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Optimal Capital Allocation Using RAROC(tm) and EVA

Stoughton, Neal; Zechner, Josef - C.E.P.R. Discussion Papers - 2004

This Paper analyses firms’ capital allocation decisions when optimal capital structure is linked to the risk of underlying assets and when equity capital is costly and cannot be raised instantaneously. In the model, division managers receive private information and authority is delegated to...

Persistent link: https://www.econbiz.de/10005662320

Short-Termism as Optimal Investment Policy

Brusco, Sandro - C.E.P.R. Discussion Papers - 1999

Models of managerial short-termism rely on a number of assumption, such as limited availability of capital, fixed compensation schemes and an additive impact of managerial ability on revenue. We discuss the role of these assumption in generating short-termism. We show that when managerial...

Persistent link: https://www.econbiz.de/10005791287

Intermediaries, transport costs and interlinked transactions

Lefèvre, Mélanie; Tharakan, Joe - C.E.P.R. Discussion Papers - 2011

Transport costs play a key role in agricultural markets in developing countries and are one of the causes of poverty amongst farmers that are geographically isolated. Another characteristic of agricultural markets is that they often involve interlinked transactions. However, the existing...

Persistent link: https://www.econbiz.de/10009324254

Rural Windfall or a New Resource Curse? Coca, Income and Civil Conflict in Colombia

Angrist, Joshua; Kugler, Adriana D. - C.E.P.R. Discussion Papers - 2005

Natural and agricultural resources for which there is a substantial black market, such as coca, opium, and diamonds, appear especially likely to be exploited by the parties to a civil conflict. On the other hand, these resources may also provide one of the few reliable sources of income in the...

Persistent link: https://www.econbiz.de/10005124245

The International Financial Integration of China and India

Lane, Philip R.; Schmukler, Sergio - C.E.P.R. Discussion Papers - 2006

Three main features characterize the international financial integration of China and India. First, while only having a … small global share of privately-held external assets and liabilities (with the exception of China’s FDI liabilities), these … “short equity, long debt.” Third, China and India have improved their net external positions over the last decade although …

Persistent link: https://www.econbiz.de/10005662395

China's Great Leap: Forward or Backward? Anatomy of a Central Planning Disaster

An, Mark Yuying; Li, Wei; Yang, Dennis Tao - C.E.P.R. Discussion Papers - 2001

The Great Leap Forward (GLF) disaster, characterized by a collapse of grain output, and the associated famine in China …

Persistent link: https://www.econbiz.de/10005789139

Can Production Subsidies Foster Export Activity? Evidence from Chinese Firm Level Data

Girma, Sourafel; Gong, Yundan; Görg, Holger; Yu, Zhihong - C.E.P.R. Discussion Papers - 2007

Using a unique firm level data set from the Chinese manufacturing sector, this paper analyses the impact of production subsidies on firms’ export performance. It documents robust evidence that production subsidies stimulate export activity, although this effect is conditional on firm...

Persistent link: https://www.econbiz.de/10005789202

The Weightless Economy in Economic Development

Quah, Danny - C.E.P.R. Discussion Papers - 1999

development. Evidence from the failed Industrial Revolution in 14th-century China illustrates the empirical relevance of the …

Persistent link: https://www.econbiz.de/10005791375

From Federalism, Chinese Style, to Privatization, Chinese Style

Yuanzheng, Cao; Qian, Yingyi; Weingast, Barry - C.E.P.R. Discussion Papers - 1998

In 1994, China began a profound reform of its state-owned enterprises (SOE). We first describe and characterize this …

Persistent link: https://www.econbiz.de/10005792177

Provincial Protectionism

Sonin, Konstantin - C.E.P.R. Discussion Papers - 2003

federal centre. The theory is supported by the recent experience of Russia, China, and Argentina. …

Persistent link: https://www.econbiz.de/10005792438