We investigate the interdependence of debt financing and R&D activities of young firms.Using micro-level data of the KfW/ZEW Start-up Panel, our estimation results show that firmcharacteristics are more important than personal characteristics of the founders for explainingyoung firms’...

This study examines the impact of 1997 Asian and 2008 Global financial crises on the capital structure of Korean listed companies. Using a data set covering 1,159 Korean listed non-financial firms from 10 industrial sectors over period 1985-2015, the pattern of firms' capital structure before...

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...

This paper uses the BEEPS firm-level data to study the process of convergence of transition countries with developed market economies. The primary focus of the study is on competition and market structure, finance and the structure of lending to firms, and how firms respond to the economic...

How can information substitute or complement financial incentives such as Pigouvian subsidies? We answer this question in a large-scale field experiment that cross-randomizes energy efficiency subsidies with information about the financial savings of LED lighting. Information has two effects: It...

This paper documents the relationship between foreign ownership and firm survival forenterprises in Germany using unique tailor-made new representative data that mergeinformation from surveys performed by the Statistical Offices, from administrative datacollected by the Tax Authorities and from...

Business support policies designed to raise productivity and employment are commonworldwide, but rigorous micro-econometric evaluation of their causal effects is rare. Weexploit multiple changes in the area-specific eligibility criteria for a major program to supportmanufacturing jobs...

Do the short and medium term adjustment costs associated with trade liberalization influenceschooling and child labor decisions? We examine this question in the context of India's 1991tariff reforms. Overall, in the 1990s, rural India experienced a dramatic increase in schoolingand decline in...

Heterogeneity in time discounting may reinforce the existing barriers to save and invest faced by rural populations in developing countries. We elicit a subjective discount rate for a varied sample of Ugandan villagers. In accordance with other studies, we have found the discount rate to...

This paper analyses the effects of disease and war on the accumulation of human and physical capital. We employ an overlapping-generations frame-work in which young adults, confronted with such hazards and motivated by old-age provision and altruism, make decisions about investments in schooling...