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Which Firms Benefit More from Financial Development?

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  • Bena, Jan
  • Jurajda, Stepan

Abstract

We 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 (FD) across firms of different type, we find that FD disproportionately fosters the growth of young companies, while there is relatively little evidence of differences in the effect across firms of different size. The disproportionate gains from FD for youngest firms are concentrated among firms with lower shares of equity capital on total assets as these firms are in more need of external financing.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 6392.

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Date of creation: Jul 2007
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Handle: RePEc:cpr:ceprdp:6392

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Keywords: Corporate growth; Financial development; Information Asymmetry;

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Cited by:
  1. Jan Bena, 2009. "The Effect of Credit Rationing on the Shape of the Competition-Innovation Relationship," FMG Discussion Papers dp629, Financial Markets Group.
  2. Jan Bena, 2009. "The effect of credit rationing on the shape of the competition-innovation relationship," LSE Research Online Documents on Economics 24419, London School of Economics and Political Science, LSE Library.
  3. Dick Wensveen, 2008. "Notes And Communications," De Economist, Springer, vol. 156(3), pages 307-338, September.
  4. 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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