Call for Papers: Special Issue on "Non-standard Issues in Business Financing"


Wolfgang Breuer, Professor, School of Business and Economics, RTWH Aachen University
Andreas Pfingsten, Professor, Finance Center Münster, School of Business and Economics, WWU Münster

Aim of the Special Issue:

The Journal of Business Economics has a long-lived tradition of publishing scholarly finance articles in its regular issues. These are occasionally supplemented by special issues on particular topics, most recently venture capital and private equity financing (2018) and digital finance and financial literacy (2017). For the next special issue, we are actively soliciting contributions investigating business financing beyond plain vanilla loans, bonds, and common stock as basic types of debt financing and equity financing, respectively.

While the seminal paper of Modigliani and Miller (1958) solely focused on the issue of optimizing firm capital structure by choosing a suitable leverage ratio, theoretical and empirical work in the field of corporate finance has extended since then to a broad scope of much more elaborated details. For this special issue, we are interested in all such facets highlighting that there is more about company finance than simply choosing an adequate mixture of loans, bonds, and common stock.

For many firms, leasing is an important alternative or complement to bank lending. While there exists quite some research on both instruments separately, it seems less well understood which factors drive the choice between different contract types, in particular from a credit risk perspective. Similarly, liquidity combined with default risk mitigation can be obtained via factoring, but also via securitization, and again the reasons behind the choice deserve further attention.

Typically, firms borrow in home currency, but other currencies are sometimes chosen, e.g. when FX payments are due or as FX hedging. The occurrence of cryptocurrencies, commonly traded on platforms, opens new alternatives. Not being legal tender is just one of their features worth an in-depth analysis. Platform is also an important keyword when it comes to crowdfunding and tokenization. They may serve several purposes and come in different institutional settings.

Some businesses have to comply with special restrictions when optimizing their cost of capital. Banks’ regulatory capital requirements, providing a rationale for contingent convertible bonds, are one case in point, Shariah-compliant bonds of Islamic firms are another.

In addition to a potential analysis of non-standard financial instruments, we are also interested in papers examining non-standard situations of financing as, e.g., during or in the aftermath of a global pandemic like the current one. Moreover, as a third dimension, papers are also welcome which make use of non-standard ways of analysis, in particular, by relying on methods from the quickly growing fields of textual analyses and/or machine learning.

Summing up, we cordially invite submissions investigating under-researched financial instruments and innovative financial markets. As partially indicated above, topics may include, but are not limited to,

  • comparisons between leasing contracts and loan contracts,
  • securitization, e.g. as an alternative to factoring,
  • scope and limits of cryptocurrency platforms as funding sources,
  • opportunities and threats of crowdfunding,
  • impact of tokenization on business finance,
  • contingent convertible bonds as regulatory bank capital,
  • past and future role of Islamic finance,
  • the financial implications of the Covid-19 pandemic
  • the value-added by applying machine learning algorithms for financial analyses
  • ...

Theoretical and empirical papers are both welcome. Empirical papers should be based on theoretically derived hypotheses and state-of-the-art hypotheses testing. Please note that simple replications of empirical studies from the US or the UK without a sound justification typically do not qualify for this special issue.

Papers must be written in English and must not contain any reference to the identity of the authors.

Please submit your papers by 06/30/2021 via our online submission system at Please do not forget to mention the title of this issue in your letter to the editor. Your papers must not have been published previously. Submitted papers will be double-blind peer-reviewed and may be published in a special issue f the Journal of Business Economics at the end of 2022. Author guidelines are available at:

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