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Finance and Investment: The European Case
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Finance and Investment: The European Case

Colin Mayer, Stefano Micossi, Marco Onado, Marco Pagano, and Andrea Polo

Abstract

This book is the product of a two-year research programme entitled Restarting European Long-Term Investment Finance (RELTIF), organized by Assonime and the Centre for Economic Policy Research (CEPR) in London. The programme brought together leading researchers from across the world to consider the causes of the persistently low level of investment in Europe, to examine the extent to which the financial system was a contributory factor and to identify possible policy remedies for it. It considered the relation of finance to corporate sector investment, the lending behaviour of banks, the provis ... More

Keywords: finance, investment, banking, debt, equity, regulation, public Institutions, taxation

Bibliographic Information

Print publication date: 2018 Print ISBN-13: 9780198815815
Published to Oxford Scholarship Online: January 2018 DOI:10.1093/oso/9780198815815.001.0001

Authors

Affiliations are at time of print publication.

Colin Mayer, editor
Peter Moores Professor of Management Studies, Saïd Business School, University of Oxford, UK

Stefano Micossi, editor
Director General, Assonime, Rome, Italy

Marco Onado, editor
Senior Professor, Bocconi University, Milan, Italy

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Contents

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1 An Introduction to Finance and Investment

Colin Mayer, Stefano Micossi, Marco Onado, Marco Pagano, and Andrea Polo

2 Financial Structure and Corporate Investment in Europe

Brunella Bruno, Alexandra D'Onofrio, and Immacolata Marino

3 Misallocation of Investment in Europe

Francesca Barbiero, Philipp-Bastian Brutscher, Atanas Kolev, Alexander Popov, and Marcin Wolski

4 Understanding the Use of Long-Term Finance in Developing Countries

María Soledad Martinez Pería, and Sergio L. Schmukler

6 Determinants of Bank Lending in Europe and the United States

Brunella Bruno, Alexandra D'Onofrio, and Immacolata Marino

7 Same Story, Different Place?

Viral V. Acharya, Tim Eisert, Christian Eufinger, and Christian Hirsch

9 A Securitization Scheme for Resolving Europe’s Problem Loans

Brunella Bruno, Giuseppe Lusignani, and Marco Onado

10 Changes in the Cost of Bank Equity and the Supply of Bank Credit

Claire Célérier, Thomas Kick, and Steven Ongena

11 From Start-Up to Scale-Up

Gilles Duruflé, Thomas Hellmann, and Karen Wilson

13 The Capital Markets Union and Firms’ Access to External Market-Based Finance

Paola Bongini, Annalisa Ferrando, Emanuele Rossi, and Monica Rossolini

14 The EU Securities Law Framework for SMEs

Marcello Bianchi, Carmine Di Noia, and Matteo Gargantini

16 Public Development Banks

Marcela Estava, and Xavier Freixas

17 Infrastructure Investment in Europe

Philipp-Bastian Brutscher, and Debora Revoltella

18 Intended and Unintended Consequences of Government Credit Guarantee Programmes

Vasso Ioannidou, José Maria Liberti, Thomas Mosk, and Jason Sturgess

19 Are Risk-Based Capital Requirements Detrimental to Corporate Lending?

Brunella Bruno, Giacomo Nocera, and Andrea Resti

21 Asset Encumbrance and CDS Premia of European Banks

Albert Banal-Estanol, Enrique Benito, and Dmitry Khametshin

22 Securities Trading and Lending in Banks

José Luis Peydró, Andrea Polo, and Enrico Sette