Unternehmen, die als Kapitalmarktneulinge liquide Mittel mithilfe von Mikroanleihen mobili­sieren wollen, treffen im traditionell durch Bankenintermediation geprägten Finanzsystem Deutschlands auf erhebliche Marktwiderstände. Ob es so zur Disintermediation kommt, hängt von der Reputation des...

We provide novel evidence of banks establishing lending relationships with prestigious firms to signal their quality and attract future business. Using survey data on firm-level prestige, we show that lenders compete more intensely for prestigious borrowers and offer lower upfront fees to...

In contrast to prior studies suggesting that overallotment option (OAO) provisions reflect underwriters' exploitation of IPO firms, we provide evidence that they benefit both issuers and underwriters. We estimate that OAO provisions lead to lower underwriting fees, less underpricing, less...

We study the 'interconnectedness' of stress-tested banks by exploiting how they are mentioned together in the context of financial news. We start by constructing weekly co-occurrence network matrices following Ronnqvist and Sarlin (2015) text-to-network approach. Using the COVID-19 pandemic as...

We investigate the role of board directors from financial institutions (financial interlocks) on the relationship between ownership structure and the cost of debt. In Italy, ownership is largely concentrated often in families, and financial institutions are the primary source of funding for...

Taking into consideration the complexity and dynamics of economic and social life, in general, and especially actual environment which the economic entities and, particularly, the financial and economic crisis facing humanity, the role and the importance of marketing in the financial-banking...

This paper suggests a holistic framework for analysis of agrarian contracts and investigates the contractual structure in transitional Bulgarian agriculture. Firstly, it incorporates the interdisciplinary New Institutional and Transaction Costs Economics (combining Economics, Organization, Law,...

The dairy sector is among the most fundamentally affected by post-communist transition and EU integration of Bulgaria. This paper presents the dairy chain management in the country at current present stage of development. First, it analyses the state and forms of dairy value chain management...

There is a clear tendency for the Romanian retailing to adapt to the requirements of the international market. If in the years following Romania’s adherence to capitalism the indigenous retailing was marked by a strong segmentation in small retail units with low turnover, retail chains were...