Abstract

http://ssrn.com/abstract=137991
 
 

References (225)



 
 

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The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle


Allen N. Berger


University of South Carolina - Moore School of Business; Wharton Financial Institutions Center; European Banking Center

Gregory F. Udell


Indiana University - Kelley School of Business - Department of Finance



Abstract:     
We examine the economics of financing small business in private equity and debt markets. Firms are viewed through a financial growth cycle paradigm in which different capital structures are optimal at different points in the cycle. We show the sources of small business finance, and how capital structure varies with firm size and age. The interconnectedness of small firm finance is discussed along with the impact of the macroeconomic environment. We also analyze a number of research and policy issues, review the literature, and suggest topics for future research.

Number of Pages in PDF File: 69

JEL Classification: G21, G28, G34, E58, L89

working papers series





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Date posted: November 27, 1998  

Suggested Citation

Berger, Allen N. and Udell, Gregory F., The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle. Available at SSRN: http://ssrn.com/abstract=137991 or http://dx.doi.org/10.2139/ssrn.137991

Contact Information

Allen N. Berger (Contact Author)
University of South Carolina - Moore School of Business ( email )
1705 College St
Francis M. Hipp Building
Columbia, SC 29208
United States
803-576-8440 (Phone)
803-777-6876 (Fax)
Wharton Financial Institutions Center
Philadelphia, PA 19104-6367
United States
European Banking Center
P.O. Box 90153
Tilburg, 5000 LE
Netherlands
Gregory F. Udell
Indiana University - Kelley School of Business - Department of Finance ( email )
1309 E. 10th St.
Bloomington, IN 47405
United States

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