increases the incentive to create jobs. The transmission mechanism of 'credit shocks' is fundamentally different from the … typical credit channel and the model can explain why firms cut hiring after a credit contraction even if they have not …

-based funding opportunity for unlisted firms. Using the Italian Credit Register, we investigate the impact of minibond issuance on … bank credit conditions for issuer firms, both at the firm-bank and firm level. We compare new loans granted to issuer firms … addition, issuer firms reduce the amount of used bank credit but increase the overall amount of available external funds …

regulatory reform which allowed unlisted firms to issue minibonds. Using the Italian Credit Register, we compare new loans … power with banks. Issuer firms also reduce the amount of used bank credit, expand their total and fixed assets, and raise …