"We argue that a firm's aggregate risk is a key determinant of whether it manages its future liquidity needs through cash reserves or bank lines of credit. Banks create liquidity for firms by pooling their idiosyncratic risks. As a result, firms with high aggregate risk find it costly to get...

The purpose of this paper is to propose a service development process that is adapted to manufacturing companies and to discuss its implication for companies with a focus on product development and product sales. This paper looks at new service development (NSD) literature and argues for design...

Die Bedeutung des Servicegeschäfts der Industrieunternehmen nimmt zu und die Unternehmen wollen sich mit ihrem Serviceangebot differenzieren und Erlösmöglichkeiten ausschöpfen. Die Umsetzung gelingt den Unternehmen oft nur mittelmäßig. Dieser Artikel zeigt, mit welchen Maßnahmen...

The post-2008 period in the euro area was characterised by sharp dispersion in borrowing costs faced by firms, across both countries and firm types. This dispersion was an important manifestation of the financial fragmentation" which hampered the smooth transmission of accommodative monetary...

By employing a sample of 20,956 observations of non-financial SMEs headquartered in the Euro area, between 2009 and 2015, we test whether young businesses are more likely to face credit rejections from lenders than their older peers. Our findings appear to confirm our suspicions that new...

Using loan-level data covering two-thirds of all corporate loans from U.S. banks, we document that SMEs (i) obtain much shorter maturity credit lines than large firms; (ii) have less active maturity management and therefore frequently have expiring credit; (iii) post more collateral on both...