Modern trade theory emphasizes firm-level productivity differentials to explain the cross-border activities of non …-financial firms. This study tests whether a productivity pecking order also determines international banking activities. Using a novel … probit. Four main findings emerge. First, similar to results for non-financial firms, a productivity pecking order drives …

-border versus foreign affiliate sales. We find that for firms in our sample productivity is both a statistically significant and …

the productivity of the economy. Trends in social consumption/GDP, and in fiscal policy, reflected political regime … changes in France, Germany and Italy. …

-13 on firm-level productivity in France, Italy and Spain. We show that relying on a single break date in 2008 misses both …-level productivity negatively, high-leverage firms suffer more from financial constraints only in Italy, when they are relatively small … productivity. …

We derive exact conditions relating the distributions of firm productivity, sales, output, and markups to the form of … Marginal Revenue): it is necessary and sufficient for the distributions of productivity and sales to have the same form …

Despite massive digitization efforts, the German economy has experienced a marked slowdown in its productivity growth … that commenced around 2005. The successful integration of five million predominantly low-productivity workers into the … labor market induced an attenuating effect on productivity growth. This does not explain the slowdown entirely, however. As …