This paper examines the influence of local alcohol prohibition on the prevalence of methamphetamine labs. Using multiple sources of data for counties in Kentucky, we compare various measures of meth manufacturing in wet, moist, and dry counties. Our preferred estimates address the endogeneity of...

Abschließend ist festzustellen, dass die geplante Regel zum übernahmerechtlichen acting inconcert auf Grund ihrer beschränkenden Wirkung und insbesondere wegen des gestrichenenEinzelfallprivilegs investitionshemmende Effekte erzeugt. Die Regelungen sind zwar mit derÜbernahmerichtlinie...

[...]In this paper, after first surveying housing costs in theUnited States, we examine why the expensive places have suchhigh housing costs. High-cost places generally have either veryattractive local amenities (great weather or good schools) orstrong labor markets. The Rosen (1979) and Roback...

The paper analyzes the existence and impact of …financing constraints as a possiblyserious obstacle to innovation by …firms. Direct measures of fi…nancing constraints areemployed using survey data collected by the Banque de France and Eurostat, whichovercomes the problems with the traditional...

This paper analyzes the investment timing of firms facing two dimensions of financingconstraints: Liquidity constraints and capital market frictions inducing financing costs. We showthat liquidity constraints are not sufficient to explain voluntary investment delay. However, whenadditionally...

[...]This paper studies a simple model of the talent-ownership mismatch — or failure ofmeritocracy — brought about by credit market imperfections that arise as a consequence ofagency problems in the borrower-lender relationship. Our model highlights the interactionbetween the market for...

This paper is an attempt to assess the extent to which the behaviour of anindividual is the result of the constraints that he or she faces – factorsbeyond individual control - or the result of the exercise of his or herpreferences. The study concentrates on participation or non-participationin...

We examine the relationship between participation in non-agricultural labor activities and farming production decisions, focusing on the use of inputs. In particular, we are interested in the hypothesis that income from non-agricultural labor relaxes credit constraints...

We investigate the positive and normative consequences of child-labor restrictions foreconomic aggregates and welfare. We argue that even though the laissez-faire outcome maybe inefficient, there are usually better policies to cure these inefficiencies than the impositionof a child-labor ban...

...In this paper, we tackle all these difficulties by conducting a full geomatrical analysis of the comparative statics of general models...