Over the years, World Bank missions recommended establishing development finance companies (DFCs) to provide long term financing for worthwile (primarily industrial) projects. The author reviews the DFCs performance and states that in general, it has been disappointing. Few are self supporting;...

This paper uses a new data-set to examine how internal capital markets and foreignownership affect investment. Our data allow us to compare investment behaviour of listedsubsidiaries with stand-alone firms while controlling for investment opportunities of parentand subsidiary firms. We evaluate...

A green paper discussion document.

This article presents one of the most comprehensive studies to date to employ filtering techniques to distinguish between routine and “investment spike” financing. This study records marked differences in how publicly traded US firms finance the two types of investments. The funding of...