This paper evaluates the causal effect of issuing equities on the probability that a firm will engage in R&D activity. Equity is a preferable source of external finance for innovation than debt. It does not require collateral, does not exacerbate moral hazard problems connected with the...

Manufacturing sector accounts for only 16% of gross domestic product (GDP) in India, while in China it is around one third of its GDP. Also the share of Indian manufacturing in the worldwide markets is dismal at 1.4%, while China it is now 13% from just 2.9% in 1990s. India also aspires to have...

Generating decent employment is key to the creation of a new social contract and social cohesion in Sub-Saharan Africa. The crucial question is, thus, how can more decent jobs be created? Much of the extant research has focused on the role of states and businesses in shaping employment...