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Perotti, Enrico; Volpin, Paolo - 2004

growth opportunities. Also,higher accountability and lower income inequality are associated with more ef-fective legal …

Persistent link: https://www.econbiz.de/10010325212

Disagreement and Flexibility: A Theory of Optimal Security Issuance and Capital Structure

Boot, Arnoud W.A.; Thakor, Anjan V. - 2003

In this paper we introduce flexibility as an economic concept and apply it to the firm’ssecurity issuance decision and capital structure choice. Flexibility is the ability to makedecisions that one thinks are best even when others disagree. The firm’s management valuesflexibility because it...

Persistent link: https://www.econbiz.de/10010324789

Capital Structure and the Redeployability of Tangible Assets

Campello, Murillo; Giambona, Erasmo - 2011

We characterize the relation between corporate asset structure and capital structure by exploitingvariation in the salability of tangible assets. Theory suggests that tangibility increases borrowingcapacity because it allows creditors to more easily repossess a firm’s assets. Tangible assets,...

Persistent link: https://www.econbiz.de/10010326527

Finance and Growth: A Survey of the Theoretical and Empirical Literature

Eschenbach, Felix - 2004

economic growth. It starts with the pioneers in this field and then classifies two main schools favouring liberal financial … literature on financial development and endogenous growth pushed the discussion back into the direction initially advocated by … financial development and economic growth. The evidence suggests, however, enormous heterogeneity across countries, regions …

Persistent link: https://www.econbiz.de/10010325191

Remittances and their Effect on Emigration Intentions in Egypt, Morocco and Turkey

van Dalen, Hendrik P.; Groenewold, George; Fokkema, Tineke - 2005

What determines remittances – altruism or enlightened self-interest - and do remittances trigger additional migration? These two questions are examined empirically in Egypt, Turkey and Morocco for households with family members living abroad. Results show, first, that one cannot clearly...

Persistent link: https://www.econbiz.de/10010325523

Risk and Savings: a Taxonomy

Gunning, Jan Willem - 2008

Risk may induce precautionary saving but it can also reduce saving. The theoretical literature recognizes both possibilities, but favors a positive effect (both for developed and developing countries); the empirical literature is divided, reporting (small) positive effects for developed...

Persistent link: https://www.econbiz.de/10010326046

Capital Regulation and Tail Risk

Perotti, Enrico; Ratnovski, Lev; Vlahu, Razvan - 2011

The paper studies risk mitigation associated with capital regulation, in a context when banks may choose tail risk assets. We show that this undermines the traditional result that higher capital reduces excess risk-taking driven by limited liability. When capital raising is costly, poorly...

Persistent link: https://www.econbiz.de/10010326052

Quantifying Productivity Gains from Foreign Investment

Fons-Rosen, Christian; Kalemli-Ozcan, Sebnem; Sorensen, … - 2013

domestic firms, we calculate the aggregate impact of foreign investment on country-level productivity growth and find it to be …

Persistent link: https://www.econbiz.de/10010326288

Foreign Investment and Domestic Productivity: Identifying Knowledge Spillovers and Competition Effects

Fons-Rosen, Christian; Kalemli-Ozcan, Sebnem; Sorensen, … - 2017

We study the impact of foreign direct investment (FDI) on total factor productivity (TFP) of domestic firms using a new, representative firm-level data set spanning six countries. A novel finding is that firm-level spillovers from foreign firms to domestic companies can be significantly...

Persistent link: https://www.econbiz.de/10011819471

How Costly is using Livestock as a Saving Device? A Note on Meat Prices during Food Shortages

Zant, Wouter - 2020

gains and enhance economic growth. …

Persistent link: https://www.econbiz.de/10012233983

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