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Displaying results 1 to 5 of 5.

  1. Bank-lending constraints and alternative financing during the financial crisis
    evidence from European SMEs
    Author: Casey, Eddie; O'Toole, Conor M.
    Published: 2013
    Publisher:  ESRI, [Dublin]

    The financial crisis has brought to the fore concerns regarding small- and medium-sized enterprises' (SMEs) capacity to access traditional bank lending. Using European firm-level data on SME access to finance since the onset of the financial crisis,... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 176 (450)
    Inter-library loan:
    No inter-library loan

     

    The financial crisis has brought to the fore concerns regarding small- and medium-sized enterprises' (SMEs) capacity to access traditional bank lending. Using European firm-level data on SME access to finance since the onset of the financial crisis, we find that bank-lending constrained SMEs are significantly more likely to avail of alternative forms of external finance, controlling for firm-level and country-level characteristics. We then determine the implications that usage of alternative forms of finance can have for certain economically desirable business activities. In particular, we find that using alternative finance substantially reduces the likelihood of business fixed investment. This effect is not evident for business innovation.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/100185
    Series: ESRI working paper ; 450
    Subjects: Financial Crisis; Credit Constraints; Bank Lending; Trade Credit
    Scope: Online-Ressource (32 S.), graph. Darst.
  2. How many factors and shocks cause financial stress?
    Author: Kappler, Marcus; Schleer, Frauke
    Published: 2013
    Publisher:  ZEW, Mannheim

    The aim of this paper is to assess the dimension of factors and shocks that drive financial conditions, and in particular financial stress in the euro area. A second aim is to construct summary indices on the conditions and level of stress in... more

    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Location:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 15 (2013,100)
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    No inter-library loan

     

    The aim of this paper is to assess the dimension of factors and shocks that drive financial conditions, and in particular financial stress in the euro area. A second aim is to construct summary indices on the conditions and level of stress in financial markets with the aid of a dynamic factor model. By analysing 149 newly compiled monthly time series on financial market conditions in the euro area, our results suggest that the data respond quite differently to fundamental shocks to financial markets but the dimension of these shocks is rather limited. Consequently, countries or segments of the financial sector in the euro area react fairly heterogonously to such shocks. We estimate several common factors and by means of an exploratory analysis we give them an economic interpretation. We find that the existence of a "Periphery Banking Crisis" factor, a "Stress" factor and a "Yield Curve" factor explains the bulk of variation in recent euro area financial sector data.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/88133
    Series: Discussion paper / ZEW ; 13-100
    Subjects: Financial Stress; Dynamic Factor Models; Financial Crisis; Euro Area
    Scope: Online-Ressource (24 S.), graph. Darst.
  3. SME credit constraints and macroeconomic effects
    Author: Gerlach-Kristen, Petra; O'Connell, Brian; O’Toole, Conor
    Published: 2013
    Publisher:  ESRI, [Dublin]

    This research attempts to answer two particular questions: a) what factors drive SME credit constraints in the Irish economy and b) what is the impact of such constraints on the macro-economy, in particular on employment and investment. We find that... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 176 (467)
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    This research attempts to answer two particular questions: a) what factors drive SME credit constraints in the Irish economy and b) what is the impact of such constraints on the macro-economy, in particular on employment and investment. We find that constraints decrease with firm size while there is variation by sector. Our results indicate that firms applying to foreign-owned banks are more likely to be constrained. We also identify a direct effect of debt overhang on access to credit. Linking constraints to the macro-economy, we find a negative and significant effect of SME credit constraints on employment, while no effect is evident on firm investment.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/100199
    Series: ESRI working paper ; 467
    Subjects: Financial Crisis; Credit Constraints; Investment; Employment; SMEs
    Scope: Online-Ressource (45 S.), graph. Darst.
  4. Current account adjustment in EU countries
    does euro-area membership make a difference?
    Author: Herrmann, Sabine; Jochem, Axel
    Published: 2013
    Publisher:  Dt. Bundesbank, Frankfurt am Main

    The paper evaluates current account dynamics in countries with different exchange rate regimes within the EU. In this, the empirical analysis explicitly differentiates between countries with a flexible and a fixed exchange rate regime and members of... more

    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Location:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
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    Location:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 12 (2013,49)
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    Location:
    Universitätsbibliothek Osnabrück
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    The paper evaluates current account dynamics in countries with different exchange rate regimes within the EU. In this, the empirical analysis explicitly differentiates between countries with a flexible and a fixed exchange rate regime and members of a monetary union. In addition, we model the adjustment process of external disequilibria by referring to the flexibility of exchange rates and interest rates. The sample covers annual data for 27 EU countries from 1994 to 2011. The estimation is based on a simple autoregressive model and comes to the conclusion that current account adjustment is significantly hampered in countries that are members of a monetary union. This holds particularly in comparison with floating exchange rate regimes owing to lower exchange rate flexibility. However, the persistence of current account balances in member countries of a monetary union is also more pronounced than in fixed-rate regimes due to less flexible interest rates as a result of the single monetary policy.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9783865589873
    Other identifier:
    hdl: 10419/88441
    Series: Discussion paper / Deutsche Bundesbank ; 49/2013
    Subjects: Balance of Payments; European Monetary Union; Exchange Rate Regime; Current Account Adjustment; Financial Crisis
    Scope: Online-Ressource (25, [3] S.), graph. Darst.
  5. Is the market held by institutional investors?
    the disposition effect revisited
    Author: Croonenbroeck, Carsten; Matkovskyy, Roman
    Published: 2013
    Publisher:  Europa-Univ. Viadrina, Dep. of Business Administration and Economics, Frankfurt, Oder

    Czarnitzki and Stadtmann (2005) measure the interdependence of demand for investment advice (approximated by sales of investor magazines) and stock prices. They find strong evidence that confirms the presence of the disposition effect, i.e. the... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 95 (338)
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    Czarnitzki and Stadtmann (2005) measure the interdependence of demand for investment advice (approximated by sales of investor magazines) and stock prices. They find strong evidence that confirms the presence of the disposition effect, i.e. the empirical observation that investors sell winners (too) early and abide losers (too) long. We re-investigate their findings and confirm that the effect is very well present in the formerly analyzed time frame, but clearly wears off afterward. As an explanation for the decline, we provide three lines of argumentation and show that disposition effect might dependent on the shareholder structure, which is in line with the theory.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/80329
    Series: Discussion paper / European University Viadrina, Department of Business Administration and Economics ; 338
    Subjects: Disposition Effect; Market Decisions; Market Efficiency; Financial Crisis; Market Structure
    Scope: Online-Ressource (10 S.), graph. Darst.