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Imperfect Market or Imperfect Theory: A Unified Analytical Theory of Production and Capital Structure of Firms
Chen, Jing - EconWPA - 2005
We present a unified analytical theory of production and capital structure of firms. It is extended from an analytical … theory of production, whose main result is an analytical formula of variable cost of production as a function of fixed cost … and uncertainty. Problems on capital structure can be naturally incorporated into the theory on production from a simple …
Persistent link: https://www.econbiz.de/10005561680
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Royalty rates, sub licensing considerations and joint ventures.
Malki, Elli - EconWPA - 1997
Technology transfer agreements between universities and industrial companies usually involve royalties, sublicensing considerations and allocation of equity. This article extends the analysis of my previous one ("The Economic Sense of Royalty Rates", ewp-fin/970903)to deal with sublicensing...
Persistent link: https://www.econbiz.de/10005076945
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Foreign Banks in Transition Economies: Small Business Lending and Internal Capital Markets
Haas, Ralph de; Naaborg, Ilko - EconWPA - 2005
On the basis of focused interviews with managers of foreign parent banks and their affiliates in Central Europe and the Baltics, we analyse foreign banks’ small business lending and internal capital markets. This allows us to complement the standard empirical literature, which has difficulty...
Persistent link: https://www.econbiz.de/10005125553
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The economic sense of royalty rates.
Malki, Elli - EconWPA - 1997
Academic institutions, involved in technology transfer to industry, are always concerned about the "fairness" of the royalty rate payable to them. The common method used by practitioners is the "Industry-Standard Approach" which is based mainly on past experience. However such approach is very...
Persistent link: https://www.econbiz.de/10005134686
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How Do Firms Choose Their Lenders? An Empirical Investigation
Cantillo, Miguel; Wright, Julian - EconWPA - 1998
low. We show that determinants of lender selection sharpen during investment downturns and that there are substantial …
Persistent link: https://www.econbiz.de/10005134863
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Adjustment of the WACC with Subsidized Debt in the Presence of Corporate Taxes: the N-Period Case
Velez-Pareja, Ignacio; Tham, Joseph; Fernandez, Viviana - EconWPA - 2005
In the Weighted Average Cost of Capital (WACC) applied to the free cash flow (FCF), we assume that the cost of debt is the market, unsubsidized rate. With debt at the market rate and perfect capital markets, debt only creates value in the presence of taxes through the tax shield. In some cases,...
Persistent link: https://www.econbiz.de/10005134868
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Aggregate investment dynamics when firms face fixed investment cost and capital market imperfections
Bayer, Christian - EconWPA - 2004
This paper analyzes a model of investment with fixed investment costs and capital market imperfections. In this model … finance influences the level of capital firms hold, as well as the frequency at which they invest. In consequence investment …, when the short-run investment function is estimated, liquidity has a significant impact, which is also strongest for strong …
Persistent link: https://www.econbiz.de/10005076705
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Depreciation Rates in a Transition Economy: Evidence from Czech Panel Data
Lizal, Lubomir - EconWPA - 2001
microeconomic analysis. Depreciation is a main source of enterprise investment and serves as a source for replacement of obsolete or …
Persistent link: https://www.econbiz.de/10005413248
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On the Interaction of Financial Frictions and Fixed Capital Adjustment Costs: Evidence from a Panel of German Firms
Bayer, Christian - EconWPA - 2004
costs firms infrequently carry out discrete investment projects. Therefore, financial variables may influence investment in … two ways. Theoretically, they can alter the frequency at which investment projects are undertaken, or they can influence … finance on investment decisions is substantial. Consequently, finance primarily affects investment frequencies and accordingly …
Persistent link: https://www.econbiz.de/10005561248
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Does a Soft Macroeconomic Environment Induce Restructuring on the Microeconomic Level during the Transition Period? Evidence from Investment Behavior of Czech Enterprises
Lizal, Lubomir - EconWPA - 2001
The paper analyzes investment behavior of industrial enterprises in the period immediately following price and foreign … microeconomic decisions. A dynamic investment function with symmetric adjustment cost function based on the Euler equation has been … estimated. The derived and estimated investment function accounts for export sales in order to determine whether firms evaluate …
Persistent link: https://www.econbiz.de/10005118676