Externalities play a central role in most theories of economic growth. We argue that international externalities, in … have international knowledge externalities. When calibrated, the hybrid model does a surprisingly good job of generating …

decisions and growth of principals, in the context of franchising. We find that a 30 percent decrease in average … collateralizable housing wealth in a region delays chains' entry into franchising by 0.28 years on average, 9 percent of the average …

, in the context of franchising. We find that a 30 percent decrease in average collateralizable housing wealth in an area … is associated with a delay in chains' entry into franchising by 0.33 years on average, or 10 percent of the average …

decisions and growth of principals, in the context of franchising. We find that a 30 percent decrease in average … collateralizable housing wealth in a region delays chains ́entry into franchising by 0.28 years on average, 9 percent of the average …