Using a pan-European data set of 8.5 million firms, this paper finds that firms with high debt overhang invest relatively more than otherwise similar firms if they are operating in sectors facing good global growth opportunities. At the same time, the positive impact of a marginal increase in...

This paper investigates the sectoral dynamics of the major economies during the last decade through the lens of the top 1000 R&D investors worldwide and looks at how firms' demographics are related to sector distribution. In doing so, it contributes to the literature on the EU corporate R&D...