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Excess leverage and productivity growth in emerging economies : is there a threshold effect?
Coricelli, Fabrizio; Driffield, Nigel L.; Pal, Sarmistha; … - 2010
The paper examines the relationship between leverage and growth in a group of emerging central and eastern European countries, who are at different levels of financial market development. We hypothesize a non-linear relationship in that moderate leverage could boost growth while very high...
Persistent link: https://www.econbiz.de/10003944314
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Business conditions and default risks across countries
Pflüger, Michael; Russek, Stephan - 2011
The risk of default that business firms face is very significant and differs widely across countries. This paper … explores the links between countries' business conditions and international trade embedment and the default risk at the country … default risk of firms which operate in these environments. The predictions are in accord with readily available data. -- firm …
Persistent link: https://www.econbiz.de/10009232302
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The value of business networks in emerging economies : an analysis of firms' external financing opportunities
Owolabi, Oluwarotimi; Pal, Sarmistha - 2011
The paper argues that networked firms are likely to have an advantage in securing external finance in countries with weak legal and judicial institutions since it helps financial institutions to minimize the underlying agency costs of lending. An analysis of recent BEEPS data from fifteen...
Persistent link: https://www.econbiz.de/10009307402
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Severance pay and corporate finance : empirical evidence from a panel of Austrian and Italian firms
Cardinale, Mirko (contributor);  … - 2004 - [Elektronische Ressource]
of the employer and hence should be taken into account by the market in its assessments of risk. Using a hand collected … market risk indicators. This suggests that arguments that severance pay systems destroy corporate value may need to be …
Persistent link: https://www.econbiz.de/10002482572
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Debt portfolios
Hintermaier, Thomas; Koeniger, Winfried - 2011
and price of unsecured debt. -- household debt portfolios ; housing ; collateral ; bankruptcy ; commitment ; income risk …
Persistent link: https://www.econbiz.de/10009244090
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Is there too little immigration?
Bandyopadhyay, Subhayu (contributor);  … - 2007
This paper presents a model of legal migration from one source country to two host countries, both of which can control their levels of immigration. Because of complementarities between capital and labor, the return on capital is positively related to the level of immigration. Consequently, when...
Persistent link: https://www.econbiz.de/10003597343
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Rejecting capital-skill complementarity at all costs
Frondel, Manuel; Schmidt, Christoph M. - 2001
Any serious empirical study of factor substitutability has to allow the data to display complementarity as well as substitutability. The standard approach reflecting this idea is a translog specification - this is also the approach used by numerous studies analyzing the relative capital-skill...
Persistent link: https://www.econbiz.de/10011402402
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Endogenous wage and capital dispersion, on-the-job search and the matching technology
Galindo-Rueda, Fernando - 2002
This paper presents a new model of endogenous wage and capital dispersion where heterogeneity is driven by entrepreneurial incentives to pay higher wages in order to attract and retain workers. The main contribution of this model is to provide a framework with microeconomic foundations that give...
Persistent link: https://www.econbiz.de/10011414689
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Skill-biased imports, skill acquisition, and migration
Fan, Jingting; Li, Lei - 2023
Imported capital goods, which embody skill-complementary technologies, can increase the supply of skills in developing countries. Focusing on China and using a shift-share design, we show that city-level capital goods import growth increases the local skill share and that both skill acquisition...
Persistent link: https://www.econbiz.de/10014290410
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Equilibrium wage and employment dynamics in a model of wage posting without commitment
Coles, Melvyn Glyn; Mortensen, Dale - 2011
A rich but tractable variant of the Burdett-Mortensen model of wage setting behavior is formulated and a dynamic market equilibrium solution to the model is defined and characterized. In the model, firms cannot commit to wage contracts. Instead, the Markov perfect equilibrium to the wage setting...
Persistent link: https://www.econbiz.de/10009312108