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Remedial role of financial development in corporate investment amid financing constraints and agency costs

Khan, Muhammad Kaleem; He, Ying; Kaleem, Ahmad; Akram, Umair - In: Journal of Business Economics and Management (JBEM) 19 (2018) 1, pp. 176-191

The study investigates the role of financial development in boosting the investment efficiency of firms' investments in China. Using a large sample of firm-level financial data and country level economic data over the period 2004-2015, present study creates a link between financial and real...

Persistent link: https://www.econbiz.de/10015401523

Risk sharing and firm size: Theory and international evidence

Giannetti, Mariassunta - 2001

This paper investigates the relationship between financial development and firm size. The model shows that the efficiency of the financial system, measured by the level of monitoring costs, affects the extent of risk sharing within an economy and through this channel the availability of external...

Persistent link: https://www.econbiz.de/10010281248

Investor Sentiment and Employment

Montone, Maurizio; Zwinkels, Remco C.J. - 2015

We find that investor sentiment should affect a firm's employment policy in a world with moral hazard and noise traders …. Consistent with the model's predictions, we show that higher sentiment among US investors leads to: (1) higher employment growth … worldwide; (2) lower labor productivity, as the growth in employment is not matched by real value added growth; and (3) positive …

Persistent link: https://www.econbiz.de/10011288389

Bank liquidity provision across the firm size distribution

Chodorow-Reich, Gabriel; Darmouni, Olivier; Luck, Stephan; … - 2020

Using loan-level data covering two-thirds of all corporate loans from U.S. banks, we document that SMEs (i) obtain much shorter maturity credit lines than large firms; (ii) have less active maturity management and therefore frequently have expiring credit; (iii) post more collateral on both...

Persistent link: https://www.econbiz.de/10012619519

Investment of financially distressed firms: The role of trade credit

Ferrando, Annalisa; Wolski, Marcin - 2018

We study the relationship between net trade credit and firms' investment levels, focusing on financially distressed firms. First, we introduce a theoretical model to predict the role played by net trade credit as a coordination device differentiating firms by their degree of financial distress....

Persistent link: https://www.econbiz.de/10011872448

Diversity across EU Banking Sectors: Poorly Researched and Underappreciated

Kotz, Hans-Helmut; Schäfer, Dorothea - In: Vierteljahrshefte zur Wirtschaftsforschung 87 (2018) 4, pp. 153-179

Interest in the role of diversity in banking sectors has increased substantially since the financial crisis (and the subsequent sovereign debt crises) have hit European countries differentially. The purpose of this note is to hint at crucial research gaps in terms of appreciating consequences of...

Persistent link: https://www.econbiz.de/10012151390

Do natural resource sectors rely less on external finance than manufacturing sectors?

Hattendorff, Christian - 2012

The finding that industrial sectors differ in their dependence on external finance for sector-specific technological reasons and, thus, rely to a different degree on financial development has become a major concept in studies conducted on both growth and trade. Although natural resources might...

Persistent link: https://www.econbiz.de/10010310071

Do natural resource sectors rely less on external finance than manufacturing sectors?

Hattendorff, Christian - 2012

Persistent link: https://www.econbiz.de/10010318765

Dependence on external finance: an inherent industry characteristic?

von Kalckreuth, Ulf; von Furstenberg, George M. - 2006

Rajan and Zingales (1998) use U.S. Compustat firm data for the 1980s to obtain measures of manufacturing sectors? Dependence on External Finance (DEF). They take any differences in these measures to be structural/technological and thus applicable to other countries. Their joint assumptions about...

Persistent link: https://www.econbiz.de/10010295819

Financial Inclusion in Asia: An Overview

Ayyagari, Meghana; Beck, Thorsten - 2015

This paper provides an analysis of financial development and inclusion in developing Asia using data from a wide array of sources. We show that in terms of aggregate measures of financial development, the region as a whole has superior banking sector depth compared to other developing regions;...

Persistent link: https://www.econbiz.de/10011432870