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The effect of financial development on the investment cash flow relationship: cross-country evidence from Europe
Becker, Bo; Sivadasan, Jagadeesh - 2006
We investigate financing constraints in a large cross-country data set covering most of the European economy. Firm level investment sensitivity to cash flow is used to identify financing constraints. We find that the sensitivities are significantly positive on average, controlling for country...
Persistent link: https://www.econbiz.de/10011604735
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Sectoral explanations of employment in Europe: the role of services
D’Agostino, Antonello; Serafini, Roberta; … - 2006
sector, four sub-sectors and twelve service sector branches. Recently, both Europe and the US have experienced an increase in … the growth of service jobs in Europe relative to the US persists. Understanding the main factors behind this gap is key to … achieving higher employment levels in Europe. This paper focuses on the role of barriers in the EU-15 which may have hindered …
Persistent link: https://www.econbiz.de/10011604671
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Cross-Border Mergers and acquisitions: Financial and institutional forces
Coeurdacier, Nicolas; De Santis, Roberto A.; Aviat, Antonin - 2009
Cross-border mergers and acquisitions (M&As) sharply increased over the last two decades. It is often pointed out that cross-border capital reallocation is partly the result of financial liberalization policies, government policies and regional agreements. In this paper, we identify some of the...
Persistent link: https://www.econbiz.de/10011605064
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Public finances and long-term growth in Europe - evidence from a panel data analysis
De Ávila, Diego Romero; Strauch, Rolf - 2003
In Lisbon the European Council proclaimed a European growth strategy. It considers an average economic growth rate of around 3 percent as a realistic prospect for the coming years and assigns public finances an important role in the process of achieving this goal. This paper addresses the...
Persistent link: https://www.econbiz.de/10011604292
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Job flow dynamics and firing restrictions: evidence from Europe
Messina, Julián; Vallanti, Giovanna - 2006
We exploit homogeneous firm level data of manufacturing and non-manufacturing sectors to study the impact of firing restrictions on job flow dynamics across 14 European countries. We find that more stringent firing laws dampen the response of job destruction to the cycle, thus making job...
Persistent link: https://www.econbiz.de/10011604648
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Finance and growth: a macroeconomic assessment of the evidence from a European angle
Papaioannou, Elias - 2007
This paper reviews the literature on the finance-growth nexus within a neoclassical growth framework, placing an emphasis on the policy implications in the current European environment, that has placed financial reforms high on the policy Agenda. While more research is needed to establish...
Persistent link: https://www.econbiz.de/10011604833
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Bank efficiency and regional growth in Europe: new evidence from micro-data
Belke, Ansgar; Haskamp, Ulrich; Setzer, Ralph - 2016
This paper examines whether European regions which incorporate banks with a higher intermediation quality grow faster and are more resilient to negative shocks than its less efficient peers. For this purpose, we measure a bank's intermediation quality by estimating its pro t and cost efficiency...
Persistent link: https://www.econbiz.de/10011606028
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The impact of regulatory changes on rating behaviour
Karimov, Nodirbek; Kara, Alper; Downing, Gareth; … - 2024
We examine rating behaviour after the introduction of new regulations regarding Credit Rating Agencies (CRAs) in the European securitisation market. Employing a large sample of 12,469 ABS tranches issued between 1998 and 2018, we examine the information content of yield spreads of ABS at the...
Persistent link: https://www.econbiz.de/10014543657
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Economic policy uncertainty in the euro area: An unsupervised machine learning approach
Azqueta-Gavaldón, Andrés; Hirschbühl, Dominik; … - 2020
We model economic policy uncertainty (EPU) in the four largest euro area countries by applying machine learning techniques to news articles. The unsupervised machine learning algorithm used makes it possible to retrieve the individual components of overall EPU endogenously for a wide range of...
Persistent link: https://www.econbiz.de/10012389562
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Global macro-financial shocks and expected default frequencies in the euro area
Castrén, Olli; Dées, Stéphane; Zaher, Fadi - 2008
Modelling the link between the global macro-financial factors and firms’ default probabilities constitutes an elementary part of financial sector stress-testing frameworks. Using the Global Vector Autoregressive(GVAR) model and constructing a linking satellite equation for the firm-level...
Persistent link: https://www.econbiz.de/10011604921