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that economic policy uncertainty has a negative impact on firm-level investment in South Africa. Firms' investment … reduce their investment by much more than large firms in response to increased policy uncertainty. The relationship between …
Persistent link: https://www.econbiz.de/10012487946
How well can a cryptocurrency serve as a means of payment? Cryptocurrencies need to overcome double spending by using costly mining and by delaying settlement. We formalize this insight through an incentive constraint that rules out double spending and pins down the welfare costs of a...
Persistent link: https://www.econbiz.de/10012104319
How well can a cryptocurrency serve as a means of payment? We study the optimal design of cryptocurrencies and assess quantitatively how well such currencies can support bilateral trade. The challenge for cryptocurrencies is to overcome double-spending by relying on competition to update the...
Persistent link: https://www.econbiz.de/10011756070
&D investment from Chinese regulations regarding technology exports revised in 2008. We document that these technology export … restrictions (TERs) decrease a firm's R&D investment. Specifically, the TERs reduce corporate R&D investment by 114 percent … investment and the number of firms' patent applications. Overall, TERs prevent firms from investing in innovation projects. Hence …
Persistent link: https://www.econbiz.de/10014307674
more bank loans and invest more than non-SOEs. We further find that the economic stimulus package distorts bank lending … decisions and reduces firm investment efficiency of SOEs, non-SOEs from favoured industries and regions, and non-SOEs with …, that is, the stimulus package stimulated investment by SOEs and crowded out investment by privately owned sectors …
Persistent link: https://www.econbiz.de/10013006043
The aim of this paper is to ascertain corporate investment reaction in bank-dependent companies in times of crisis. Our … investigation covers the differences in corporate investment reaction due to the global financial crisis (GFC) of 2007-2009 and the … corporate investment, but a statistical significance was found only for the GFC period. We also found a positive relationship …
Persistent link: https://www.econbiz.de/10013502381
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the investment is debt-financed, the interest payment additionally reduces the corporate tax base. The research findings …In the conventional literature related to investment decisions, less attention has been paid to the length of maturiry … when investrnent is debt-financed. In such a case a firm pays the creditor not only the sum of annual interest (initial …
Persistent link: https://www.econbiz.de/10001900808