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Financial theory creates a puzzle. Some authors argue that high-risk entrepreneurs choose debt contracts instead of equity contracts since risky but high returns are of relatively more value for a loan-financed firm. Conversely, authors who focus explicitly on start-up finance predict that...
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This study investigates the importance of social norms for shaping women's and men's decision to participate in the stock market, aiming to disentangle the different channels playing a role in this decision. Gender role asymmetry is indicated by the country's rank in the gender equality index of...
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This paper investigates the link between the optimal level of non-financial firms' liquid assets and industry-level uncertainty. We develop a structural model of a firm's value maximization problem that predicts that as industry-level uncertainty increases the firm will increase its optimal...
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Using the 2007 Mannheim innovation survey, we investigate whether family firms are more financially constrained than … other firms and how this affects both innovation input as well as innovation outcomes such as market and firm novelties or … process innovations. Based on the CDM framework, estimation of the recursive system of equations shows that family businesses …
Persistent link: https://www.econbiz.de/10011415291