Using firm-level data, we provide evidence that, although monetary policy affects real investment, the effect operates …

investment over the period 1970--89 for Germany, Japan, the United Kingdom and the United States and second, to challenge some … conventional views of the international differences in financing patterns. The paper documents the substantial problems of … and consistent information. We conclude that there is no `market-based' Anglo-US pattern of financing of industry. Germany …

This paper compares corporate financing in the German bank-based and UK market-based systems. Large German firms pay …

Flow of funds data are used to compare methods of financing the corporate sector in five countries over the period 1970 …-85. Many of the problems associated with previous studies of corporate finance are avoided by defining financing proportions in … compensating deposit requirements on borrowers no longer distort financing patterns when net financing is the focus. Corrections …

investment in Germany, and, if so, is this a consequence of bank representation on companies' supervisory boards (which, it is …

issues equity if the financing need is high. This result is robust to using the cash for an uncertain investment. Second …Most research on firm financing studies the choice between debt and equity. We model an alternative source -- non …

that financing will be denied by ‘relationship banks’ should the latter experience liquidity problems and refuse to roll …

royalty income of multinationals. We develop a model of heterogeneous firms subject to financing frictions and offshoring of … principle thus distorts multinational activity by reducing debt capacity and investment of foreign affiliates, and by distorting … organizational choice between direct investment and outsourcing. Although it raises tax revenue and welfare in the headquarter …

This Paper reports a new test of capital structure theories. It uses a filtering technique to identify large investment … satisfactory descriptions of these dynamic features of corporate financing. …