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Informal or Formal Financing? Or Both? First Evidence on the Co-Funding of Chinese Firms

Degryse, Hans; Lu, Liping; Ongena, Steven - C.E.P.R. Discussion Papers - 2013

The recent financial crisis has reopened the debate on the impact of informal and formal finance on firm growth in … developing countries. Using unique survey data, we find that informal finance is associated with higher sales growth for small … firms and lower sales growth for large firms. We identify a complementary effect between informal and formal finance for the …

Persistent link: https://www.econbiz.de/10011084516

Lobbying on Entry

Perotti, Enrico C; Volpin, Paolo - C.E.P.R. Discussion Papers - 2004

capital and have greater growth opportunities. Also, higher accountability and lower income inequality are associated with …

Persistent link: https://www.econbiz.de/10005662100

Business Creation and the Stock Market

Michelacci, Claudio; Suarez, Javier - C.E.P.R. Discussion Papers - 2002

We claim that the stock market encourages business creation, innovation, and growth by allowing the recycling of …

Persistent link: https://www.econbiz.de/10005666610

Debt or Equity? The Role of Venture Capital in Financing the New Economy in Germany

Audretsch, David B; Lehmann, Erik - C.E.P.R. Discussion Papers - 2002

provide evidence that the presence of venture capitalists enhances the growth rates of firms positively. …

Persistent link: https://www.econbiz.de/10005504258

Does the New Economy Need New Governance? Ownership, Knowledge and Performance

Audretsch, David B; Lehmann, Erik - C.E.P.R. Discussion Papers - 2002

We study the implications of ownership and its induced incentives on firm performance in the ‘New Economy’. Instead of traditional performance we use firm survival on the stock market as the performance indicator. Using a unique data set of all 341 firms listed on the Neuer Markt, the German...

Persistent link: https://www.econbiz.de/10005504269

Rhineland exit?

Bovenberg, A Lans; Teulings, Coen N - C.E.P.R. Discussion Papers - 2008

We argue in favour of the shareholder model of the firm for three main reasons, First, serving multiple stakeholders leads to ill-defined property rights. What sounds like a fair compromise between stakeholders can easily evolve in a permanent struggle between the stakeholders about the ultimate...

Persistent link: https://www.econbiz.de/10005504292

Large Shareholders, Private Benefits of Control and Optimal Schemes for Privatization

Cornelli, Francesca; Li, David Daokui - C.E.P.R. Discussion Papers - 1994

We analyze optimal schemes for privatization in a transitional economy. In many cases, established Western firms are good candidates for large shareholders of a local firm, since the sale of the shares can generate large amount of revenues and furthermore, in the future, the home country can...

Persistent link: https://www.econbiz.de/10005504361

Financing and the Protection of Innovators

Llobet, Gerard; Suarez, Javier - C.E.P.R. Discussion Papers - 2005

The protection that innovators obtain through intellectual property rights crucially depends on their incentives and ability to litigate infringers. Taking patents as a notable example, we study how the financing of legal costs can alter the incentives to litigate in defence of a patent and,...

Persistent link: https://www.econbiz.de/10005504368

Liquidity Constraints, Production Costs And Output Decisions

Povel, Paul E M; Raith, Michael - C.E.P.R. Discussion Papers - 2000

This paper analyses the interaction of financing and output market decisions in an oligopolistic setting. We integrate two ideas that have been analysed separately in previous work: some authors argue that due to risk-shifting, debt (leverage) makes a firm 'aggressive' in its output market;...

Persistent link: https://www.econbiz.de/10005504397

The Monetary Transmission Mechanism: Evidence from the Industries of Five OECD Countries

Dedola, Luca; Lippi, Francesco - C.E.P.R. Discussion Papers - 2000

This paper presents new evidence on the monetary transmission mechanism based on the effects that unexpected monetary policy shocks exert on the activity of 21 manufacturing industries in 5 OECD countries (France, Germany, Italy, UK and USA). The goal is twofold. First, documenting the...

Persistent link: https://www.econbiz.de/10005504429