This article provides empirical evidence on the zero-leverage phenomenon for a sample of European listed firms period 1995–2016. It is shown that there are two types with zero leverage: financially constrained face obstacles in obtaining external finance, as predicted by financial constraints hypothesis; and unconstrained maintain leverage consequence financing decision, which supports flexibil...

This study examined the impact of exchange rate on balance payments in Nigeria. Data for which are payments, rate, interest trade openness and crude oil price were extracted from Central Bank Nigeria (CBN) statistical bulletin covering period 1981-2019. The method data analysis is Vector Error Correction Mechanism (VECM). results reveal that there a positive relationship between Nigeria, has si...

The principal driving force in the development of the financial system of pre-industrial Europe was not lending per se, but payments. Trade among strangers required the development of methods of payment that did not require mutual acquaintance and trust. The two principal financial innovations of pre-industrial Europe—the deposit bank and the bill of exchange—evolved to address this need. Lendi...

We offer a nationwide analysis of the initial years of Costa Rica’s PSA program, which pioneered environmental-services payments and inspired similar initiatives. Our estimates of this program’s impact on deforestation, between 1997 and 2000, range from zero to one-fifth of 1% per year (i.e., deforestation is avoided on, at most, 2 out of every 1,000 enrolled hectares). The main explanation for...