Reference : Credit in the Economy: Small Business Default Correlation and Firms' Co-movements
Dissertations and theses : Doctoral thesis
Business & economic sciences : Finance
http://hdl.handle.net/10993/21227
Credit in the Economy: Small Business Default Correlation and Firms' Co-movements
English
Pisa, Magdalena mailto [University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Luxembourg School of Finance (LSF) >]
13-May-2015
University of Luxembourg, ​​Luxembourg
Maastricht University, ​​The Netherlands
Docteur de l’Université du Luxembourg en Sciences Financières and Doctor at Maastricht University
Wolff, Christian mailto
Bams, D.
Bauer, Rob
Grammatikos, Theoharry
Ors, E.
Kleimeier, S.
Von Lilienfeld-Toal, Ulf
[en] Small businesses ; Credit risk ; Spillovers
[en] Small businesses play crucial part in every developed economy. They employ about 50% of the workforce and are the engine of innovation. For this reason policy makers and regulators support financing small businesses’ operations to allow them to grow and show its potential. Through a series of studies about small business credit risk, we show that small business credit risk is predominantly related to firm characteristics rather than to economy or industry wide conditions. We find evidence that a distress in a customer industry is linked to higher credit risk among the small business suppliers and that a trade credit is an important channel transmitting distress from one firm to another.
http://hdl.handle.net/10993/21227

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