This paper presents the first panel data evidence on the productivity effects of training in Germany. It uses a large and representative establishment panel data set for all profit-oriented sectors of the economy. Increasing the share of employees participating in training in the first half of a...

This paper tests for the importance of cash flow on investment in fixed capital and R&D using firm-level panel data in two countries between 1985 and 1994. For German firms, cash flow is not informative in simple econometric models of fixed investment or R&D. In identical specifications for...