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Doctoral thesis (Dissertations and theses)
Credit in the Economy: Small Business Default Correlation and Firms' Co-movements
Pisa, Magdalena
2015
 

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Keywords :
Small businesses; Credit risk; Spillovers
Abstract :
[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.
Disciplines :
Finance
Author, co-author :
Pisa, Magdalena ;  University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Luxembourg School of Finance (LSF)
Language :
English
Title :
Credit in the Economy: Small Business Default Correlation and Firms' Co-movements
Defense date :
13 May 2015
Institution :
Unilu - University of Luxembourg, Luxembourg
Maastricht University, Netherlands
Degree :
Docteur de l’Université du Luxembourg en Sciences Financières and Doctor at Maastricht University
Promotor :
Jury member :
Available on ORBilu :
since 04 June 2015

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