Este trabajo constituye una primera aportación al estudio del crédito comercial en Canarias utilizando datos de la CBULL, que sólo incluye empresas de pequeño y mediano tamaño. Mediante la aplicación de técnicas multivariantes, los resultados muestran que el crédito comercial permite...

La financiación interempresarial es un tema relativamente poco analizado tanto en la literatura sobre los mercados de crédito como en la referente al análisis financiero de la empresa. Este trabajo constituye una aportación al estudio del crédito comercial, analizando concretamente los...

Purpose –This paper aims to explore the reasons for the apparent failure of many UK firms to achieve the competitive advantages indicated in largely positivist literature through the management of their trade credit positions. Design/methodology/approach -The paper utilises data from a set of...

The aim of this paper is to analyze whether some of the empirical implications of the Berger and Udell's (1998) financial growth cycle hold. We use a sample of 22.842 observations for year 2003 and test several hypothesis through MANOVA analysis. Results show that companies tend to have...

This paper aims to provide further insights into the linkages between stock market development and economic growth within the context of a dynamic general equilibrium framework of informational asymmetries, endogenous contract choice and capital accumulation. When firms have access to different...

Information asymmetries are important in theory but difficult to identify in practice. We estimate the presence and importance of adverse selection and moral hazard in a consumer credit market using a new field experiment methodology. We randomized 58,000 direct mail offers issued by a major...

This paper analyses the information structure of European investors on the eve of the Baring crisis in 1890. We argue that financial intermediaries were in a privileged position by having the monopoly of information. This situation led to conflicting interests because business and proper...

We apply a new approach to a new panel data set on bilateral gross cross-border equity flows between 14 countries, 1989-96. The remarkably good results have strong implications for theories of asset trade. We find that the geography of information heavily determines the pattern of international...