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The Benefits of Lending Relationships: Evidence from Small Business Data
This paper empirically examines how ties between a firm and its creditors affect the availability and cost of funds to the firm. The authors analyze data collected in a survey of small firms by the… Expand
Entry regulation as a barrier to entrepreneurship
Using a comprehensive database of European firms, we study the effect of market entry regulations on the creation of new limited-liability firms, the average size of entrants, and the growth of… Expand
Aid and Growth : What Does the Cross-Country Evidence Really Show?
We examine the effects of aid on growth-- in cross-sectional and panel data--after correcting for the bias that aid typically goes to poorer countries, or to countries after poor performance. Even… Expand
Covenants and Collateral as Incentives to Monitor
Although monitoring borrowers is thought to be a major function of financial institutions, the presence of other claimants reduces an institutional lender's incentives to do this. Thus loan contracts… Expand
Analyst Following of Initial Public Offerings
The authors examine data on analyst following for a sample of initial public offerings completed between 1975 and 1987 to see how they related to three well-documented initial public offering (IPO)… Expand
FINANCIAL SYSTEMS, INDUSTRIAL STRUCTURE, AND GROWTH
How does the development of the financial sector affect industrial growth? What effect does it have on the composition of industry, and the size distribution of firms? What is the relative importance… Expand
Are perks purely managerial excess
Why do some firms tend to offer executives a variety of perks while others offer none at all? A widespread view in the corporate finance literature is that executive perks are a form of agency or… Expand
Aid and Growth: What Does the Cross-Country Evidence Really Show?
We examine the effects of aid on growth--in cross-sectional and panel data--after correcting for the bias that aid typically goes to poorer countries, or to countries after poor performance. Even… Expand
The Past and Future of Commercial Banking Viewed through an Incomplete Contract Lens
- Raghuram G. Rajan
- 6 April 1998
Commercial banks emerged at a time when contracts were very incomplete and property rights insecure. They typically offered demand deposits, made loans on demand, and were regulated. Each of these… Expand
The Flattening Firm: Evidence from Panel Data on the Changing Nature of Corporate Hierarchies
Using a detailed database of managerial job descriptions, reporting relationships, and compensation structures in over 300 large U.S. firms we find that the number of positions reporting directly to… Expand