• openAccess   Credit Quality and Substitution in SME Finance 

      Norden, Lars; Van Kampen, Stefan; Illueca, Manuel World Scientific Publishing (2021-09-02)
      We investigate whether and how SMEs’ credit quality influences their substitution of bank credit for trade credit. Using data from the five largest European countries, we find that substitution of bank credit for trade ...
    • closedAccess   Liberalization and Risk-Taking: Evidence from Government-Controlled Banks 

      Illueca, Manuel; Norden, Lars; Udell, Gregory F. Oxford University Press (2014-07)
      We study the effects of the interplay between deregulation and governance on risk-taking in the financial industry. We consider the removal of regulatory geographic constraints for savings banks in Spain, the cajas, which ...