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Insolvency regimes and firms' default risk under economic uncertainty and shocks
(Economic Modelling, 2020-06-18)
One of the arguments often advanced for implementing a stronger insolvency and bankruptcy framework is that it enhances credit discipline among firms. Using a large cross-country firm-level dataset, we empirically test ...
Risk-sensitive Basel regulations and firms' access to credit: direct and indirect effects
(Elsevier, 2021-03-09)
This paper examines the impact of risk-sensitive Basel regulations on debt financing of firms around the world. It investigates how firms cope with the impact through adjustments to their financing sources and capital ...
COVID-19 pandemic and debt financing by firms: unravelling the channels
(Elsevier, 2022-06-18)
The COVID-19-induced disruptions and the consequent government responses stretched the financial resources of firms. Recent studies document an increase in debt financing by firms during the pandemic. Using firm-level data ...