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Capital Budgeting vs. Market Timing : An Evaluation Using Demographics

DellaVigna, Stefano - 2010

An ongoing debate sets capital budgeting against market timing. The primary difficulty in evaluating these theories is finding distinct exogenous proxies for investment opportunities and mispricing. We use demand shifts induced by demographics to address this problem, and hence, provide a more...

Persistent link: https://www.econbiz.de/10013152090

Investor Sentiment and Corporate Finance : Micro and Macro

Lamont, Owen A. - 2006

We document that net equity issuance is considerably more sensitive to aggregate stock returns and Q's than to firm-level stock returns and Q's. Very similar patterns also emerge when we look at merger activity. In light of earlier work (Campbell 1991, Vuolteenaho 2002) which finds that...

Persistent link: https://www.econbiz.de/10012783338

Fixing the Patent Office

Lemley, Mark A. - 2014

How can we allow patent examiners to effectively distinguish between patentable and unpatentable inventions, without slowing the process to a crawl or wasting a bunch of money? This essay reviews the recent literature and considers a number of proposals and their limitations. It concludes that...

Persistent link: https://www.econbiz.de/10013066082

Instrumental Variables and Causal Mechanisms : Unpacking the Effect of Trade on Workers and Voters

Dippel, Christian - 2017

Instrumental variables (IV) are a common means to identify treatment effects. But standard IV methods do not allow us to unpack the complex treatment effects that arise when a treatment and its outcome together cause a second outcome of interest. For example, IV methods have been used to show...

Persistent link: https://www.econbiz.de/10012960515

Flexibility and Job Creation : Lessons for Germany

Heckman, James J. - 2021

This paper examines the performance of the German economy and the role of the regulation and welfare state policies in affecting its performance. While the German economy is still strong, incentives in place are likely to impair future German competitiveness and productivity

Persistent link: https://www.econbiz.de/10013216096

Measuring the Intensity of Competition in Export Markets

Goldberg, Pinelopi; Knetter, Michael M. - 2021

This paper develops an approach to measuring the intensity of competition in international markets. The method measures the degree of 'outside' competition faced by exporters located in one source country from firms located outside the source country. We use the elasticity of price and quantity...

Persistent link: https://www.econbiz.de/10013233435

Corporate Taxes and Internal Borrowing within Multinational Firms

Egger, Peter H. - 2012

This paper develops a theoretical model of multinational firms with an internal capital market. Main reasons for the emergence of such a market are tax avoidance through debt shifting and the existence of institutional weaknesses and financial frictions across host countries. The model serves to...

Persistent link: https://www.econbiz.de/10013100410

Financial Factors and Investment in Belgium, France, Germany and the Uk : A Comparison Using Company Panel Data

Bond, Stephen R. - 2010

We construct company panel datasets for manufacturing firms in Belgium, France, Germany and the UK, covering the period …

Persistent link: https://www.econbiz.de/10012763672

Sources of Funds and Investment Activities of Venture Capital Funds : Evidence from Germany, Israel, Japan and the UK

Mayer, Colin - 2014

We compare sources of funds and investment activities of venture capital (VC) funds in Germany, Israel, Japan and the … particularly important in Germany, corporations in Israel, insurance companies in Japan, and pension funds in the UK. VC investment … countries; for example, bank backed VC funds in Germany and Japan are as involved in early stage finance as other funds in these …

Persistent link: https://www.econbiz.de/10012752733

Import Competition and Quality Upgrading

Amiti, Mary - 2014

It is important to understand the factors that influence a country's transition from the production of low-quality to high-quality products since the production of high-quality goods is often viewed as a pre-condition for export success and, ultimately, for economic development. In this paper,...

Persistent link: https://www.econbiz.de/10013070597

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