Financing and Risks of French Firms
20 Pages Posted: 13 Aug 2009
Date Written: February 2008
Abstract
This paper documents the role of capital markets in financing nonfinancial French firms since the adoption of the euro and analyzes its implications for risk using a structural model of credit risk. The analysis suggests that market financing has played a more important role in financing French firms than the euro area as a whole. The credit risk of French firms was reduced substantially between 2002 and the first half of 2007. The subsequent global turmoil has had a larger impact on smaller firms than larger ones.
Keywords: financing, corporate, credit risk, French firms
JEL Classification: G32, G21, G23
Suggested Citation: Suggested Citation
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