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Guiso, Luigi; Pistaferri, Luigi; Schivardi, Fabiano - C.E.P.R. Discussion Papers - 2010

We exploit time variation in the degree of development of local credit markets and matched employer-employee data to assess the role of the firm as an internal credit market. In less developed local credit markets firms can offer a flatter wage-tenure profile than firms in more developed credit...

Persistent link: https://www.econbiz.de/10008468516

Power in a Theory of the Firm

Rajan, Raghuram G; Zingales, Luigi - C.E.P.R. Discussion Papers - 1998

contingent on them making the right investment; ii) ownership has adverse effects on the incentive to specialize. The theory …

Persistent link: https://www.econbiz.de/10005498046

Financial health, exports, and firm survival: A comparison of British and French firms

Görg, Holger; Spaliara, Marina-Eliza - C.E.P.R. Discussion Papers - 2009

We examine the differential effects of financial status and exporting activity on the likelihood of survival for firms in the UK and France - two countries with different financial systems. We aim to answer two main questions: What is the direct impact of financial characteristics and different...

Persistent link: https://www.econbiz.de/10008567797

Corporate Leverage and Product Differentiation Strategy

Arping, Stefan; Lóránth, Gyöngyi - C.E.P.R. Discussion Papers - 2002

We explore the joint determination of product differentiation strategy and corporate leverage in a setting where (i) product differentiation is valued by customers; (ii) debt is necessary to discipline managers; and (iii) liquidation is costly for customers, in particular, when products are...

Persistent link: https://www.econbiz.de/10005661660

Does Science Make a Difference? Investment, Finance and Corporate Governance in German Industries

Audretsch, David B; Weigand, Jürgen G - C.E.P.R. Discussion Papers - 1999

investment and its financing. Based on a large panel data set of German firms we investigate whether liquidity constraints vary …

Persistent link: https://www.econbiz.de/10005661833

Investment Incentives and Auction Design in Electricity Markets

de Frutos, Maria-Angeles; Fabra, Natalia; Fehr, … - C.E.P.R. Discussion Papers - 2008

performance through its impact on investment incentives. For this purpose, we study a two-stage game in which firms choose their … investment incentives at the margin are poorer; indeed, under reasonable assumptions on the shape of the demand distribution, the … discriminatory auction induces (weakly) stronger investment incentives than the uniform-price format. …

Persistent link: https://www.econbiz.de/10005656328

Enterprise Investment During the Transition: Evidence from Czech Panel Data

Lizal, Lubomir; Svejnar, Jan - C.E.P.R. Discussion Papers - 1998

constraint theories. The data also fit quite precisely a dynamic structural model of investment for a profit-maximizing firm. …We analyse investment behaviour of the population of medium and large industrial firms located in the Czech Republic in … 1992–5. We examine the relevance of alternative models of investment and test if investment behaviour varies across …

Persistent link: https://www.econbiz.de/10005666955

Does Firm Size Matter? Evidence on the Impacts of Liquidity Constraints on Firm Investment Behaviour in Germany

Audretsch, David B; Elston, Julie Ann - C.E.P.R. Discussion Papers - 1994

This paper examines the link between liquidity constraints and investment behaviour on the one hand, and firm size on … have investment functions which are more sensitive to liquidity constraints than do the larger enterprises. These results …

Persistent link: https://www.econbiz.de/10005123842

Finance, Investment and Growth

Carlin, Wendy; Mayer, Colin - C.E.P.R. Discussion Papers - 1999

there is a relation in terms of both industry growth rates and shares of output devoted to R&D. Investment in R&D rather …

Persistent link: https://www.econbiz.de/10005114188

Unemployment, Growth and Taxation in Industrial Countries

Daveri, Francesco; Tabellini, Guido - C.E.P.R. Discussion Papers - 1997

To the layperson, the upward trend in European unemployment is related to the slowdown in economic growth. We argue that the layperson’s view is correct. The increase in European unemployment and the slowdown in economic growth are related because they stem from a common cause: an excessively...

Persistent link: https://www.econbiz.de/10005662079

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