This paper investigates the links between alternative growth phases of firms and barriers to financing and investment using firm-level information for a representative sample of EU companies. We propose a novel classification of corporates: high growth (HGEs), stable and declining enterprises....

This paper analyses the Business Angel (BA) portfolio of the European Angels Fund (EAF), an initiative of the European Investment Fund, which engages in co-investment relationships with experienced business angels across Europe. It uses EIF's proprietary database to shed light on a specific...

This paper analyses the Business Angel (BA) portfolio of the European Angels Fund (EAF), an initiative of the European Investment Fund, which engages in co-investment relationships with experienced business angels across Europe. It uses EIF’s proprietary database to shed light on a specific...

This paper investigates the links between alternative growth phases of firms and barriers to financing and investment using firm-level information for a representative sample of EU companies. We propose a novel classification of corporates: high growth (HGEs), stable and declining enterprises....

The purpose of this study is to identify the difference in firm performance and employment growth between successful and failed capital procurement through equity-based crowdfunding. We conduct an empirical analysis using entire crowdfunding projects that attempted to raise capital through...

Startup companies are very vulnerable and risky part of SME sector, as well as the entire economy. Early stage in company’s life cycle, inadequate income and risky market surroundings disenables these companies from accessing sources of financing within traditional financial institutions....

Zehn Jahre nachdem das IASB das sonstige Gesamtergebnis eingeführt hat, führt dieses immer noch ein Schattendasein. Es stellt sich die Frage, ob dieser Zustand berechtigt ist und falls erwünscht, wie dieser geändert werden könnte. In den 1970er Jahren führte die anhaltend hohe Inflation zu...

This paper proposes a methodology for calculating the cost of equity for unlisted agricultural companies in Poland. An analysis of a fixed effects panel model was conducted on a sample of 79 agricultural enterprises from the Farm Accountancy Data Network (FADN) field of observation in...

Ausgehend von einer allgemeinen Übersicht des US-amerikanischen Steuerrechts in Bezug auf Finanzierungen ist die steuerliche Abgrenzung zwischen Eigen- und Fremdkapital bei hybriden Finanzierungsinstrumenten in den Vereinigten Staaten zentrales Thema der Arbeit. Zusätzlich wird eine...

The cost of equity capital (ICC) is a crucial component of investment decisions and corporate performance evaluations. This study explores the effect of a region's religious atmosphere on ICC and finds that ICC tends to be lower when stronger religious atmosphere is created. We further use the...

Ten years after the worst financial crisis of the post-war period, Switzerland has established a Too-Big-To-Fail (TBTF) framework. Under this framework, the two large Swiss banks are subject to substantial capital requirements. It is not obvious whether the TBTF capital requirements are...

Existing theories of a firm's optimal capital structure seem to fail in explaining why many healthy and profitable firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and the bankruptcy risk low. This holds in particular for...

The recent financial crisis has led to the introduction of contingent convertible instruments (CoCos) in the capital framework for banks. Although CoCos can provide benefits, such as automatic recapitalization of troubled banks, their inherent risks raise questions about whether they increase...

This paper extends the analysis of Junge and Kugler (2013) on the effects of increased capital requirements on Swiss GDP and obtains the following main results: First the Modigliani-Miller effect is robust with respect to a substantial extension of the data base and yields an offset of capital...

Existing theories of a firm's optimal capital structure seem to fail in explaining why many healthy and profitable firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and the bankruptcy risk low. This holds in particular for...

Introduction -- Why didn't the EU-wide stress tests receive a better reaction? -- Operational features and evolution of the US and EU-wide tests -- Criticisms of stress-testing methodology and of the measurement of bank capital -- Criticism of the height of the target capital ratio in stress...