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Perotti, Enrico; Volpin, Paolo - Tinbergen Institute - 2004

external capital and have greater growth opportunities. Also, higher accountability and lower income inequality are associated …

Persistent link: https://www.econbiz.de/10005137200

Capital Structure and the Redeployability of Tangible Assets

Campello, Murillo; Giambona, Erasmo - Tinbergen Institute - 2011

We characterize the relation between corporate asset structure and capital structure by exploiting variation in the salability of tangible assets. Theory suggests that tangibility increases borrowing capacity because it allows creditors to more easily repossess a firm’’s assets. Tangible...

Persistent link: https://www.econbiz.de/10009209849

Disagreement and Flexibility: A Theory of Optimal Security Issuance and Capital Structure

Boot, Arnoud W.A.; Thakor, Anjan V. - Tinbergen Institute - 2003

In this paper we introduce flexibility as an economic concept and apply it to the firm’s security issuance decision and capital structure choice. Flexibility is the ability to make decisions that one thinks are best even when others disagree. The firm’s management values flexibility because...

Persistent link: https://www.econbiz.de/10005137258

Finance and Growth: A Survey of the Theoretical and Empirical Literature

Eschenbach, Felix - Tinbergen Institute - 2004

economic growth. It starts with the pioneers in this field and then classifies two main schools favouring liberal financial … literature on financial development and endogenous growth pushed the discussion back into the direction initially advocated by … financial development and economic growth. The evidence suggests, however, enormous heterogeneity across countries, regions …

Persistent link: https://www.econbiz.de/10005144407

Remittances and their Effect on Emigration Intentions in Egypt, Morocco and Turkey

Dalen, Hendrik P. van; Groenewold, George; Fokkema, Tineke - Tinbergen Institute - 2005

What determines remittances – altruism or enlightened self-interest - and do remittances trigger additional migration? These two questions are examined empirically in Egypt, Turkey and Morocco for households with family members living abroad. Results show, first, that one cannot clearly...

Persistent link: https://www.econbiz.de/10005136991

Capital Regulation and Tail Risk

Perotti, Enrico; Ratnovski, Lev; Vlahu, Razvan - Tinbergen Institute - 2011

The paper studies risk mitigation associated with capital regulation, in a context when banks may choose tail risk assets. We show that this undermines the traditional result that higher capital reduces excess risk-taking driven by limited liability. When capital raising is costly, poorly...

Persistent link: https://www.econbiz.de/10008867505

An Empirical Measure for Labor Market Density

Gautier, Pieter A.; Teulings, Coen N. - Tinbergen Institute - 2000

In this paper we derive a structural measure for labor market density based on the Ellison and Glasear (1997) "Index for industry concentration". This labor market density measure serves as a proxy for the number of workers that can reach a certain work area within a reasonal amount of traveling...

Persistent link: https://www.econbiz.de/10005209451

Strategic Wage Setting and Coordination Frictions with Multiple Applications

Gautier, Pieter A.; Moraga-González, José L. - Tinbergen Institute - 2004

We examine wage competition in a model where identical workers choose the number of jobs to apply for and identical firms simultaneously post a wage. The Nash equilibrium of this game exhibits the following properties: (i) an equilibrium where workers apply for just one job exhibits unemployment...

Persistent link: https://www.econbiz.de/10005209482

Entrepreneurial Moral Hazard in Income Insurance

Ejrnaes, Mette; Hochguertel, Stefan - Tinbergen Institute - 2008

We study risk behavior of Danish self-employed entrepreneurs, whose income risk may be driven by both exogenous factors and effort choice (moral hazard). Partial insurance is available through voluntary unemployment insurance (UI). Additional incentives to sign insurance contracts stem from a...

Persistent link: https://www.econbiz.de/10005144470

Entrepreneurship Selection and Performance

Sluis, Justin van der; Praag, Mirjam van; Vijverberg, Wim - Tinbergen Institute - 2003

This meta-analytical review of empirical studies of the impact of schooling on entrepreneurship selection and performance in developing economies looks at variations in impact across specific characteristics of the studies. A marginal year of schooling in developing economies raises enterprise...

Persistent link: https://www.econbiz.de/10005144501