Banks are crucial investment source for French firms – BdF paper

The Banque de France

A working paper published by the Banque de France uses 30 years of information to provide a detailed picture of how French firms finance their investments.

The BdF’s Fiben database “gathers financial and tax statements of a wide set of non-financial firms operating in France”, say Mathias Lé and Frédéric Vinas. It includes information on many small and medium companies often excluded from research, they say in their paper. 

The authors find “significant cross-sectional heterogeneity in the

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