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Innovation, Trade, and Finance
Egger, Peter; Keuschnigg, Christian - C.E.P.R. Discussion Papers - 2011
This paper proposes a model where heterogeneous firms choose whether to undertake R&D or not. Innovative firms are more productive, have larger investment opportunities and lower own funds for necessary tangible continuation investments than non-innovating firms. As a result, they are...
Persistent link: https://www.econbiz.de/10009150949
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Financial Signalling by Innovative Nascent Entrepreneurs
Audretsch, David B; Bönte, Werner; Mahagaonkar, Prashanth - C.E.P.R. Discussion Papers - 2009
innovation to the financiers through patenting and prototyping activities, right in the early stages of the venture. We build a …
Persistent link: https://www.econbiz.de/10005656288
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Innovation and Institutional Ownership
Aghion, Philippe; Van Reenen, John; Zingales, Luigi - C.E.P.R. Discussion Papers - 2009
We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite …, policy changes and disaggregating by type of owner we find that the effect of institutions on innovation does not appear to …
Persistent link: https://www.econbiz.de/10005661518
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The Democratic Transition
Murtin, Fabrice; Wacziarg, Romain - C.E.P.R. Discussion Papers - 2011
democratic transition over a long time horizon. We use historical time series of income, education and democracy levels from 1870 … little evidence of causality running the other way, from democracy to income or education. …
Persistent link: https://www.econbiz.de/10009320398
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Growth, Distance to Frontier and Composition of Human Capital
Aghion, Philippe; Meghir, Costas; Vandenbussche, Jérôme - C.E.P.R. Discussion Papers - 2005
innovation and imitation. We develop a theoretical model showing that skilled labour has a higher growth-enhancing effect closer … to the technological frontier under the reasonable assumption that innovation is a relatively more skill intensive … the two separate margins of primary/secondary and tertiary education. Interestingly, the latter type of schooling proves …
Persistent link: https://www.econbiz.de/10005792394
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Active Financial Intermediation: Evidence on the Role of Organizational Specialization and Human Capital
Bottazzi, Laura; Da Rin, Marco; Hellmann, Thomas F - C.E.P.R. Discussion Papers - 2004
have prior business experience or a scientific education provide more support and governance. These results have …
Persistent link: https://www.econbiz.de/10005124393
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Access to Public Capital Markets and Employment Growth
Borisov, Alexander; Ellul, Andrew; Sevilir, Merih - C.E.P.R. Discussion Papers - 2015
This paper investigates the importance of accessing public capital markets through an initial public offering (IPO), and the consequent relaxation of firms’ financial constraints, for firm-level long term employment decisions. We find that firms significantly increase post-IPO investment in...
Persistent link: https://www.econbiz.de/10011249379
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The Demise of Investment Banking Partnerships: Theory and Evidence
Morrison, Alan; Wilhelm Jr, William J - C.E.P.R. Discussion Papers - 2005
Until 1970, the New York Stock Exchange prohibited public incorporation of member firms. After the rules were relaxed to allow joint stock firm membership, investment-banking concerns organized as partnerships or closely-held private corporations went public in waves, with Goldman Sachs (1999)...
Persistent link: https://www.econbiz.de/10005656352
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Informed Lending and Security Design
Inderst, Roman; Mueller, Holger M - C.E.P.R. Discussion Papers - 2005
We examine the role of security design when lenders make inefficient accept-or-reject decisions after screening projects. Lenders may be either 'too conservative', in which case they reject positive-NPV projects. Or they may be 'too aggressive', in which case they accept negative-NPV projects....
Persistent link: https://www.econbiz.de/10005666447
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Financial Reform in Eastern Europe: Progress With the Wrong Model
Corbett, Jennifer; Mayer, Colin - C.E.P.R. Discussion Papers - 1991
Eastern Europe is engaged in a massive programme of financial reform. This paper argues that while this programme has many desirable features, it has failed to address some of the most basic issues. These concern the relationship between the financial system and the enterprise sector, and the...
Persistent link: https://www.econbiz.de/10005791741