We study the effects of a unique lending program initiated by the Swedish government at the height of the financial crisis that allowed firms to suspend payment of all labor-related taxes and fees. Comprehensive administrative data on all Swedish firms show that firms borrowing from the program...

We study the effects of a unique lending program initiated by the Swedish government at the height of the financial crisis that allowed firms to suspend payment of all labor-related taxes and fees. Comprehensive administrative data on all Swedish firms show that firms borrowing from the program...

Existing research on drivers of customer loyalty such as satisfaction and switching barriers often does not account for possible nonlinear interaction effects (e.g., Jones et al. 2000). General and generalized linear models (e.g., linear regression, logistic regression, or structural equation...

Despite widespread interest in the key role that venture capital plays in financing young, high-tech firms, little is known about the relative performance of venture-backed firms over the long-run. Using data from the U.S. high-tech sector, this paper examines the performance and financing of...

We study a broad sample of firms across 32 countries and find that strong shareholder protections and better access to stock market financing lead to substantially higher long-run rates of R&D investment, particularly in small firms, but are unimportant for fixed capital investment. Credit...