This work aims to study the effects of credit-market imperfection on the convergence of the cfa zone to the frontier growth rate. It focuses on the fact that a less efficient credit market is a constraint that prevents these countries to benefit from technology transfer and causes them to...

Cet article a pour objectif d'étudier les effets de l'imperfection du marché du crédit sur la convergence des pays de la zone CFA vers la frontière de croissance mondiale. Afin de mettre l'accent sur le fait qu'un marché du crédit moins performant constitue une contrainte qui empêche ces...

We analyze in this paper the interaction between financing and investment decisions in presence of debt issuance costs. We find that, while debt issuance costs reduce tax shields, tax shields induce a higher investment trigger. Moreover, the investment trigger is a non-monotonic function of the...

This paper analyses the effect of short term debt on equityholders' risk taking decisions. We show that if short term debt limits the expropriation of debtholders, it also implies a lower leverage, which prevents the firm from increasing tax shields. We then examine the incentive of...