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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
political risk. We focus on two choice variables, the leverage and the ownership structure of the foreign affiliate, and we … analysis we find that, as political risk increases, the ownership share always decreases, whereas leverage can both increase or …
Persistent link: https://www.econbiz.de/10005067659
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Capital Structure and Regulation: Do Ownership and Regulatory Independence Matter?
Bortolotti, Bernardo; Cambini, Carlo; Rondi, Laura; … - C.E.P.R. Discussion Papers - 2008
higher leverage if they are privately-controlled and if they are regulated by an independent regulatory agency. Moreover, we … find that the leverage of these firms has a positive and significant effect on their regulated prices, but not vice versa … privately-controlled firms use leverage strategically to shield themselves against regulatory opportunism. …
Persistent link: https://www.econbiz.de/10005497873
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Optimal Bank Capital
Marcheggiano, Gilberto; Miles, David K; Yang, Jing - C.E.P.R. Discussion Papers - 2011
This paper reports estimates of the long-run costs and benefits of banks funding more of their assets with loss-absorbing capital, or equity. Measuring those costs requires careful consideration of a wide range of issues about how shifts in funding affect required rates of return and on how...
Persistent link: https://www.econbiz.de/10008915802
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Monetary Policy in an Open Economy: The Differential Impact on Exporting and Non-Exporting Firms
Ber, Hedva; Blass, Asher; Yosha, Oved - C.E.P.R. Discussion Papers - 2002
Using firm-level data, we provide evidence that, although monetary policy affects real investment, the effect operates differentially: the greater its export intensity the less a firm is affected by tight money. We examine several interpretations and conclude that the impact is transmitted...
Persistent link: https://www.econbiz.de/10005504673
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Small Firms and R&D Spillovers: Evidence from Italy
Audretsch, David B; Vivarelli, Marco - C.E.P.R. Discussion Papers - 1994
The recent emergence in the industrial organization literature of a wave of studies identifying small firms as being at least as innovative as their larger counterparts poses something of a paradox. Where do small firms get their knowledge generating inputs? The purpose of this paper is to link...
Persistent link: https://www.econbiz.de/10005497984
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Search, Concave Production, and Optimal Firm Size
Smith, Eric - C.E.P.R. Discussion Papers - 1994
This paper presents a simple search and bargaining economy in which firms use concave production. Because a firm and worker negotiate over the worker's marginal productivity, the firm's wage is a function of its labour force. Reacting to this wage function, firms choose an excessively large and...
Persistent link: https://www.econbiz.de/10005656122
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Small Scale Reservation Laws and the Misallocation of Talent
García-Santana, Manuel; Pijoan-Mas, Josep - C.E.P.R. Discussion Papers - 2011
In this paper we quantify the effects of the Small Scale Reservation Laws in India on the aggregate productivity, aggregate output and welfare of the Indian economy. To this end, we extend the span-of-control model by Lucas (1978) into a multi-sector setting and embed it into the neo-classical...
Persistent link: https://www.econbiz.de/10008854474
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Firm Size Distortions and the Productivity Distribution: Evidence from France
Garicano, Luis; Lelarge, Claire; Van Reenen, John - C.E.P.R. Discussion Papers - 2013
We show how size-contingent laws can be used to identify the equilibrium and welfare effects of labor regulation. Our framework incorporates such regulations into the Lucas (1978) model and applies this to France where many labor laws start to bind on firms with exactly 50 or more employees....
Persistent link: https://www.econbiz.de/10011083258
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Sub-Optimal Scale Firms and Compensating Factor Differentials in Dutch Manufacturing
Audretsch, David B; Thurik, A R Roy; Van Leeuwen, Geroge - C.E.P.R. Discussion Papers - 1995
The purpose of this paper is to shed some light on why so many smaller-scale firms which have traditionally been classified as sub-optimal scale firms can exist. We suggest that by pursuing a strategy of compensating factor differentials, that is by remunerating and deploying factors of...
Persistent link: https://www.econbiz.de/10005662285
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Who Prices Locally? Survey Evidence of Swiss Exporters
Fischer, Andreas M; Lutz, Matthias; Wälti, Manuel - C.E.P.R. Discussion Papers - 2007
Survey information on Swiss exporters is used to test the hypothesis that firm-specific factors, in particular firm size, are important determinants of pricing--to-market (PTM). The survey asked exporters whether they set different prices across markets and, if so, whether price segmentation...
Persistent link: https://www.econbiz.de/10005791903