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Political Connections and Preferential Access to Finance: The Role of Campaign Contributions

Claessens, Stijn; Feijen, Erik; Laeven, Luc - C.E.P.R. Discussion Papers - 2007

’t around the 1998 and 2002 elections. This suggests contributions help shape policy on a firm-specific basis. Using a firm … contributing firms substantially increased their bank financing relative to a control group after each election, indicating that … this rent seeking over the two election cycles to be at least 0.2% of GDP per annum. …

Persistent link: https://www.econbiz.de/10005666705

Does Firm Size Matter? Evidence on the Impacts of Liquidity Constraints on Firm Investment Behaviour in Germany

Audretsch, David B; Elston, Julie Ann - C.E.P.R. Discussion Papers - 1994

This paper examines the link between liquidity constraints and investment behaviour on the one hand, and firm size on the other for a large sample of German firms over the time period 1968-85. The results indicate that smaller firms tend to have investment functions which are more sensitive to...

Persistent link: https://www.econbiz.de/10005123842

Risky Investments with Limited Commitment

Cooley, Thomas F; Marimon, Ramon; Quadrini, Vincenzo - C.E.P.R. Discussion Papers - 2013

Over the last three decades there has been a dramatic increase in the size of the financial sector and in the compensation of financial executives. This increase has been associated with greater risk-taking and the use of more complex financial instruments. Parallel to this trend, the...

Persistent link: https://www.econbiz.de/10011083928

Five Open Questions About Prediction Markets

Wolfers, Justin; Zitzewitz, Eric - C.E.P.R. Discussion Papers - 2006

Interest in prediction markets has increased in the last decade, driven in part by the hope that these markets will prove to be valuable tools in forecasting, decision-making and risk management - in both the public and private sectors. This paper outlines five open questions in the literature,...

Persistent link: https://www.econbiz.de/10005504341

Incentives to Innovate and the Decision to Go Public or Private

Ferreira, Daniel; Manso, Gustavo; Silva, André C. - C.E.P.R. Discussion Papers - 2010

We model the impact of public and private ownership structures on firms' incentives to choose innovative projects. Innovation requires the exploration of new ideas with potential advantages but unknown probability of success. We show that it is optimal to go public when firms wish to exploit the...

Persistent link: https://www.econbiz.de/10008468600

Finance and Development: The Case of Southern Italy

Faini, Riccardo; Giannini, Curzio; Ingrosso, Fulvio - C.E.P.R. Discussion Papers - 1992

We look at the role of the financial sector in the context of the relatively backward regions of Southern Italy (the so-called Mezzogiorno). Commercial banks in the South typically have higher operating costs and charge higher interest rates than Northern banks. Econometric analysis on a large...

Persistent link: https://www.econbiz.de/10005123529

Observing Unobservables: Identifying Information Asymmetries with a Consumer Credit Field Experiment

Karlan, Dean S.; Zinman, Jonathan - C.E.P.R. Discussion Papers - 2007

Information asymmetries are important in theory but difficult to identify in practice. We estimate the presence and …

Persistent link: https://www.econbiz.de/10005497798

Modeling default correlation in a US retail loan portfolio

Bams, Dennis; Pisa, Magdalena; Wolff, Christian C - C.E.P.R. Discussion Papers - 2012

This paper generalizes the existing asymptotic single-factor model to address issues related to industry heterogeneity, default clustering and parameter uncertainty of capital requirement in US retail loan portfolios. We argue that the Basel II capital requirement overstates the riskiness of...

Persistent link: https://www.econbiz.de/10011083415

The Misfortune of Non-financial Firms in a Financial Crisis: Disentangling Finance and Demand Shocks

Tong, Hui; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2009

If a non-financial firm does not do well in a financial crisis, it could be due to either a contraction of demand for its output or a contraction of supply of external finance. We propose a framework to assess the relative importance of the two shocks, making use of a measure of a firm's...

Persistent link: https://www.econbiz.de/10005661997

Entrepreneurial Learning, the IPO Decision, and the Post-IPO Drop in Firm Profitability

Pástor, Luboš; Taylor, Lucian; Veronesi, Pietro - C.E.P.R. Discussion Papers - 2007

We develop a model in which an entrepreneur learns about the average profitability of a private firm before deciding whether to take the firm public. In this decision, the entrepreneur trades off diversification benefits of going public against benefits of private control. The model predicts...

Persistent link: https://www.econbiz.de/10005666477

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