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How Exports Matter: Trade Patterns over Development Stages
Audretsch, David B; Sanders, Mark; Zhang, Lu - C.E.P.R. Discussion Papers - 2012
In this paper we first propose a proxy for the maturity of a country’s export bundle based on product life cycle theory …. Employing a conditional latent class model, we then examine the effect of maturity of countries’ exports on their economic … faster when they specialize in less mature products in an advanced country regime. The effect of maturity turns insignificant …
Persistent link: https://www.econbiz.de/10011083276
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The Impact of Debt Levels and Debt Maturity on Inflation
Faraglia, Elisa; Marcet, Albert; Oikonomou, Rigas; … - C.E.P.R. Discussion Papers - 2012
average maturity of government debt. We analyse these relationships under two different institutional settings. In one case … given. We identify the main mechanisms through which inflation is affected by debt and debt maturity (a real balance effect … monetary and fiscal policy we find that the persistence and volatility of inflation depends on the sign, size and maturity …
Persistent link: https://www.econbiz.de/10011083281
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The Bond Market: An Inflation-Targeter's Best Friend
Rose, Andrew K - C.E.P.R. Discussion Papers - 2014
This paper explores the relationship between inflation and the existence of a publicly-traded, long-maturity, nominal …
Persistent link: https://www.econbiz.de/10011084572
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The European Bond Markets Under EMU
Pagano, Marco; von Thadden, Ernst-Ludwig - C.E.P.R. Discussion Papers - 2004
In this Paper, we document how in the wake of monetary unification the markets for euro area sovereign and private-sector bonds have become increasingly integrated. Issuers and investors alike have come to regard the euro area bond market as a single one. Primary and secondary bond markets have...
Persistent link: https://www.econbiz.de/10005791915
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New Issues in Corporate Finance
Mayer, Colin - C.E.P.R. Discussion Papers - 1987
Flow of funds data are used to compare methods of financing the corporate sector in five countries over the period 1970-85. Many of the problems associated with previous studies of corporate finance are avoided by defining financing proportions in net terms. The degree of consolidation of...
Persistent link: https://www.econbiz.de/10005666432
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Convertible Securities and Venture Capital Finance
Schmidt, Klaus M. - C.E.P.R. Discussion Papers - 1999
This paper offers a new explanation for the prevalent use of convertible securities in venture capital finance. Convertible securities can be used to endogenously allocate cash flow rights as a function of the realized quality of the project. This property can be used to mitigate the double...
Persistent link: https://www.econbiz.de/10005666482
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Banks, Finance and Investment in West Germany since 1970
Edwards, Jeremy - C.E.P.R. Discussion Papers - 1991
The paper addresses the following questions. Does bank lending comprise a relatively large amount of finance for investment in Germany, and, if so, is this a consequence of bank representation on companies' supervisory boards (which, it is argued, reduces information asymmetries)? How strong is...
Persistent link: https://www.econbiz.de/10005666762
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Inside versus Outside Financing and Product Market Competition
Schnitzer, Monika; Wambach, Achim - C.E.P.R. Discussion Papers - 1998
This paper investigates the interaction of firms' financial structure and their competitive behaviour on oligopolistic product markets. We consider risk-averse entrepreneurs who produce with uncertain production costs. To reduce their exposure to risk they can sell stocks to risk-neutral...
Persistent link: https://www.econbiz.de/10005791383
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Who Blows the Whistle on Corporate Fraud?
Dyck, Alexander; Morse, Adair; Zingales, Luigi - C.E.P.R. Discussion Papers - 2007
What external control mechanisms are most effective in detecting corporate fraud? To address this question we study in depth all reported cases of corporate fraud in companies with more than 750 million dollars in assets between 1996 and 2004. We find that fraud detection does not rely on one...
Persistent link: https://www.econbiz.de/10005791779
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On the Role of Bank Competition for Corporate Finance and Corporate Control in Transition Economies
Schnitzer, Monika - C.E.P.R. Discussion Papers - 1998
Banks play a central role in financing and monitoring firms in transition economies. This study examines how bank competition affects the efficiency of credit allocation; monitoring of firms; and the firms' restructuring effort. In our model, banks compete to finance an investment project with...
Persistent link: https://www.econbiz.de/10005792444