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Jofre-Bonet, Mireia - 2001

This paper proposes an estimation method for a repeated auction game under the presence of capacity contraints. The estimation strategy is computationally simple as it does not require solving for the equilibrium of the game. It uses a two stage approach. In the first stage the distribution of...

Persistent link: https://www.econbiz.de/10012470090

Individuals and Organizations as Sources of State Effectiveness, and Consequences for Policy

Best, Michael Carlos - 2017

How much of the variation in state effectiveness is due to the individuals and organizations responsible for implementing policy? We investigate this question and its implications for policy design in the context of public procurement, using a text-based product classification method to measure...

Persistent link: https://www.econbiz.de/10012455331

The Impact of City Contracting Set-Asides on Black Self-Employment and Employment

Chatterji, Aaron K. - 2013

In the 1980s, many U.S. cities initiated programs reserving a proportion of government contracts for minority-owned businesses. The staggered introduction of these set-aside programs is used to estimate their impacts on the self-employment and employment rates of African-American men. Black...

Persistent link: https://www.econbiz.de/10012459777

Financial Dependence and Innovation : The Case of Public versus Private Firms

Acharya, Viral V. - 2013

This paper examines the relationship between innovation and firms' dependence on external capital by analyzing the … innovation activities of privately-held and publicly-traded firms. We find that public firms in external finance dependent … in internal finance dependent industries do not have a significantly better innovation profile than matched private firms …

Persistent link: https://www.econbiz.de/10012458954

Special Purpose Vehicles and Securitization

Gorton, Gary - 2005

Firms can finance themselves on- or off-balance sheet. Off-balance sheet financing involves transferring assets to "special purpose vehicles" (SPVs), following accounting and regulatory rules that circumscribe relations between the sponsoring firm and the SPVs. SPVs are carefully designed to...

Persistent link: https://www.econbiz.de/10012467495

Financial Constraints and Stock Returns

Lamont, Owen - 1997

We test whether the impact of financial constraints on firm value is observable in asset" returns. We form portfolios of firms based on observable characteristics related to financial" constraints, and test for common covariation in the stock returns of these firms. Using several" different...

Persistent link: https://www.econbiz.de/10012472600

Why Does Capital No Longer Flow More to the Industries with the Best Growth Opportunities?

Lee, Dong - 2016

With functionally efficient capital markets, we expect capital to flow more to the industries with the best growth opportunities. As a result, these industries should invest more and see their assets grow more relative to industries with the worst growth opportunities. We find that industries...

Persistent link: https://www.econbiz.de/10012455756

How Does Government Borrowing Affect Corporate Financing and Investment?

Graham, John - 2014

Using a novel dataset of accounting and market information that spans most publicly traded nonfinancial firms over the last century, we show that U.S. federal government debt issuance significantly affects corporate financial policies and balance sheets through its impact on investors' portfolio...

Persistent link: https://www.econbiz.de/10012458084

Aggregate External Financing and Savings Waves

Eisfeldt, Andrea L. - 2014

US data display aggregate external financing and savings waves. Firms can allocate costly external finance to productive capital, or to liquid assets with low physical returns. If firms raise costly external finance and accumulate liquidity, either the cost of external finance is relatively low,...

Persistent link: https://www.econbiz.de/10012458149

Corporate Taxes and Internal Borrowing within Multinational Firms

Egger, Peter - 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/10012460245

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