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Political influence and financial flexibility : Evidence from China
(15.02.2019)
Journal of Banking & Finance February
Journal of Banking & Finance February
This paper investigates how political influence affects firms’ financial flexibility and speed of adjustment toward target leverage ratios. We find that at the macro level, firms in environments with high political advantages, ...
Uncertainty shocks and firm creation : Search and monitoring in the credit market
(15.02.2019)
Journal of Economic Dynamics and Control February
Journal of Economic Dynamics and Control February
We develop a business cycle model where endogenous firm creation stems from two credit market frictions. First, entrepreneurs search for a lending relationship with a bank. Second, an optimal debt contract with monitoring ...