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Mayer, Colin; Sussman, Oren - C.E.P.R. Discussion Papers - 2004

This Paper reports a new test of capital structure theories. It uses a filtering technique to identify large investment spikes. We find that the spikes are predominantly financed with debt by large firms and by new equity by small loss-making firms. In the process, firms move significantly away...

Persistent link: https://www.econbiz.de/10005067393

Financial Innovation and Endogenous Growth

Laeven, Luc; Levine, Ross; Michalopoulos, Stelios - C.E.P.R. Discussion Papers - 2009

We model technological and financial innovation as reflecting the decisions of profit maximizing agents and explore the … also engage in the costly, risky, and potentially profitable process of innovation: Financiers can invent more effective …. Consequently, technological innovation and, thus, economic growth stop unless financiers continually innovate. Historical …

Persistent link: https://www.econbiz.de/10008528522

Innovative Activity in Wind and Solar Technology: Empirical Evidence on Knowledge Spillovers Using Patent Data

Braun, Frauke G; Schmidt-Ehmcke, Jens; Zloczysti, Petra - C.E.P.R. Discussion Papers - 2010

sectors (inter-sectoral spillovers), or at the international level. We find that innovation is strongly driven by knowledge … spillovers, especially those occurring at the national level. Wind and solar technologies exhibit distinct innovation … only influential in the case of wind technology. We also find evidence that public R&D stimulates innovation, particularly …

Persistent link: https://www.econbiz.de/10008468596

Small Firms and R&D Spillovers: Evidence from Italy

Audretsch, David B; Vivarelli, Marco - C.E.P.R. Discussion Papers - 1994

more important for small-firm innovation than for their larger counterparts. …

Persistent link: https://www.econbiz.de/10005497984

When Does Labor Scarcity Encourage Innovation?

Acemoglu, Daron - C.E.P.R. Discussion Papers - 2009

environmental regulations can spur more rapid innovation. I present a general framework for the analysis of these questions. I …

Persistent link: https://www.econbiz.de/10005791910

Creditor Rights and Debt Allocation within Multinationals

Akbel, Basak; Schnitzer, Monika - C.E.P.R. Discussion Papers - 2010

We analyze the optimal debt structure of multinational corporations choosing between centralized or decentralized borrowing. We identify how this choice is affected by creditor rights and bankruptcy costs, taking into account managerial incentives and coinsurance considerations. We find that...

Persistent link: https://www.econbiz.de/10008466341

Who is Afraid of Political Risk? Multinational Firms and their Choice of Capital Structure

Kesternich, Iris; Schnitzer, Monika - C.E.P.R. Discussion Papers - 2007

This paper investigates how multinational firms choose the capital structure of their foreign affiliates in response to political risk. We focus on two choice variables, the leverage and the ownership structure of the foreign affiliate, and we distinguish different types of political risk, such...

Persistent link: https://www.econbiz.de/10005067659

Have Rating Agencies Become More Conservative? Implications for Capital Structure and Debt Pricing

Baghai, Ramin; Servaes, Henri; Tamayo, Ane - C.E.P.R. Discussion Papers - 2011

We document that rating agencies have become more conservative in assigning ratings to corporate bonds over the period 1985 to 2009. Holding firm characteristics constant, average ratings have dropped by 3 notches (e.g., from A+ to BBB+) over time. This increased stringency has affected both...

Persistent link: https://www.econbiz.de/10009147400

Capital Structure and Regulation: Do Ownership and Regulatory Independence Matter?

Bortolotti, Bernardo; Cambini, Carlo; Rondi, Laura; … - C.E.P.R. Discussion Papers - 2008

, and it also has a positive and significant effect on their market values. Our results are consistent with the theory that …

Persistent link: https://www.econbiz.de/10005497873

Moral Hazard and Capital Structure Dynamics

Dewatripont, Mathias; Legros, Patrick; Matthews, Steven A - C.E.P.R. Discussion Papers - 2002

We base a contracting theory for a start-up firm on an agency model with observable but nonverifiable effort, and …

Persistent link: https://www.econbiz.de/10005498043

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