Using a lender cutoff rule that generates plausibly exogenous variation in credit supply, I investigate a new channel through which funding shocks are transmitted to the real economy. Based on a sample of more than 15,000 loan applications from small- and medium-sized enterprises, I find that...

Using a lender cut-off rule that generates plausibly exogenous variation in credit supply, I analyze real effects of loan rejections in a sample of small and medium-sized enterprises. I find that loan rejections reduce asset growth, investments, and employment, and these effects are concentrated...

Finanzielle Erklärungsgrößen des künftigen operativen Cash Flows -- Inkrementelle Cash-Flow-Informationen immaterieller Erklärungsgrößen -- Bestimmung der Wahrscheinlichkeitsverteilung des künftigen operativen Cash Flows -- Schlussbetrachtung.