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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, ...
The economic impact of changes in local bank presence
(04.05.2019)
Regional Studies 5
Regional Studies 5
This study analyzes the economic consequences of changes in the local bank presence. Using a unique data set of banks, firms and counties in Poland over the period 2009–14, it is shown that changes strengthening the ...
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 ...
Enforcement of banking regulation and the cost of borrowing
(01.04.2019)
Journal of Banking and Finance April
Journal of Banking and Finance April
We show that borrowing firms benefit substantially from important enforcement actions issued on U.S. banks for safety and soundness reasons. Using hand-collected data on such actions from the main three U.S. regulators and ...
Employee Treatment and Contracting with Bank Lenders : An Instrumental Approach for Stakeholder Management
(15.08.2019)
Journal of Business Ethics 4
Journal of Business Ethics 4
Adopting an instrumental approach for stakeholder management, we focus on two primary stakeholder groups (employees and creditors) to investigate the relationship between employee treatment and loan contracts with banks. ...