Can a recession have a positive, long-term impact on firm innovation? A downturn represents an opportunity for firms to learn from their peers and try to understand the main drivers of resilience. If they deem R&D capital one of them, they may raise innovation in the following years, in order to...

This article explores the puzzling ups and downs of Tesla, going through one the most volatile stock market swings of the recent past, under conditions of financialised capitalism. We adopt a conjunctural approach, highlighting both the macro and micro dynamics shaping the firm's financial...

Countries have greatly depended on taxes and corporate finance to support government expenditures and business activities, respectively. However, contrasting arguments on their effects on environmental quality prevail in literature. While Ghana's carbon dioxide emissions have seen an upward...

The Bundesbank Online Panel - Firms ("BOP-F") is a dataset with responses from a high frequency firm-level survey of the same name. The Bundesbank has conducted the survey since June 2020, and since July 2021 the survey has been carried out at a monthly frequency. Every month, around 3000 firms...

We study the heterogeneous pass-through of carbon pricing on investment across firms. Using balance sheet data of 1.2 million European firms and identified carbon policy shocks, we find that higher carbon prices reduce investment, on average. However, less carbon-intensive firms and sectors...

This study aims to investigate the effect of the green policy announcement on heavy-polluter stock returns in Malaysian industries. The study adopted a market-model event study methodology to measure 251 heavy-polluter companies from October 9, 2009 to October 29, 2021. Based on the findings,...

In Our Lives in Their Portfolios, Brett Christophers provides an account of the rise of 'asset manager society' - a world in which the infrastructures of public life are converted from public to private ownership. Here I use Christophers' analysis to comment on growing calls for asset manager...

This study employs a robust quantitative ex post facto research design to investigate the complex relationship between audit fees and earnings management. The financial information of 164 firms admitted to the Tehran Stock Exchange (TSE) was used from 2010 to 2019 (pre-COVID period) to achieve...

This study outlines the findings from a survey of 208 micro-enterprises (MEs) in Portugal, focusing on their corporate finance practices, including working capital management (WCM), financing and investment decisions, the adoption of accounting information systems (AIS) and the use of financial...

This research studies a monopoly firm's timing and size decisions to introduce a new and partially substitutable product under demand uncertainty and financing constraint. Accessible financing resources for the investment are positively related to firm's revenues from the existing product. We...

Can a recession have a positive, long-term impact on firm innovation? A downturn represents an opportunity for firms to learn from their peers and try to understand the main drivers of resilience. If they deem R&D capital one of them, they may raise innovation in the following years, in order to...

This study investigates how credit supply shocks impact firm-level investment across the euro area using the novel AnaCredit database. Employing the methodology developed by Amiti and Weinstein (2018), we decompose loan growth rates into four components: bank-specific, firm-specific,...

The Financial Lobster Bias describes how SMEs, driven by distorted liquidity perceptions, engage in aggressive expansion until financial breakdown occurs. Using data from 10,412 Spanish SMEs (2000-2024), this study shows that liquidity misperception-measured through two versions of the Liquidity...

We describe a novel mechanism via which multinational enterprises (MNEs) can serve to propagate productivity and credit supply shocks across borders. We augment the costly-state-verification model of Bernanke et al. [1999] with the internal capital market constraint of an MNE to analyze the...

In an imperfect capital market, firms face financial constraints due to information asymmetry. These constraints have a significant impact on the effectiveness of investment decisions. When either an underinvestment or overinvestment process occurs, it directly affects the firm's value. This...

Understanding how investors maintain positions during adverse market conditions, investment grip, is increasingly important as retail participation rises and information environments diversify. While prior research identifies demographic, psychological, and economic determinants of investment...

We revisit the credit channel of monetary policy when firms face multiple financing constraints, a common feature of corporate financing we document empirically. Our theory shows that the multiplicity of constraints dampens the transmission of expansionary policy to firm borrowing and investment...

This report analyzes and compares the financing structures of non-financial corporations (NFCs) in eleven CESEE economies (CESEE EU-MS) against the background of the recent COVID-19 and energy crises. It also puts developments across the region in a broader EU context. In addition, this report...

Development finance institutions mobilize over $250 billion annually through blended finance operations, yet practitioners lack a unified framework to evaluate its catalytic effect and for choosing among instruments. I develop a model of investment multipliers under two canonical market...

We discuss the trust-building process as well as trust violation and distrust in financing for small businesses at Islamic and conventional banks, a topic that receives little attention in the literature. We interview managers of Islamic and conventional banks in Indonesia. We find that the...

Focusing on the role of government industrial funds in bridging the equity gap, in this paper, we examine how the establishment of government industrial funds (GIFs) affects enterprise innovation and the underlying mechanism of the guiding and synergistic effects on social capital. By conducting...