Showing 1 - 10 of 14
This paper analyzes the relationship between state aid and firm performance in terms of productivity growth. To this end, we use all European state aid cases that were granted (either to an individual firm or a group of firms under the form of a scheme) in manufacturing between 2003 and 2011....
Persistent link: https://www.econbiz.de/10011588368
A model of loan rate competition with liquidity provision by banks is used to study bank mergers. Both loan rate competition and liquidity needs are seen to be "localised" phenomena. This allows for tracing down the effects of particular types of bank mergers. As such, we contrast the effects of...
Persistent link: https://www.econbiz.de/10011625762
In this contribution, we present a novel instrument to control for investment opportunities in studying the investment-cash-flow sensitivity. More in particular we introduce the book value of R&D. We argue this instrument has advantages over other theories of investment, especially when...
Persistent link: https://www.econbiz.de/10011623279
Using detailed firm-product level quarterly data, we develop an estimation framework of a Multi-Product Production Function (MPPF) and analyse firm-product level TFP estimations at various levels (industries, products). After documenting our estimation results, we relate productivity estimates...
Persistent link: https://www.econbiz.de/10011588308
Using a novel comprehensive data set of IT investment at the firm level, we find that a firm investing an additional euro in IT increases value added by 1 euro and 38 cents on average. This marginal product of IT investment increases with firm size and varies across sectors. IT explains about...
Persistent link: https://www.econbiz.de/10011920494
Large movements in exchange rates have small effects on the prices of internationally traded goods. Using a new dataset on currency invoicing of Belgian firms, we study how the currency of invoicing interacts with firm characteristics in shaping the extent of exchange rate pass-through at...
Persistent link: https://www.econbiz.de/10011920548
Europe has witnessed the last decade an accelerated process of economic integration. Trade barriers were removed, the euro was introduced and ten new member states entered the European Union. Economic integration is likely to have an impact on both labor and product markets. Unlike most other...
Persistent link: https://www.econbiz.de/10011622343
How strong are strategic complementarities in price setting across firms? In this paper, we provide a direct empirical estimate of firm price responses to changes in prices of their competitors. We develop a general framework and an empirical identification strategy to estimate the elasticities...
Persistent link: https://www.econbiz.de/10011584149
In the global recession of 2009, exports declined precipitously in many countries. We illustrate with firm-level data for Belgium and Peru that the decline was very sudden and almost entirely due to lower export sales by existing exporters. After the recession, exports rebounded almost equally...
Persistent link: https://www.econbiz.de/10011584157
Policy-making institutions such as the European Commission, the ECB and the OECD often use unit labor costs as a measure of international competitiveness. The goal of this paper is to examine how well this measure is related to international export performance at the firm level. To this end, we...
Persistent link: https://www.econbiz.de/10011587739