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Handbook of the Economics of Finance by Rene M. Stulz, Milton Harris, George M. Constantinides

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Chapter 11

Financial Intermediation, Markets, and Alternative Financial Sectors*

Franklin Allena, Elena Carlettib, Jun “QJ” Qiancc and Patricio Valenzuelad

aFinance Department, Wharton School, University of Pennsylvania, Philadelphia, PA 19104, USA

bEuropean University Institute, Florence, Italy

cBoston College, Chestnut Hill, MA, USA

dUniversity of Chile, Department of Industrial Engineering, Santiago, Chile, allenf@wharton.upenn.edu

Abstract

We provide a comprehensive review of firms’ financing channels (internal and external, domestic and international) around the globe, with the focus on alternative finance—financing from all the non-market, non-bank external sources. We argue that while traditional financing channels, including financial markets ...

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