Many recent studies have pointed out that firms with cash stocks or strong cash flow are financially resilient, enabling them to continue to invest and grow even when they experience economic shocks. In this paper we ask whether Asian firms were resilient to the recent financial crisis. Using...

Using a large panel of Chinese listed companies over the period 2004-2010, we document that both export propensity and intensity increase with managerial ownership up to a point of around 23%-27%, and decrease thereafter. In addition, we find a negative association between state ownership and...

Does the availability of internal finance constrain firm growth? Or does it foster it? To answer these questions, we use a panel of 407,096 Chinese firms over the period 2000-2005. We estimate dynamic assets growth equations augmented with cash flow, and find that the growth of state owned...

We construct a dynamic monopolistic competition model with heterogeneous firms to study the links between firms' earnings volatility, the degree of financial constraints that they face, their survival probabilities, and their export market participation decisions. Our model predicts that more...

This paper uses rounds 5 to 8 of the Russian Longitudinal Monitoring Survey (RLMS) to analyse the dynamics of moonlighting of working-age population. We find that moonlighting is transitory, and is generally associated with career shifts. Those respondents who expressed a desire to switch jobs...

Using data for 30 Chinese provinces over the period 1989-2003, this study examines the relationship between finance, and real GDP, capital, and total factor productivity growth. We find that traditionally used indicators of financial development and China-specific indicators measuring the level...

Financial constraints have been found to play an important role on various aspects of firm behavior. Yet, their effects on firm survival have been largely neglected. We use a panel of 9420 newly established UK firms over the period 1997-2002 to study the effects of financial variables on firms'...

We consider the plant location decision of a multinational corporation (MNC), which has the option to invest in a more or in a less technologically lagging country, and which aims to use its foreign plant as an export-platform. We show that the plant location decision of the MNC depends on...

Financial constraints are often cited as an important obstacle to firms' investment. This paper explores, for the first time, whether this conclusion also applies to firms' export market participation decisions. Using a panel of 9352 UK manufacturing firms over the period 1993-2003, we find that...

Cummins, Hasset, and Oliner(American Economic Review, 2006) construct a new measure of fundamentals, and show that the positive cash flow effects typically found in investment-Q models disappear when traditional Q is replaced with their new measure. Their results are not robust to small changes...