757 research outputs found
On the determinants of corporate default in the EU-27: Evidence from a large sample of companies
No full textWe analyze a large sample of companies operating in the EU-27 in the period 2007-2018 to gain new insights on the determinants of corporate defaults. The sample includes micro, small, medium and large enterprises, both active and defaulting. We document significant differences in the drivers of insolvency across firm size categories. Micro and small firms are significantly more vulnerable to sectoral shocks and to disruptions along the supply chain than larger companies. Instead, the default probability for all firms is significantly larger when companies experience in the previous year negative end-of-the year equity, that is a measure of prolonged financial distress. By exploiting institutional differences in judicial efficiency among EU-27 countries, we find financial distress is more likely to predict default in jurisdictions with more efficient insolvency procedures. Finally, we derive potential implications of our findings, especially with regard to the recent crises hitting European firms and the harmonisation of national insolvency regimes in the EU-27 towards most efficient legal practices, as foreseen under the Capital Markets Union Action Plan
Addressing physical climate risk: the case of flood protection
No full textThis article provides a primer on the economic impact of flood risk. We present the more recent findings of the literature on natural disaster, focusing on floods. Then, we implement a simulation exercise, based on the estimates by Fatica et al. (2022), that quantifies the impact of flooding on the performance of European firms for different level of flood protection. Our results highlight the importance of protective measures that reduce the extent of inundated areas as an effective adaptation strategy leading to substantially lower negative impact for firms
The pricing of green bonds: Are financial institutions special?
No full textThe financial system plays a major role in the transition to a low-carbon economy. We shed light on this
analyzing recent developments in the bond and debt markets. First, we study the pricing of green bonds at
issuance. We find a premium for green bonds issued by supranational institutions and corporates but no
yield differences in case of issuances by financial institutions. We also document an effect for external
review and repeated access to the green bond market. Second, we show that banks that issue green bonds
reduce lending towards carbon-intensive sectors, but limited to the loan amounts granted in the role of lead
bank in the deal. This mixed evidence about lending suggests that, at the time of issuance, investors may not
be able to identify a clear link between the green bond issued by a financial institution and a specific green
investment project, which would explain the absence of a green premium for financial issuers
Corporate default and judicial efficiency in the EU-27: Evidence from a large sample of firms
No full textSupplemental Material, PFR_DS10.1177_1091142116679729 - The Fiscal Effects of Work-related Tax Expenditures in Europe
No full text
Supplemental Material, PFR_DS10.1177_1091142116679729 for The Fiscal Effects of Work-related Tax Expenditures in Europe by Salvador Barrios, Serena Fatica, Diego Martinez-Lopez, and Gilles Mourre in Public Finance Review
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Location-Based Discovery and Network Handover Management for Heterogeneous IEEE 802.11ah IoT Applications
No full textThis research was funded by the Flemish IDEAL-IoT project (FWO SBO, grant nr. S004017N). The author Serena Santi is funded by the Flemish FWO SB grant (nr. 1S82120N). The author Filip Lemic was supported by the EU MSCA grant (nr. 893760). The computational resources were provided by the VSC (Flemish Supercomputer Center), funded by FWO and the Flemish Government -department EWI
Not only green: Sustainability and debt capital markets
No full textUsing a large international sample of corporate borrowers over the period 2014-22, we study the determinants of issuing green, sustainability and social (GSS) bonds. First, we document a remarkable growth of the GSS segment in the most recent years, possibly spurred by the public commitment towards financing a sustainable economic recovery after the COVID-19 pandemic. The results from a multinomial logit for the choice of bond type confirm that countries' sustainability stance acts as an incentive for corporate access to the sustainable bond segment. Moreover, borrowers in sectors that are green or can become green, as well as those that have already issued and committed to external assurance on the GSS segment, are more likely to raise funds with non-conventional securities
Venture Capital Financing and Green Patenting
No full textThis paper explores the role of green innovation in attracting venture capital (VC) financing. We use a unique dataset that matches information on equity transactions, companies’ balance sheet variables and data on patented innovation at the firm level over the period 2008–2017. Taking advance of a novel granular definition of green innovative activities that tracks patents at the firm level, we show that green innovators are more likely to receive VC funding compared to other equity financing than firms without green patents. Likewise, a larger share of green vs. non-green patents in a firm’s patent portfolio increases the probability of receiving VC finance with respect to other equity. Robustness checks and extensions tackling several dimensions of heterogeneity confirm the attractiveness of green patenting for VC investment
Erratum: Lack of immunity against rubella among Italian young adults. [BMC Infect Dis., 17, (2017) (199)] Doi: 10.1186/s12879-017-2295-y
No full textAfter publication of this article [1], the authors noted that the given names and family names of all authors had been inverted, and are therefore incorrect in the original article. In the original article, the author names appear as the following: Gallone Maria Serena, Gallone Maria Filomena, Larocca Angela Maria Vittoria, Germinario Cinzia and Tafuri Silvio. However, this is incorrect, and the author names should appear as per the below: Maria Serena Gallone, Maria Filomena Gallone, Angela Maria Vittoria Larocca, Cinzia Germinario, Silvio Tafuri. The author names have been corrected in the author list and the citation for this Erratum
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