry Growth : Does Having a Market- or Bank-Based System Matter?
Beck, Thorsten; Levine, Ross - 2000
The authors find no evidence for the superiority of either market-based or bank-based financial systems for industries dependent on external financing. But they find overwhelming evidence that industries heavily dependent on external finance grow faster in economies with higher levels of...
Persistent link: https://www.econbiz.de/10012572782
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Financial Structure and Economic Development : Firm, Industry, and Country Evidence
Beck, Thorsten; Demirguc-Kunt, Asli; Levine, Ross; … - 2000
The authors explore the relationship between financial structure - the degree to which a financial system is market- or bank-based - and economic development. They use three methodologies: 1) The cross-country approach uses cross-country data to assess whether economies grow faster with market-...
Persistent link: https://www.econbiz.de/10012572804
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Financing Patterns around the World : The Role of Institutions
Beck, Thorsten; Demirguc-Kunt, Asli; Maksimovic, Vojislav - 2002
Using a firm-level survey database covering 48 countries, the authors investigate whether differences in financial and legal development affect the way firms finance their investments. The results indicate that external financing of investments is not a function of institutions, although the...
Persistent link: https://www.econbiz.de/10012573228
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Corporate Debt Maturity in Developing Countries : Sources of Long- and Short-Termism
Cortina, Juan J.; Didier, Tatiana; Schmukler, Sergio L. - 2017
This paper documents to what extent firms from developing countries borrow short versus long term, using data on corporate bond and syndicated loan markets. Contrary to claims in the literature based on firm balance sheets, firms from developing countries borrow through bonds and syndicated...
Persistent link: https://www.econbiz.de/10012569749
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Why Do Emerging Economies Borrow Short Term?
Broner, Fernando; Lorenzoni, Guido; Schmukler, Sergio L. - 2013
capital markets on long-term debt. They first present a model where the debt maturity structure is the outcome of a risk …
Persistent link: https://www.econbiz.de/10012559814