The report offers both a new and comparative methodology for measuring backlogs and pendency, as well as empirical findings on the relationship between application stocks and examination pendency in the UK and the US. Understanding these relationships is critical for better evidence based policy...

We use a panel of 9,381 UK firms over the period 1993-2003 to study the links between firms' financial health and their global engagement status. We estimate error-correction inventory investment equations augmented with financial variables, and interpret the sensitivity of inventory investment...

This paper examines the financial structure and the bank relationships of Italian multinational firms. We show that multinationals are on average more leveraged than non-internationalized firms. Moreover, they have a larger share of financial and bank debt out of total debt, maintain more bank...

Theory recommends aligning the tax treatment of debt and equity. A few countries, notably Belgium, have introduced an allowance for corporate equity (ACE) to achieve tax neutrality. We study the effects of adopting an ACE on debt financing, passive investment, and active investment of...