The rising number of so-called zombie firms, defined as firms that are unable to cover debt servicing costs from current profits over an extended period, has attracted increasing attention in both academic and policy circles. Using firm-level data on listed firms in 14 advanced economies, we...

This paper disproves that Samuelson's re-switching theory. It then shows that his calculation is nothing but an investment evaluation method, not a production decision. Finally, it shows that re-switching is a manipulation of some linear and non-linear functions

This paper considers the application of multiple interest rate analysis to a model of the production of commodities by means of commodities. A polynomial, for the characteristic equation of the augmented input-output matrix, is used in defining the rate of profits in such a model. Only one root...

This paper considers the application of multiple interest rate analysis to a model of the production of commodities by means of commodities. A polynomial, for the characteristic equation of the augmented input-output matrix, is used in defining the rate of profits in such a model. Only one root...

This paper clarifies the relationships between Internal Rates of Return, Net Present Value, and the analysis of the choice of technique in models of production analyzed during the Cambridge capital controversy. Multiple and possibly complex roots of polynomial equations defining the IRR are...

Paul A. Samuelson's (1966) capitulation during the so-called Cambridge controversy on the phenomenon of re-switching of techniques in capital theory had implications not only in pointing at a supposed internal contradiction of the marginal theory of production and distribution, but also in...

We analyze the phenomenon of zombification in Europe and show that monetary policy alone is not its only driver. Concurring phenomena explain zombie and distressed firms’ prevalence. Using Compustat data on public firms, we find that a rise in short-term interest rates is associated with a...

Using firm-level data on listed non-financial companies in 14 advanced economies, we document a rise in the share of zombie firms, defined as unprofitable firms with low stock market valuation, from 4% in the late 1980s to 15% in 2017. These zombie firms are smaller, less productive, more...

With a number of hydrocarbon-rich nations partly or wholly basing their laws and regulations on Islam, the link between Islamic law and hydrocarbon resources has become evident. Islamic laws are based primarily on the Qur'an, the Sunna and Hadith. The Qur'an is considered to be the words of God...

Using firm-level data on listed non-financial companies in 14 advanced economies, we document a rise in the share of zombie firms, defined as unprofitable firms with low stock market valuation, from 4% in the late 1980s to 15% in 2017. These zombie firms are smaller, less productive, more...