static resource misallocation channel and dynamic implications through investments in productivity. I find that the dynamic …What accounts for the large gaps in aggregate productivity across countries? I study the impact of equity frictions and … policy distortions on aggregate productivity, investments in productivity and average firm size. I document that economies …

This paper studies the implications of perceived default risk for aggregate output and productivity. Using a model of … 250 employees and (iii) that losses are overwhelmingly due to a lower overall capital stock rather than a misallocation of … credit across firms with heterogeneous productivity. Further, we find that these losses accounted for over half of the …

Misallocation of human capital across sectors can have substantial negative implications for aggregate output. So far …, the literature examining this type of labor misallocation has assumed a Cobb-Douglas production function. Our paper … substitutable than Cobb-Douglas assumes. Our counterfactual results indicate that human capital misallocation can explain …

We investigate how intangible capital in form of intellectual property, such as patents, might mitigate financing … constraints. While scholars have already argued that patents might have a signalling value reducing information asymmetries … between borrowers and lenders, we quantify the value of using patents as collateral with regard to capital access. Although …

increasing firm dynamism and boosting aggregate productivity? We build a dynamic model of heterogeneous firms with short … years, raises average firm productivity by about 2 per cent. These gains are attained through a substantial improvement in …

This paper looks at the channels through which intangible assets affect productivity. The econometric analysis exploits … a new dataset on intangible investment (INTAN-Invest) in conjunction with EUKLEMS productivity estimates for 10 EU …-calculated factor share. These findings suggest investments in knowledge-based capital, i.e., intangible capital, produce productivity …

Measuring the value of portfolios of Standard-Essential Patents (SEP) is a difficult and controversial exercise. It has …

Firms self-select into FDI if their productivity is high enough to overcome the fixed costs of setting up costs a foreign …