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Displaying results 1 to 6 of 6.

  1. International financial reporting standards and private firms' access to bank loans
    Author: Balsmeier, Benjamin; Vanhaverbeke, Steven
    Published: [2016]
    Publisher:  KU Leuven, Faculty of Economics and Business, Leuven, Belgi͏̈e

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: MSI ; MSI_16, 10
    Subjects: International Financial Reporting Standards; Private Firms; Debt; Enforcement
    Scope: 1 Online-Ressource (circa 50 Seiten)
  2. The effect of financial constraints on inventory holdings
    Author: Bustos, Emil
    Published: May 24, 2023
    Publisher:  Research Institute of Industrial Economics, Stockholm, Sweden

    This paper investigates the impact of financial constraints on firms' inventory holdings, an area of significant interest given that inventories are volatile over the business cycle. I use detailed data on Swedish firms' balance sheets, income... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    This paper investigates the impact of financial constraints on firms' inventory holdings, an area of significant interest given that inventories are volatile over the business cycle. I use detailed data on Swedish firms' balance sheets, income statements, and credit scores. I employ a regression discontinuity design and a difference-in-differences analysis to examine the causal effects of financial constraints on inventory management. Firms with relaxed financing constraints increase their inventories by 20% when they get a better credit score, yet there is no robust effect on inventories relative to firm size. This study offers new insights into the influence of financial constraints on firms' inventory strategies amidst changing economic conditions.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: IFN working paper ; no. 1463 (2023)
    Subjects: Financial Constraints; Risk Management; Inventories; Credit Scores; Private Firms
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  3. Government transparency and firm-level operational efficiency
    Author: Hope, Ole-Kristian; Jiang, Shushu; Vyas, Dushyantkumar
    Published: [2021]
    Publisher:  [University of Toronto - Rotman School of Management], [Toronto]

    We examine the informational role of governments in the private sector in emerging economies. Using a large sample of private firms, we show that governments’ ability and willingness to collect and disseminate economic information (government... more

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    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We examine the informational role of governments in the private sector in emerging economies. Using a large sample of private firms, we show that governments’ ability and willingness to collect and disseminate economic information (government transparency) is positively associated with firm-level operational efficiency and access to external financing. Several cross-sectional analyses corroborate our main findings. We find that the effect of government transparency is stronger for firms operating in weaker alternative information environments. We also find a reduced effect of government transparency in countries with better-developed capital markets that facilitate capital allocation and production efficiency. Additional analyses using the World Bank-supported Open Government Data initiative as a staggered shock to government transparency provides further support to our primary results. Overall, our paper sheds light on the important role played by governments in emerging markets in aggregating and disseminating economic information

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: [Rotman School of Management working paper ; no. 3888753]
    Subjects: Government Transparency; Private Firms; Emerging Markets; Open Government Data; Operational Efficiency
    Other subjects: Array
    Scope: 1 Online-Ressource (circa 48 Seiten)
  4. Mandatory financial information disclosure and credit ratings
    Author: Vanhaverbeke, Steven; Balsmeier, Benjamin; Doherr, Thorsten
    Published: [2022]
    Publisher:  ZEW - Leibniz Centre for European Economic Research, Mannheim, Germany

    When firms are forced to publicly disclose financial information, credit rating agencies are supposed to improve their risk assessments. Theory predicts such an information quality effect but also an adverse reputational concerns effect because... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Location:
    Universitätsbibliothek Mannheim
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    When firms are forced to publicly disclose financial information, credit rating agencies are supposed to improve their risk assessments. Theory predicts such an information quality effect but also an adverse reputational concerns effect because credit analysts may become increasingly concerned about alleged rating failures. We empirically examine these predictions using a large scale quasi-natural experiment in Germany, where firms were required to publicly disclose annual financial statements. Consistent with the reputational concern hypothesis, we find an average increase in credit rating downgrades that is entirely driven by changes in the discretionary assessment of the credit analysts rather than changes in firm fundamentals. Analysts tend to give positive private information a lower weight in their risk assessment, while they put a higher weight on negative public information. A last set of results indicate that professional credit providers understand that the resulting downgrades are not warranted, while unsophisticated lenders did indeed reduce the provision of trade credit in response to the rating downgrades.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/265416
    Series: Discussion paper / ZEW ; no. 22, 043 (10/2022)
    Subjects: Credit Ratings; Disclosure Regulation; Private Firms; Reputational Concerns
    Scope: 1 Online-Ressource (53, 29 Seiten), Illustrationen
  5. Financing constraints and risk management
    evidence from micro-level insurance data
    Author: Bustos, Emil; Engist, Oliver; Martinsson, Gustav; Thomann, Christian
    Published: December 20, 2022
    Publisher:  Research Institute of Industrial Economics, Stockholm, Sweden

    We study the impact of financing constraints on corporate risk management. Using data on credit scores matched with unique information on firm level commercial insurance purchases, we find that financing constraints lead to higher insurance spending.... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We study the impact of financing constraints on corporate risk management. Using data on credit scores matched with unique information on firm level commercial insurance purchases, we find that financing constraints lead to higher insurance spending. We adopt a regression discontinuity design and show that financially constrained firms spend 5-14% more on insurance than otherwise similar unconstrained firms. Our findings add new insights to the longstanding empirical puzzle whether financially constrained firms engage more in risk management. Furthermore, our results, shed light on risk management in smaller, mostly private firms.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: IFN working paper ; no. 1452 (2022)
    Subjects: Financing Constraints; Risk Management; Insurance Demand; Credit Scores; Private Firms
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  6. Investment efficiency of private and public firms
    Author: Kazakis, Pantelis; Leung, Woon Sau; Ongena, Steven
    Published: [2023]
    Publisher:  Swiss Finance Institute, Geneva

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    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Edition: This version: October 2023
    Series: Swiss Finance Institute research paper series ; no 23, 89
    Subjects: Investment Efficiency; Public Firms; Private Firms; Information Asymmetry; Agency Costs; Compliance Costs; Uncertainty
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen