Finance and investment : the European case / edited by Colin Mayer (Saïd Business School, Oxford Univeresity and CEPR), Stefano Micossi (Assonime), Marco Onado (Università Bocconi), Marco Pagano (Università di Napoli Federio II and CEPR), Andrea Polo (Universitat Pompeu Fabra, Barcelona GSE and CEPR).

Format:

Book

Contributor:

Mayer, C. P. (Colin P.), editor.

Language:

English

Subjects (All):

Investments--Europe.

Investments.

Finance--Europe.

Finance.

Europe.

Physical Description:

xxxii, 392 pages : illustrations ; 24 cm

Edition:

First edition.

Place of Publication:

Oxford, United Kingdom : Oxford University Press, 2018.

Summary:

Low growth, low investment, insufficient spend on infrastructure, weak bank lending to the corporate sector, and funding deficiencies of small and medium-sized enterprises are all causes of concern in Europe. To many, they point to fundamental problems in the financing of European companies and in Europe's financial systems. Are these concerns valid and do the structure and performance of the financial system lie at their heart? If so, what should be done to address them, and have the right policy prescriptions been identified to date? A product of a two-year research programme bringing together leading researchers from across the world. Finance and Investment: The European Case considers the causes for 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 to finance to corporate sector investment, the lending behaviour of banks, the provision of 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 any financial 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. Book jacket.

Contents:

1 An Introduction to Finance and Investment: The European Case / Colin Mayer Mayer, Colin, Stefano Micossi Micossi, Stefano, Marco Onado Onado, Marco, Marco Pagano Pagano, Marco, Andrea Polo Polo, Andrea 1

2 Financial Structure and Corporate Investment in Europe: Evidence from the Crisis Years / Brunella Bruno Bruno, Brunella, Alexandra D'Onofrio D'Onofrio, Alexandra, Immacolata Marino Marino, Immacolata 15

3 Misallocation of Investment in Europe: The Role of Debt Overhang and Credit Market Distress / Francesco Barbiero Barbiero, Francesco, Philipp-Bastian Brutscher Brutscher, Philipp-Bastian, Atanas Kolev Kolev, Atanas, Alexander Popov Popov, Alexander, Marcin Wolski Wolski, Marcin 57

4 Understanding the Use of Long-Term Finance in Developing Countries / María Soledad Martinez Pería Pería, María Soledad Martinez, Sergio L. Schmukler Schmukler, Sergio L. 65

5 Liquidity Squeeze on SMEs during the Great Recession in Europe: The Role of Trade Credit / Fabrizio Coricelli Coricelli, Fabrizio, Marco Frigerio Frigerio, Marco 85

6 Determinants of Bank Lending in Europe and the United States: Evidence From Crisis and Post-Crisis Years / Brunella Bruno Bruno, Brunella, Alexandra D'Onofrio D'Onofrio, Alexandra, Immacolata Marino Marino, Immacolata 95

7 Same Story, Different Place? Post-Crisis Recapitalization of Banks in Japan and Europe / Viral V. Acharya Acharya, Viral V., Tim Eisert Eisert, Tim, Christian Eufinger Eufinger, Christian, Christian Hirsch Hirsch, Christian 137

8 The Sovereign-Bank Nexus and the Case for European Safe Bonds / Marco Pagano Pagano, Marco 149

9 A Securitization Scheme for Resolving Europe's Problem Loans / Brunella Bruno Bruno, Brunella, Giuseppe Lusignani Lusignani, Giuseppe, Marco Onado Onado, Marco 157

10 Changes in the Cost of Bank Equity and the Supply of Bank Credit / Claire Célérier Célérier, Claire, Thomas Kick Kick, Thomas, Steven Ongena Ongena, Steven 169

11 From Start-Up to Scale-Up: Examining Public Policies for the Financing of High-Growth Ventures / Gilles Duruflé Duruflé, Gilles, Thomas Hellmann Hellmann, Thomas, Karen Wilson Wilson, Karen 179

12 Market Innovations for (Non-Bank) Financing of SMEs in Light of the Crisis and New Regulation: A Policy Perspective / Alexander Eisele Eisele, Alexander, Eric Nowak Nowak, Eric 221

13 The Capital Markets Union and Firms' Access to External Market-Based Finance: Evidence and Policy Implications from a Novel Survey-Based Index / Paola Bongini Bongini, Paola, Annalisa Ferrando Ferrando, Annalisa, Emanuele Rossi Rossi, Emanuele, Monica Rossolini Rossolini, Monica 239

14 The EU Securities Law Framework for SMEs: Can Firms and Investors Meet? / Marcello Bianchi Bianchi, Marcello, Carmine Di Noia Noia, Carmine Di, Matteo Gargantini Gargantini, Matteo 253

15 Can Insurance Companies Help More SMEs to Access Capital Markets? / Dario Focarelli Focarelli, Dario 269

16 Public Development Banks: Who to Target and How? / Marcela Eslava Eslava, Marcela, Xavier Freixas Freixas, Xavier 289

17 Infrastructure Investment in Europe: New Data, Market Dynamics, Policy Actions, and the Role of the European Investment Bank / Philipp-Bastian Brutscher Brutscher, Philipp-Bastian, Debora Revoltella Revoltella, Debora 299

18 Intended and Unintended Consequences of Government Credit Guarantee Programmes / Vasso Ioannidou Ioannidou, Vasso, José María Liberti Liberti, José María, Thomas Mosk Mosk, Thomas, Jason Sturgess Sturgess, Jason 317

19 Are Risk-Based Capital Requirements Detrimental to Corporate Lending?: Evidence from Europe / Brunella Bruno Bruno, Brunella, Giacomo Nocera Nocera, Giacomo, Andrea Resti Resti, Andrea 327

20 Information in the Financial System: The Policy Challenge / Alberto Giovannini Giovannini, Alberto 335

21 Asset Encumbrance and CDS Premia of European Banks: Do Capital and Liquidity Tell the Whole Story? / Albert Banal-Estanol Banal-Estanol, Albert, Enrique Benito Benito, Enrique, Dmitry Khametshin Khametshin, Dmitry 349

22 Securities Trading and Lending in Banks / José Luis Peydró Peydró, José Luis, Andrea Polo Polo, Andrea, Enrico Sette Sette, Enrico 363.

ISBN:

0198815824

9780198815822

9780198815815

0198815816

OCLC:

991298849