We argue that the proper specification of a panel gravity model should include main (exporter, importer, and time) as well as time invariant exporter-by-importer (bilateral) interaction effects. In a panel of 11 APEC countries, the latter are highly significant and account for the largest part...

Based on balance sheet data of a sample of Austrian manufacturing firms, this paper examines the causal effect of foreign takeovers on the performance (productivity and profitability) and the growth rate of Austrian target firms. Thereby, we consider two hypotheses that an acquired...

The evolution of higher moments of the firm size distribution so far seems to be neglected in the empirical firm growth literature. Based on GMM estimates, this paper introduces simple Wald tests to investigate whether the firm size distribution converges in both the second and third central...

According to results from the latest WIFO business survey, which is carried out in cooperation with the EU and samples some 2,700 firms in the manufacturing and construction industries as well as public utilities, capital formation promises to be strong in 1997. The WIFO business cycle forecast...

Based on a small panel of NACE 2-digit industries, econometric estimates indicate a cash flow to sales ratio for Austrian manufacturers of about 10.9 percent in 2006, after 10.3 percent in 2005. In 2006, demand growth picked up significantly. On the other hand, manufacturing firms had to contend...

Following the trend of total EU manufacturing, Austrian manufacturing experienced extraordinarily high growth in 2000. The growth rate of production amounted to 11.4 percent, the second highest value behind Finland. On the cost side, firms suffered from a marked increase in raw material prices,...

In its recent investment survey WIFO asked approximately 2,500 firms of the manufacturing sector, the construction sector and the energy sector for their planned and realized investment expenditures, their sales and their business expectations. For 1997 firms report an increase in investment by...