This paper performs comparative analysis of the asymmetries in size, value and momentum premium and their macroeconomic determinants over the UK economic cycles, using Markov switching approach. We associate Markov switching regime 1 with economic upturn and regime 2 with economic downturn. We...

For small and medium enterprises (SMEs), various types of debt are not identical. There are specific costs and benefits associated with each funding source. Using a sample of Portuguese SMEs over the years 1990-2000, we show that the asset and liability side of the balance sheet are...

For small and medium-sized enterprises, various types of debt are not identical. There are specific costs and benefits associated with each funding source. We argue that the asset and liability sides of the balance sheet are interrelated. Specifically, we hypothesize that firms match specific...

We examine the use of trade credit in Western Europe by relying on a sample of 182,296 small firms for the period 2003-2013. Building on information asymmetry theory, we explore how a country’s culture can impact SMEs use of trade credit. We discover that countries’ cultural norms play a key...