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1.
Uncertainty and Financing Constraints 总被引:5,自引:0,他引:5
Using a panel of Dutch listed firms this paper provides empirical evidence for the hypothesis that more risky firms are confronted with more severe capital market constraints than relatively less risky firms. The paper also contributes to the discussion on the usefulness of cash flow as a measure of financial constraints. We present a stochastic version of the Kaplan-Zingales (1997) model. We show that cash flow sensitivity can be used as a meaningful indicator of financing constraints if firms are classified by the degree of uncertainty they face and if the uncertainty originates from cost uncertainty. 相似文献
2.
This study examines the impact of microcredit on household self‐employment profits in Vietnam. For two indicators of credit participation – a dichotomous participation dummy and the accumulated amount of microcredit received per household – the analysis reveals a positive effect on household profits. The analysis also reveals that an instrumental variable method within a fixed‐effects framework can control for the possible endogeneity of credit and thereby identify the true effect of credit. 相似文献
3.
Robert Lensink 《European Journal of Finance》2013,19(2):95-105
Abstract This paper offers the first attempt to test the inverted-U hypothesis for the effect of uncertainty on investment, implied by a number of recent theoretical studies, using a panel of UK firms. It is found that the effect of uncertainty on corporate investment is indeed approximated by an inverted-U shaped relationship: at low levels of uncertainty the effect is positive, but it becomes negative at high levels of uncertainty. This result represents the first empirical verification of the hypothesis with respect to UK firms. 相似文献
4.
Summary Most studies treat capital flight as an exclusively Latin American problem. This paper estimates capital flight for six African countries and shows that the emphasis on Latin American capital flight is not correct. It appears that the burden of capital flight is also important for many African countries. Moreover, this paper tries to find some determinants for the African countries' capital flight. The increase of government and government-guaranteed foreign debt and the overvaluation of the real exchange rate appear to be the most important explanatory factors of capital flight for the African countries in this study.The authors would like to thank Peter van Bergeijk, Richard Brown, Nanne Brunia, Richard Gigengack, Ger Lanjouw, the participants of the Development Economics Seminar, March 1992, Institute of Social Studies, The Hague, and an anonymous referee for their useful comments. 相似文献
5.
Most small businesses in the developing economies suffer from a lack of access to formal external finance. One important alternative source of finance for these entrepreneurs is trade credit. Applying a unique data-set containing data on specific trade relations between rice wholesalers and rice retailers in Tanzania, we analyse the determinants of trade credit demand and supply in this market, using a simultaneous equation modelling approach. The analysis shows that while the demand for trade credit is primarily determined by the extent to which retailers need external funds, supply is mainly driven by wholesalers’ incentives to attract and keep clients. Moreover, wholesalers’ willingness to provide credit increases if they have better information about the possibility that the customer will fail to repay the credit. 相似文献
6.
Financial Development, Uncertainty and Economic Growth 总被引:1,自引:0,他引:1
Robert Lensink 《De Economist》2001,149(3):299-312
By performing a cross-country growth regression for the 1970-1998 period this paper finds evidence for the fact that the impact of policy uncertainty on economic growth depends on the development of the financial sector. It appears that a higher level of financial development partly mitigates the negative impact of policy uncertainty on economic growth. This clearly indicates the relevance of financial sector development. 相似文献
7.
This paper compares lending policies of formal, informal and semiformal lenders with respect to household lending in Vietnam. The analysis suggests that the probability of using formal or semiformal credit increases if borrowers provide collateral, a guarantor and/or borrow for business‐related activities. The probability of using informal credit increases for female borrowers. It also appears that the probability of using formal credit increases in household welfare up to a certain threshold, but at a decreasing rate. In addition, the paper discerns the determinants of probability of default across lender types. Default risk of formal credit appears to be strongly affected by formal loan contract terms, e.g., loan interest rate and form of loan repayment, whereas default risk on informal loans is significantly related to the presence of propinquity and other internal characteristics of the borrowing household. Overall, the study raises several important implications for the screening, monitoring and enforcement instruments that may be employed by different types of lenders. 相似文献
8.
Group lending and the role of the group leader 总被引:1,自引:0,他引:1
This paper investigates strategic monitoring behavior within group lending. We show that monitoring efforts of group members
differ in equilibrium due to the asymmetry between members in terms of future profits. In particular, we show that the entrepreneur
with the highest future profits also puts in the highest monitoring effort. Moreover, monitoring efforts differ between group
members due to free-riding: one member reduces her level of monitoring if the other increases her monitoring effort. This
effect is also at play when we introduce a group leader into the model. The individual who becomes the group leader supplies
more monitoring effort than in the benchmark case. We empirically test the model using data from a survey of microfinance
in Eritrea and show that the group leader attaches more weight to future periods than nonleaders in the group, which may explain
why a large part of total monitoring is done by the leader. 相似文献
9.
Rients GalemaRobert Lensink Laura Spierdijk 《Journal of International Money and Finance》2011,30(3):507-515
International commercial banks, institutional investors, and private investors have become increasingly interested in financing microfinance institutions (MFIs). This paper investigates whether adding microfinance funds to a portfolio of risky international assets yields diversification gains. By using mean-variance spanning tests with short-sale constraints, we find that investing in microfinance may be attractive for investors seeking a better risk-return profile. Specifically, the analysis suggests that investing in MFIs from Latin America, or microfinance and rural banks yields more efficient portfolios. In contrast, adding MFIs from Africa or microfinance NGOs to a portfolio of international assets is not beneficial for a mean-variance investor. 相似文献
10.
Robert Lensink 《Review of World Economics》2002,138(1):131-147
Is the Uncertainty-Investment Link Non-linear? Empirical Evidence for Developed Economies. — This paper examines whether the impact of uncertainty on aggregate investment differs for low and high values of uncertainty. I present two types of estimates on the impact of uncertainty, measured by the volatility of stock market returns, for a group of developed economies. First, I estimate investment models in which I include a linear and a quadratic term for uncertainty. Second, I estimate investment models in which uncertainty is a threshold variable. Both types of estimates provide evidence on the empirical relevance of a non-linear effect of uncertainty on investment. 相似文献