Finance and Investment: The European CaseColin P. Mayer, Stefano Micossi, Marco Onado, Marco Pagano, Andrea Polo A product of the Restarting European Investment Finance research programme, Finance and Investment: The European Case brings together leading researchers to consider the causes of the persistently low level of investment in Europe. It examines the extent to which the financial system is a contributory factor and identifies possible remedies, considering the relation of finance to corporate sector investment, the lending behaviour of banks, the provisionof equity financing, and the role of public sector institutions, regulation, and taxation. Finance and Investment provides one of the most comprehensive and thorough analyses of anyfinancial system undertaken to date. It reflects a large body of research using new and existing data sets, employing advanced empirical tools, and exploiting the unique insights provided by the tumultuous events of financial and sovereign debt crises. Together, they comprise an exceptional body of knowledge to advance academic thinking and guide policy formulation. |
Contents
An Introduction to Finance and Investment The European Case | 1 |
Financial Structure and Corporate Investment in Europe Evidence from the Crisis Years | 15 |
Misallocation of Investment in Europe The Role of Debt Overhang and Credit Market Distress | 57 |
Understanding the Use of LongTerm Finance in Developing Countries | 65 |
Liquidity Squeeze on SMEs during the Great Recession in Europe The Role of Trade Credit | 85 |
Determinants of Bank Lending in Europe and the United States Evidence From Crisis and PostCrisis Years | 95 |
Same Story Different Place? PostCrisis Recapitalization of Banks in Japan and Europe | 137 |
The SovereignBank Nexus and the Case for European Safe Bonds | 149 |
The EU Securities Law Framework for SMEs Can Firms and Investors Meet? | 253 |
Can Insurance Companies Help More SMEs to Access Capital Markets? | 269 |
Public Development Banks Who to Target and How? | 289 |
Infrastructure Investment in Europe New Data Market Dynamics Policy Actions and the Role of the European Investment Bank | 299 |
Intended and Unintended Consequences of Government Credit Guarantee Programmes | 317 |
Are RiskBased Capital Requirements Detrimental to Corporate Lending? Evidence from Europe | 327 |
Information in the Financial System The Policy Challenge | 335 |
Asset Encumbrance and CDS Premia of European Banks Do Capital and Liquidity Tell the Whole Story? | 349 |
A Securitization Scheme for Resolving Europe ́s Problem Loans | 157 |
Changes in the Cost of Bank Equity and the Supply of Bank Credit | 169 |
From StartUp to ScaleUp Examining Public Policies for the Financing of HighGrowth Ventures | 179 |
Market Innovations for NonBank Financing of SMEs in Light of the Crisis and New Regulation A Policy Perspective | 221 |
The Capital Markets Union and Firms ́ Access to External MarketBased Finance Evidence and Policy Implications from a Novel SurveyBased Index | 239 |
Securities Trading and Lending in Banks | 363 |
Name Index | 373 |
| 378 | |
Other editions - View all
Finance and Investment: The European Case Colin Mayer,Stefano Micossi,Marco Onado,Marco Pagano,Andrea Polo Limited preview - 2017 |
Finance and Investment: The European Case Colin Mayer,Stefano Micossi,Marco Onado,Marco Pagano,Andrea Polo Limited preview - 2017 |
Finance and Investment: The European Case Colin P. Mayer,Stefano Micossi,Marco Onado,Marco Pagano,Andrea Polo No preview available - 2018 |
Common terms and phrases
Acharya analysis asset encumbrance average balance sheets bank lending channel bank loans billion bonds borrowers Canada capital requirements challenge collateral companies corporate loans costs credit crunch credit guarantee dummy effect equity ESRB etal Europe European banks European Central Bank European Commission European Investment Bank Eurozone evidence exposures FE YES Figure financial crisis Financial Economics financial markets financial system firms funds Germany global gross loans growth impact increase infrastructure investment institutional investors internal issuers Italy Journal of Financial leverage liquidity long-term debt long-term finance ment NPEs Paper percentage portfolio pre-crisis Prospectus Directive ratio reduce regulation regulatory risk weights role sample scale-up sector securities securitization short-term SME financing SMEs Solvency II Source sovereign debt Spain start-up structure Tier 1 capital total assets trade credit tranche variables venture capital venture debt YES YES YES