The aim of this paper is to study the differential effects of the public programs that provide financial aid to small and medium enterprises during times of crisis in Spain. We use different methods to control for potential selection bias. Our results show that the effects of these programs are...

This paper analyzes the impact of the guarantee provided by mutual guarantee societies (MGSs) on the risk premium that banks should charge for small- and medium-sized enterprise (SME) loans under the new Basel Capital Accords (Basel II and III). We also examine whether the foreseeable decrease...

Metodología / Anahí Briozzo, M. Belén Guercio -- Características generales / Yanina Laumann , M. Belén Guercio, Juan I. Esandi -- ¿Cómo se financian las PyMEs? / Anahí Briozzo, Natalia Castillo, Valeria Scherger, Luciana Villar -- La decisión de estructura de capital en las PYMEs /...

The article analyzes the factors determining the capital structure of the Spanish small and medium enterprises [SMEs]. The analysis is grounded on the agency theory, the signalling approach and the pecking order theory. In particular, the article provides a qualitative and quantitative analysis...