Paz Gil, Iria; Torres-Pruñonosa, Jose; Martínez, … - In: International Journal of Financial Studies : open … 14 (2026) 1, pp. 1-19
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...