ZEW policy briefs are four-page documents, containing brief and lucid information on ZEW research results of practical significance for business, policy, and administration. At the moment, several ZEW policy briefs are being edited.
Start-ups, especially those in high-tech industries, are an important force for innovation. They contribute to the competitive success of the economy, and help to create new jobs. Bank financing is the most important source of external credit for newly established firms. In the last two decades, bank consolidation and regulatory changes such as Basel II have influenced banks' screening processes, leading to a greater reliance on hard information. Yet newly established firms do not have a financial track record. Publicly available information like credit ratings is rarely available for new firms.
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