Credit access and market access
3 Mar 2026
13:00 -14:15
Times are shown in local time
Open to: All
Room W4.05 (Cambridge Judge Business School)
Trumpington St
Cambridge
CB2 1AG
United Kingdom
Join our Finance seminar, in collaboration with the Cambridge Corporate Governance Network
Speaker: Professor Cláudia Custódio, Imperial College London
About the seminar
We show that credit allows firms to enter export markets. We employ a regression discontinuity design around eligibility for a government programme that provided credit guarantees to Portuguese SMEs.
Eligible firms access credit and become exporters, expanding both the scale and scope of their international presence. The effects are persistent: firms that are temporarily eligible for the guarantee continue to export after losing access. This evidence is consistent with trade models in which financing frictions distort participation at the extensive margin.
Our findings underscore the role of credit-focused policies in promoting international trade.
Speaker bio
Cláudia Custódio is a Professor of Finance at Imperial College London. She was awarded her PhD from the London School of Economics in 2010, where she was affiliated with the Financial Markets Group. She is a research associate at the European Corporate Governance Institute and a Centre for Economic Policy Research fellow. After graduating Cláudia spent time in the USA working within the Department of Finance at the WP Carey School of Business, Arizona State University before moving back to her native Lisbon to join NOVA school of Business and Economics. Cláudia’s research focus is corporate finance and her work has been published in academic journals such as the Journal of Finance, the Journal of Financial Economics and the Review of Financial Studies. She is also the author of a corporate finance textbook in Portuguese, Finanças da Empresa. In 2019 she was awarded an ERC grant to study the impact of financial constraints of small firms on firm growth.
Register
No registration required. If you have any questions about this seminar, please email Bet Brooke.