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Innovation and Foreign Ownership
Guadalupe, Maria; Kuzmina, Olga; Thomas, Catherine - C.E.P.R. Discussion Papers - 2010
product and process innovation (simultaneously adopting new machines and organizational practices) and adopt foreign … technologies, leading to higher productivity. We propose a model of endogenous selection and innovation in heterogeneous firms that … jointly explains the observed selection process and the innovation decisions. Further, we show in the data that innovation on …
Persistent link: https://www.econbiz.de/10008784754
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The Determining Factors of Foreign Direct Investment in Spain and the rest of the OECD: Lessons for CEECs
Martín, Carmela; Velazquez, Francisco J - C.E.P.R. Discussion Papers - 1997
This paper – using an estimation of an econometric model with panel data – investigates the determining factors in bilateral direct investment flows between OECD countries (except for the more recently-incorporated former communist countries of Central and Eastern Europe, or CEECs) over the...
Persistent link: https://www.econbiz.de/10005666827
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Selection Effects With Heterogeneous Firms
Mrázová, Monika; Neary, J Peter - C.E.P.R. Discussion Papers - 2013
We characterize how firms select between alternative ways of serving a market. ``First-order" selection effects, whether firms enter or not, are extremely robust. "Second-order" ones, how firms serve a market conditional on entry, are less so: more efficient firms will select into the entry mode...
Persistent link: https://www.econbiz.de/10011084354
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What Hinders Investment in the Aftermath of Financial Crises: Insolvent Firms or Illiquid Banks?
Kalemli-Ozcan, Sebnem; Kamil, Herman; Villegas-Sanchez, … - C.E.P.R. Discussion Papers - 2011
We provide evidence on the real effects of credit supply shocks utilizing a new firm-level database from six Latin American countries between 1990 to 2005. Holding creditworthiness constant through foreign currency debt exposure, we compare investment undertaken by domestic exporters to that of...
Persistent link: https://www.econbiz.de/10009275697
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Foreign Ownership and Corporate Income Taxation: An Empirical Evaluation
Huizinga, Harry; Nicodème, Gaëtan - C.E.P.R. Discussion Papers - 2003
Economic integration in Europe has not led to a ‘race to the bottom’ regarding corporate income taxes. This Paper documents trends in the foreign ownership of companies in Europe and examines whether foreign ownership has exerted a positive influence on corporate income tax levels. Using...
Persistent link: https://www.econbiz.de/10005792178
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Deep Financial Integration and Volatility
Kalemli-Ozcan, Sebnem; Sørensen, Bent E; Volosovych, Vadym - C.E.P.R. Discussion Papers - 2010
We investigate the relationship between financial integration and output volatility at micro and macro levels. Using a very large firm-level dataset (AMADEUS) from 16 European countries, we construct a measure of ``deep'' financial integration at the regional level based on observations of...
Persistent link: https://www.econbiz.de/10008468519
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Capital Markets, Ownership and Distance
Carlin, Wendy; Charlton, Andrew; Mayer, Colin - C.E.P.R. Discussion Papers - 2006
This paper uses a new data-set to examine how internal capital markets and foreign ownership affect investment. Our data allow us to compare investment behaviour of listed subsidiaries with stand-alone firms while controlling for investment opportunities of parent and subsidiary firms. We...
Persistent link: https://www.econbiz.de/10005124253
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Incentive Pay and Performance: Insider Econometrics in a Multi-Unit Firm
Bogaard, Hein; Svejnar, Jan - C.E.P.R. Discussion Papers - 2014
We exploit organizational reforms in a foreign-owned bank in Central-East Europe to study the implementation of modern HRM policies in an emerging market context. We have branch-level data and use our knowledge of the process that led to the adoption of the reforms to implement two estimators...
Persistent link: https://www.econbiz.de/10011084419
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Are Foreign Ownership and Good Institutions Substitutes? The Case of Non-Traded Equity
Denis, Cecile; Huizinga, Harry - C.E.P.R. Discussion Papers - 2004
High domestic shareholder concentration for publicly-traded firms is a common mechanism to mitigate minority shareholder expropriation in environments of poor investor protection. This offers an explanation of the home bias in share portfolios. An alternative mechanism, common in the case of...
Persistent link: https://www.econbiz.de/10005661686
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Corporate Efficiency in Europe
Hanousek, Jan; Kocenda, Evzen; Shamshur, Anastasiya - C.E.P.R. Discussion Papers - 2015
Using a stochastic frontier model and a comprehensive dataset, we study factors that affect corporate efficiency in Europe. We find that (i) larger firms are less efficient than smaller firms, (ii) greater leverage contributes to corporate efficiency, and (iii) high competition is less...
Persistent link: https://www.econbiz.de/10011213309