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Are there Economies of Scale in the Demand for Money by Firms? Some Panel Data Estimates
Bover, Olympia; Watson, Nadine - C.E.P.R. Discussion Papers - 2001
We estimate scale elasticities in firms' money demand using panel data. Our main data set is a sample of Spanish companies observed over 1983-96. We also analyse comparable UK and US data sets. We find that the errors in money demand equations contain two terms correlated with sales: first, a...
Persistent link: https://www.econbiz.de/10005666781
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Development of Ownership Structure and its Effect on Performance: Czech Firms from Mass Privatisation
Kocenda, Evzen - C.E.P.R. Discussion Papers - 2002
This Paper works with a broad data sample of Czech voucher-privatized firms during 1996-99. It analyses the development of ownership structure and consequently its effect on a firm's performance Ownership concentration had been quite high in 1996 and steadily increased. The single largest owner...
Persistent link: https://www.econbiz.de/10005788907
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Wage and Investment Behaviour in Transition: Evidence from a Polish Panel Data Set
Grosfeld, Irena; Nivet, Jean-François - C.E.P.R. Discussion Papers - 1997
This paper looks at the behaviour of large industrial firms in Poland in 1988–94. Using a longitudinal enterprise-level data set, we are able to test systematically various hypotheses concerning firms’ reactions to the change in their environment. The results confirm a structural break after...
Persistent link: https://www.econbiz.de/10005124207
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Investment, Reprocurement and Franchise Contract Length in the British Railway Industry
Affuso, Luisa; Newbery, David M G - C.E.P.R. Discussion Papers - 2000
incentives for investment in rolling stock, following the privatization of British Rail. Theoretical predictions are tested … incentives for delayed investment. Investing just before the end of the franchise enhances the incumbent’s probability of having …
Persistent link: https://www.econbiz.de/10005666623
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Uncertainty and Company Investment Dynamics: Empirical Evidence for UK Firms
Bloom, Nicholas; Bond, Stephen Roy; Van Reenen, John - C.E.P.R. Discussion Papers - 2003
This Paper investigates the empirical relationship between uncertainty and investment dynamics. This is motivated by … the real options literature, which suggests a weaker response of investment to demand shocks at higher levels of … can be detected as a smaller impact of sales growth on investment for firms facing higher uncertainty. Using a stock …
Persistent link: https://www.econbiz.de/10005666662
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A Theory of Price Adjustment under Loss Aversion
Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J. - C.E.P.R. Discussion Papers - 2014
We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility gains from price decreases of equal magnitude. Price...
Persistent link: https://www.econbiz.de/10011084302
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Efficiency and Market Share in the Hungarian Corporate Sector
Halpern, László; Kõrösi, Gábor - C.E.P.R. Discussion Papers - 2000
One of the major tasks facing a transition economy is to create the competitive environment of a properly functioning market economy. It is widely believed that competition has a positive effect on efficiency, but the theoretical and empirical support is quite scarce. The objective of this paper...
Persistent link: https://www.econbiz.de/10005136413
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Inventory Behaviour: A Comparative Study of UK and Japanese Firms
Corbett, Jennifer; Hay, Donald; Louri-Dendrinou, Eleni - C.E.P.R. Discussion Papers - 1997
assets and liabilities, in contrast to traditional models of inventories. Investment in inventories in Japan is found to be …
Persistent link: https://www.econbiz.de/10005504783
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The Determinants of Privatized Enterprise Performance in Russia
Angelucci, Manuela; Bevan, Alan; Estrin, Saul; Fennema, … - C.E.P.R. Discussion Papers - 2002
Using data from a large enterprise-level panel designed to address this issue, we account for enterprise performance in Russia. We link performance to four aspects of the economic environment outlined in the literature: enterprise ownership; corporate governance; market structures and competition;...
Persistent link: https://www.econbiz.de/10005666814
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What Kind of Regional Convergence?
de la Fuente, Angel - C.E.P.R. Discussion Papers - 1998
Recent estimates of convergence equations using panel data techniques tend to produce theoretically unpalatable results which run counter to the views prevailing in the literature. This paper argues that these results may be partly due to the difficulty of empirically separating short-term...
Persistent link: https://www.econbiz.de/10005662387