Limited data on micro, small, and medium-sized enterprises (MSMEs) make it difficult for governments to design appropriate MSME policies in Asia and the Pacific. To identify factors affecting MSME development and promote evidence-based policymaking, we propose a probabilistic principal component...

This paper studies the price impact of corporate bond illiquidity. Through dynamic panel estimation, price dispersion and resiliency, which have been used separately in extant studies, are simultaneously considered to price illiquidity. We find that the dynamic model, which has both measures,...

We obtain and analyse non-public data on fundraising records for equity crowdfunding (ECF) in Japan. We are the first to sketch its modality in relation to small and nascent companies' demand for equity and their popularity amongst capital providers (backers). We find that backers' financial...