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Interest rates and informational issues in the credit market: experimental evidence from Brazil
(Pergamon-Elsevier Science Ltd, 2014-07)
This paper utilizes Brazilian data to investigate interest-rate sensitivity and informational issues associated with the credit demand of the middle-income class in a large emerging economy. This study's data were collected ...
Capital budgeting and risk taking under credit constraints
(Escola de Pós-Graduação em Economia da FGV, 2017-10)
Credit constraints generate a hedging motive that extends beyond purely financial decisions by also distorting the selection and operation of real investment projects. We study these distortions through a dynamic model in ...
Wealth, Credit Constraints and Small Firms’ Investment: Evidence from Brazil
(Sociedade Brasileira de Econometria, 2020)
Substitution effects in SME finance
(2018-03-20)
We investigate whether SMEs with demand for credit increase their trade credit usage after they experience a negative shock to bank credit. We base our analysis on a large sample of SMEs from the five biggest European ...
Substitution effects in private debt: evidence from SMEs
(2016)
The external finance of small- and medium-sized enterprises (SMEs) is limited to private debt such as bank credit and trade credit. SMEs generally prefer bank credit over trade credit because the former tends to be less ...
Informality and Macroeconomic Volatility : Do Credit Constraints Matter?
(EmeraldGrupo de Estudios Regionales, 2022)
Corporate finance in Brazil: evidence on bank lines of credit
(2016-12-19)
This article represents one of the first empirical examinations of the use of bank lines of credit among Brazilian public and private firms, and finds that lines of credit is a large and important source of corporate finance ...
Borrowing Constraints and Credit Demand in a Developing Economy
(Wiley Blackwell, 2016)
This paper investigates the determinants of credit demand in the presence of borrowing constraints in a developing economy. We model the determinants of observed debt for Chilean households while accounting for selection ...
Credit segmentation in general equilibrium
(Elsevier B.V., 2015)
We build a general equilibrium model with endogenous borrowing constraints compatible with credit
segmentation. There are personalized trading restrictions connecting prices with both portfolio constraints
and consumption ...
Solving the mean–variance customer portfolio in Markov chains using iterated quadratic/Lagrange programming: A credit-card customer limits approach
(ELSEVIER, 2015-03-09)
In this paper we present a new mean–variance customer portfolio optimization algorithm for a class of ergodic finite controllable Markov chains. In order to have a realistic result we propose an iterated two-step method ...