Which Firms Benefit More from Financial Development?
AbstractWe exploit the substantial diversity in financial development of the 'single-market' EU- 15 economies to test whether more developed financial systems are better at tackling asymmetric information proxied by firm age and size. Comparing the growth effect of financial development across firms of different type, we find that financial development disproportionately fosters the growth of young—but not the youngest—companies, while there is relatively little evidence of differences in the effect across firms of different size.
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Bibliographic InfoPaper provided by The Center for Economic Research and Graduate Education - Economic Institute, Prague in its series CERGE-EI Working Papers with number wp330.
Date of creation: Jun 2007
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Financial development; corporate growth; information asymmetry.;
Other versions of this item:
- Bena, Jan & Jurajda, Stepan, 2007. "Which Firms Benefit More from Financial Development?," CEPR Discussion Papers 6392, C.E.P.R. Discussion Papers.
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
- O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-09-30 (All new papers)
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- Jan Bena, 2009.
"The Effect of Credit Rationing on the Shape of the Competition-Innovation Relationship,"
FMG Discussion Papers
dp629, Financial Markets Group.
- Jan Bena, 2008. "The Effect of Credit Rationing on the Shape of the Competition-Innovation Relationship," CERGE-EI Working Papers wp377, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
- Dick Wensveen, 2008. "Notes And Communications," De Economist, Springer, vol. 156(3), pages 307-338, September.
- Jan Bena & Peter Ondko, 2009. "Financial Development and Allocation of External Finance," CERGE-EI Working Papers wp398, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
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