This paper provides new international evidence on the relationship between dividend policy and insider ownership by analysing a sample of USA, UK and Irish firms characterized by an Anglo-Saxon tradition and a matching sample of other EU companies from Civil Law legal systems. We hypothesize...

The paper aims at testing Florida’s concept of the Creative Class using panel data for 323West German regions for the time period 1975–2004. Applying a dynamic system approach based on GMM, we find that the local concentration of the Creative Class has predictive power for the economic...

In this paper we summarize the results of a broad exploratory empirical analysis where we relate the level of financial development with the effectiveness of monetary policy. The analysis is based on a panel of countries for whom we calculate measures both of financial development and of...

We develop an econometric model for firm exit, using stochastic dynamic programming (SDP) as a starting point. According to SDP, the value of an operating firm can be written as the sum of (i) the net present value of continuing production if the firm is committed to a future exit date, and (ii)...

We develop an econometric model for firm exit, using stochastic dynamic programming (SDP) as a starting point. According to SDP, the value of an operating firm can be written as the sum of (i) the net present value of continuing production if the firm is committed to a future exit date, and (ii)...