Common research Banco de España / Banque de France, co-ordinated by Annie Sauvé and Manuel Ortega ; With contributions by Concepción Artola, Ana Esteban, Ignacio Hernando, Manuel Ortega, Annie Sauvé, Teresa Sastre, André Tiomo and Alain Tournier. ; This publication covers the analysis...

This paper analyses corporate investment decisions in France and Spain, focusing on the role of financial constraints in explaining investment behaviour. For this purpose, we take advantage of very carefully harmonised data sets that allow for the use of variables homogeneously defined in both...

The Study Group of the European Committee of Central Balance Sheet Data Offices (ECCB) examines in the third study of the group the newly developed concept of Net Worth at Risk (NWaR). This concept analyses the function of equity as a protective cushion against losses in a recession period. The...

After publishing its first report in September 1997, the Own Funds Working Group, in agreement with the European Committee of Central Balance Sheet Offices, decided to continue its work in order to gain a better understanding of the differences in financing structures between countries. To this...

Using a large panel of 6,946 French manufacturing firms, this paper investigates the effect of monetary policy on investment from 1990 to 1999 through the cost-of-capital and the cash-flow channels. We compare several specifications of neo-classical demand for capital, taking into account...

This paper analyses corporate investment decisions in France and Spain, focusing on the role of financial constraints in explaining investment behaviour. For this purpose, we take advantage of very carefully harmonised data sets that allow for the use of variables homogeneously defined in both...