Financing Decisions: Lessons from the Spanish Experience
研究西班牙企业的融资决策，发现企业既关注选择公开市场还是私募市场，也关注发行何种证券，结果与美国市场类似，尽管西班牙资本市场欠发达且银行主导大型工业集团。
Firms in Spain care about whether to use private or public market as well as about what type of security to issue. These results are similar to those previously obtained for the American market nonwithstanding the underdevelopment of the Spanish capital market and the leading role banks play heading up large industrial groups.