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Financial Market Imperfections and Investment: an Overview
Calmès, Christian - EconWPA - 2004
The paper examines the interpretation of firms' investment-cash flow sensitivity as an artifact of financial market imperfection. Two alternative explanations of the financial constraints are compared. One is based on informational problems (asymmetric information). The other focuses on limited...
Persistent link: https://www.econbiz.de/10005077038
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Three Financing Constraint Hypotheses and Inventory Investment: New Tests With Time and Sectoral Heterogeneity
Carpenter, Robert E.; Fazzari, Steven M.; Petersen, Bruce C. - EconWPA - 1995
Over the last decade, research has shown that financing constraints have an important impact on many aspects of firm behavior and aggregate fluctuations. This paper undertakes a critical comparison of the three main financing constraint hypotheses- -the bank lending, collateral, and internal...
Persistent link: https://www.econbiz.de/10005126449
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Does Cash Flow Cause Investment and R&D: An Exploration Using Panel Data for French, Japanese, and United States Scientific Firms
Hall, Bronwyn H.; Mairesse, Jacques; Branstetter, Lee; … - EconWPA - 1999
The role of financial institutions and corporate governance in the conduct and performance of industrial firms, especially in the area of technological innovation and international competition has been hotly debated in the recent past. The results presented here are a contribution to the...
Persistent link: https://www.econbiz.de/10005413030
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Gains and losses: the same or different choices? A “non-ideal” economics approach.
Harin, Alexander - EconWPA - 2005
infringements. It gives promises for both solving fundamental problems of economic theory and creation of new directions and fields …
Persistent link: https://www.econbiz.de/10005124942
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The Choice of Institutions: The Role of Risk and Risk-Aversion
Weinhold, Diana; Zak, Paul J. - EconWPA - 2005
Institutions can affect individual behavior both via their efficiency impact and via their risk reducing mechanisms … simultaneously extant institutions. This paper presents a simple model of institutional choice in a labor market when there is a risk …/reward trade-off, and tests the predictions of the theory. Using a novel empirical approach that adapts an ARCH-in-mean to cross …
Persistent link: https://www.econbiz.de/10005118909
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Advertising, Pricing & Market Structure in Competitive Matching Markets
Bataille, Edner; Julien, Benoit - EconWPA - 2005
This paper develops a model of pricing and advertising in a matching environment with capacity constrained sellers. Sellers' expenditure on directly informative advertising attracts consumers only probabilistically. Consumers who happen to observe advertisements randomize over the advertised...
Persistent link: https://www.econbiz.de/10005076903
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A Note on Firms' Strategic Behaviour During an IPO
Weiss, Pia - EconWPA - 2002
When potential shareholders cannot observe the business conditions of the firms, the latter desiring to acquire capital by an IPO and operating under less favourable business conditions have a strong incentive to appear more successful.
Persistent link: https://www.econbiz.de/10005077052
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Characterizing Asymmetric Information in International Equity Markets
Albuquerque, Rui; Bauer, Gregory; Schneider, Martin - EconWPA - 2004
This paper studies the international portfolio flows of US investors to examine the information structure of international equity markets. We use an empirical model of portfolio flows with both public and private information to extract measures of trades due to private information. We find that...
Persistent link: https://www.econbiz.de/10005125533
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Low Information Games - Experimental Evidence on Learning in Ultimatum Bargaining
Slembeck, Tilman - EconWPA - 1999
This paper reports experimental evidence on behaviour in an Ultimatum Game where responders have low structural information and feedback so that they have to learn the nature of the game during repeated play. The results lend support to the view that certain learning conditions are less...
Persistent link: https://www.econbiz.de/10005125583
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Can Markets Learn to Avoid Bubbles?
Miller, Ross M. - EconWPA - 2002
One of the most striking results in experimental economics is the ease with which market bubbles form in a laboratory setting and the difficulty of preventing them. This article re-examines bubble experiments in light of the results of an earlier series of market experiments that examine how...
Persistent link: https://www.econbiz.de/10005125589