The aim of this paper is to evaluate the causal effect of issuing equities on the probability that the firm engages in R&D activity. In financing innovation equity is a better source of external finance than debt. Equity does not require collateral, does not increase moral hazard problems...

The original intention of the government was to provide financial subsidies to firms by implementing innovation support policies. In turn, this will encourage these firms to carry out technological innovation activities. However, there are still differing views in the academic community on...

We investigate the default probability, recovery rates and loss distribution of a portfolio of securitised loans granted to Italian small and medium enterprises (SMEs). To this end, we use loan level data information provided by the European DataWarehouse platform and employ a logistic...

Small businesses (SMEs) depend on banks for credit. We show that the severity of the Eurozone crisis was worse in countries where firms borrowed more from domestic banks ("domestic bank dependence") than in countries where firms borrowed more from international banks. Eurozone banking...

This paper presents the main findings of the Survey for bank financing to small and medium enterprises (SMEs). The key objective was to capture the main features of the "supply side" of SMEs financing in the Republic of North Macedonia and to identify institutional and policy constraints of...