The "self-made" man is a familiar figure in nineteenth-century American history. But the relentless expansion of market relations that facilitated such stories of commercial success also ensured that individual bankruptcy would become a prominent feature in the nation's economic landscape. In...

This paper provides new UK evidence on the relationship between managerialincentives and firm risk using a hand-collected database of 3307 executive yearobservations (698 CEO years and 2609 other executive years). We find that therelation between pay performance sensitivity and firm risk...

Restricted access to finance is often stated as one of the main obstaclesto the development of the SME sector in Russia. In this paper, wepropose a new lending strategy that allows private banks to profitablyincrease financing of this sector in spite of being at a disadvantagecompared to the...

Die aktuelle wirtschaftliche Situation bringt mittelständische Unternehmen oft an dieGrenze des Machbaren. Auftragsrückgang, Liquiditätsengpaß – nur um zwei Beispiele zunennen – kennzeichnen den momentanen Zustand vieler kleiner und mittlerer Unternehmenin Deutschland....