Specifically, they ask whether, and if so how, the operating performance of the SMEs declined after the issuance of the bonds, and if the market collapse was foreseeable. The article has been published in “Schmalenbach’s Business Review” and is freely accessible.
Patrick Feihle and Jochen Lawrenz (2017): The Issuance of German SME Bonds and its Impact on Operating Performance. Schmalenbach Business Review 18(3), pp. 227 - 259, doi: 10.1007/s41464-017-0036-9