We study the responses of regional employment and nominal wages to trade liberalization, exploiting the natural experiment provided by the opening of Central and Eastern European markets after the fall of the Iron Curtain in 1990. Using data for Austrian municipalities, we examine differential...

Stereotypes, role models played by teachers and social norms are known to push girls to choose humanities rather than science. Do professors directly contribute to this strong selection by discriminating more against girls in more scientific subjects? Using the entrance exam of a French higher...

We evaluate the wage impact of the strong and rapid increase in schooling levels experienced by the cohorts born after WWII in France. In order to identify the causal effect of education, we exploit the fact that the small group of people graduating from elite education (Grandes Ecoles) remained...

This paper studies how credit rationing affects endogenous growth when capital and debt are related to the firm´s internal net worth, taken as collateral. The accumulation of firm´s net worth determines the growth rate of capital and the growth rate of the economy. The relation between growth...

This paper provides the explicit expression of investment facing a binding debt ceiling and the explicit expression of the Lagrange multipliers related to the binding debt ceiling constraint. This result allows to check for misspecification of the parameterizations of these Lagrange multipliers...

The question of leasing credit as a substitute or complement of a banking loan has still not been resolved in the financial literature. As a continuation of these arguments, the objective of this article is, on the one hand, to determine the characteristics of firms using leasing credit and on...

This paper provides a theory for the choice of an organizational structure by the headquarters of a unitary structure concerned about overload. The headquarters can avoid overload by delegating operational decisions to divisions, i.e., moving the firm to a multidivisional structure. We show...

This paper studies how the imperfect collateral assignments of patents contribute to "deep pockets'' savings of innovative firms facing random investment opportunities in research and development (R&D) and determine the growth of their innovations, using a version of the Kiyotaki and Moore...

The volume of credit granted in the form of syndicated loans saw a marked downturn in 2008. This article seeks to understand how certain firms were nonetheless able to benefit from larger facilities or a lower interest rate than others. Using a sample of syndicated loans issued in 2008 in North...

Financial constraints affecting new firms are some of the factors most cited forimpeding entrepreneurial dynamics from flourishing. This article introduces the problem ofregional patterns of financial constraints. The research is conducted with regard to the Frenchregions and the new French...