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Financial Development, Property Rights and Growth

Claessens, Stijn; Laeven, Luc - C.E.P.R. Discussion Papers - 2002

This Paper investigates how the legal framework not only affects the amount of external financing available, but also firms’ resource allocation among different types of assets. Using a simple model, we show that in a weaker legal environment a firm will get less financing, and thus invest...

Persistent link: https://www.econbiz.de/10005504760

Knowledge Spillovers, ICT and Productivity Growth

Corrado, Carol; Haskel, Jonathan; Jona-Lasinio, Cecilia - C.E.P.R. Discussion Papers - 2014

This paper looks at the channels through which intangible assets affect productivity. The econometric analysis exploits a new dataset on intangible investment (INTAN-Invest) in conjunction with EUKLEMS productivity estimates for 10 EU member states from 1998 to 2007. We find that (a) the...

Persistent link: https://www.econbiz.de/10011084334

How Much Does the UK Invest in Intangible Assets?

Giorgio Marrano, Mauro; Haskel, Jonathan - C.E.P.R. Discussion Papers - 2007

We attempt to replicate for the UK the Corrado, Hulten and Sichel (2005, 2006) work on spending on intangible assets in the US. Their work suggests private sector expenditure (investment) on intangibles is about 13% (11%) of US GDP 1998-2000, with intangible investment about equal to tangible...

Persistent link: https://www.econbiz.de/10005656338

Assessing agglomeration economies in a spatial framework with endogenous regressors

Artis, Michael J; Miguélez, Ernest; Moreno, Rosina - C.E.P.R. Discussion Papers - 2009

This paper is concerned with the influence of agglomeration economies on economic outcomes across British regions. The concentration of economic activity in one place can foster economic performance due to the reduction in transportation costs, the ready availability of customers and suppliers,...

Persistent link: https://www.econbiz.de/10005791212

Public Support for Innovation, Intangible Investment and Productivity Growth in the UK Market Sector

Haskel, Jonathan; Wallis, Gavin - C.E.P.R. Discussion Papers - 2010

Pressure on public finances has increased scrutiny of public support for innovation. We examine two particular issues. First, there have been many recent calls for the (relatively new) UK R&D subsidy to be extended to other "research" activities, such as software. Second, argument still rages...

Persistent link: https://www.econbiz.de/10008468645

Cotton Textiles and the Great Divergence: Lancashire, India and Shifting Competitive Advantage, 1600-1850

Broadberry, Stephen N; Gupta, Bishnupriya - C.E.P.R. Discussion Papers - 2005

The growth of cotton textile imports into Britain from India opened up new opportunities for import substitution as the new cloths, patterns and designs became increasingly fashionable. However, high silver wages in Britain as a result of high productivity in other tradable goods and services,...

Persistent link: https://www.econbiz.de/10005662364

Oil Prices, Profits, and Recessions: An Inquiry Using Terrorism as an Instrumental Variable

Chen, Natalie; Graham, Liam; Oswald, Andrew - C.E.P.R. Discussion Papers - 2008

effects upon profitability. We test for weak instruments and check sub-sample robustness. Our findings seem to lend support to …

Persistent link: https://www.econbiz.de/10005498032

Price Competition, Innovation and Profitability: Theory and UK Evidence

Symeonidis, George - C.E.P.R. Discussion Papers - 2001

This Paper examines the effect of price competition on innovation, market structure and profitability in R … counts and profitability over 1952-77. The econometric results suggest that the introduction of restrictive practices …&D-intensive manufacturing industries, while it caused a significant rise in concentration in these industries. In the short run profitability …

Persistent link: https://www.econbiz.de/10005666839

An Applied Econometrician's View of Large Company Performance

Geroski, Paul A - C.E.P.R. Discussion Papers - 1998

This paper contains a brief survey of recent empirical work on the performance of large companies. It tries to pull together the literature in the form of six stylized facts, illustrating them with data drawn from a single sample. The paper concludes by highlighting the issues which are thrown...

Persistent link: https://www.econbiz.de/10005789166

Stock Valuation and Learning about Profitability

Pástor, Luboš; Veronesi, Pietro - C.E.P.R. Discussion Papers - 2002

We develop a simple approach to valuing stocks in the presence of learning about average profitability. The market …-to-book ratio (M/B) increases with uncertainty about average profitability, especially for firms that pay no dividends. M/B is … returns. Firm profitability has become more volatile recently, helping explain the puzzling increase in average idiosyncratic …

Persistent link: https://www.econbiz.de/10005791675