Fabio Bertoni
Emlyon Business School, Ecully, France

Abstract:
We study the performance of French small and medium enterprises (SMEs) that received loans guaranteed by the European Investment Fund (EIF). We collect information on 85,589 loans granted to 57,208 firms and use difference-in-difference to estimate the average treatment effect in the 10 years after the receipt of a guaranteed loan. We focus on firm growth (employment, sales, assets), productivity, capital structure and survival. We study how a number of additional factors (e.g., firm’s size, sector, phase of the economic cycle) affect the treatment effect of guaranteed loans.

Fabio Bertoni is professor of corporate finance at Emlyon Business School. His main researchinterest is in the financing of startups with a special focus on venture capital, guaranteed loans andIPOs.

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Venue
Department of Management, Economics and Industrial Engineering
Building B26/B – Meeting Room 0.2 – ground floor
Via Lambruschini 4/B, Milano