SCHIAVO , Stefano

We propose a new approach for identifying and measuring the degree of fnancial constraint faced by firms and use it to investigate the effect of financial constraints on firm survival and development. Using panel data on French manufacturing firms over the 1996 - 2004 period, we find that (i) financial constraints significantly increase the...

We propose a new approach for identifying and measuring the degree of fnancial constraint faced by firms and use it to investigate the effect of financial constraints on firm survival and development. Using panel data on French manufacturing firms over the 1996 - 2004 period, we find that (i) financial constraints significantly increase the...

We propose a new approach for identifying and measuring the degree of financial constraint faced by firms and use it to investigate the effect of financial constraints on firm survival and development. Using panel data on French manufacturing firms over the 1996–2004 period, we find that (1) financial constraints significantly increase the...

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International audience

International audience

This paper studies the high yet undocumented incidence of firms displaying markups lower than unity, i.e., prices lower than marginal costs, for protracted periods of time. Using a large sample of French manufacturing firms for the period 1990-2007, the paper estimates markups at the firm level and documents in a robust way the extent to which...

International audience

The paper analyzes the link between financial constraints and firms' export decisions, using a large micro-level data set on French manufacturing firms over the 1996-2004 period. Our main finding is that firms enjoying better ex-ante financial heath are more likely to start exporting. This results contrasts with the previous empirical...

This paper evaluates the risk of zombification of the French economy during the sanitary crisis, as a result of the unconditional financial support provided to firms by public authorities. We develop a simple theoretical framework based on a partialequilibrium model to simulate the liquidity and solvency stress faced by a large panel of French...

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We simulate the impact of the Covid-19 crisis on corporate solvency using a sampleof around one million French nonfinancial companies, assuming they minimizetheir production costs in the context of a sharp drop in demand.We find that the lockdown triggers an unprecedented increase in the share ofilliquid and insolvent firms, with the former...

The paper analyzes the link between financial constraints and firms' export decisions, using a large micro-level data set on French manufacturing firms over the 1996-2004 period. Our main finding is that firms enjoying better ex-ante financial heath are more likely to start exporting. This results contrasts with the previous empirical...

The paper analyzes the link between financial constraints and firm export behavior. Our main finding is that firms enjoying better financial health are more likely to become exporters. The result contrasts with the previous empirical literature which found evidence that export participation improves firm financial health, but not that export...

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Nous simulons l'impact de la crise Covid-19 sur la solvabilité des entreprises àpartir d'un échantillon d'un million d'entreprises françaises (Données FARE 2017).Par défaillance, nous entendons l'état de cessation de paiement de l'entreprise,c'est-à-dire quand les fonds propres de l'entreprise sont négatifs.Le tissu productif est lourdement...

The paper analyzes the link between financial constraints and firms' export decisions, using a large micro-level data set on French Manufacturing firms over the 1996-2004 period. Our main finding is that firms enjoying better ex-ante financial heath are more likely to start exporting. This results contrasts with the previous empirical...

No description

The paper analyzes the link between financial constraints and firm export behavior. Our main finding is that firms enjoying better financial health are more likely to become exporters. The result contrasts with the previous empirical literature which found evidence that export participation improves firm financial health, but not that export...

This paper evaluates the risk of zombification of the French economy during the COVID-19 pandemic crisis, as a result of the unconditional financial support provided to firms by public authorities, to limit the impact of lockdown measures. We develop a simple theoretical framework based on a partial-equilibrium model to simulate the liquidity...

International audience

Nous simulons l'impact de la crise Covid-19 sur la solvabilité des entreprises àpartir d'un échantillon d'un million d'entreprises françaises (Données FARE 2017).Par défaillance, nous entendons l'état de cessation de paiement de l'entreprise,c'est-à-dire quand les fonds propres de l'entreprise sont négatifs.Le tissu productif est lourdement...