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Euro Area SMEs under Financial Constraints: Belief or Reality?

Artola, Concha; Genre, Veronique - CESifo - 2011

During the recent financial crisis, euro area firms, and especially Small and Medium-sized Enterprises, have been reporting acute problems of access to external finance. Using firm-level replies to the SME survey on access to finance, we use two indicators of financing constraints based on...

Persistent link: https://www.econbiz.de/10009371348

Cash Flow Duration and the Term Structure of Equity Returns

Weber, Michael - 2016

The term structure of equity returns is downward-sloping: stocks with high cash flow duration earn 1.10% per month lower returns than short-duration stocks in the cross section. I create a measure of cash flow duration at the firm level using balance sheet data to show this novel fact. Factor...

Persistent link: https://www.econbiz.de/10012981605

Japan's Imbalance of Payments

Müller-Plantenberg, Nikolas - CESifo - 2003

During the past three decades, Japan’s current account experienced five large swings. The yen appreciated considerably in periods when the current account boomed, and it depreciated whenever Japan’s external performance weakened. However, there has always been a certain lag in the adjustment...

Persistent link: https://www.econbiz.de/10005766057

Investment Size and Firm's Value under Profit Sharing Regulation

Moretto, Michele; Panteghini, Paolo; Scarpa, Carlo - CESifo - 2003

’s investment of endogenous size. Using a real option approach in continuous time, we show that profit sharing does not affect a … total investment. We also evaluate the reduction in the firm’s value due to profit sharing, linking this reduction to the …

Persistent link: https://www.econbiz.de/10005405789

Investment Uncertainty, and Production Games

Flåm, Sjur Didrik; Ermoliev, Yuri - CESifo - 2004

This paper explores some cooperative aspects of investments in uncertain, real options. Key production factors are assumed transferable. They may reflect property or user rights. Emission of pollutants and harvest of renewable resources are cases in point. Of particular interest are alternative...

Persistent link: https://www.econbiz.de/10005405922

Asymmetric Taxation and Cross-Border Investment Decisions

Niemann, Rainer - CESifo - 2004

This paper analyzes the impact of particular loss offset limitations on intrastate and cross-border investment … decisions. Investment can be realized in the investor’s domestic business, in a foreign branch or in a foreign subsidiary. The … relative impact on the optimal real investment alternative compared to the optimal financial investment alternative indicates …

Persistent link: https://www.econbiz.de/10005406046

Irreversible Investments and Regulatory Risk

Panteghini, Paolo M.; Scarpa, Carlo - CESifo - 2003

This paper addresses the issue of how regulatory constraints affect firm’s investment choices when the firm has an … option to delay investment. The RPI-x rule is compared to a profit sharing rule, which increases the x factor in case profits … go beyond a given level. It is shown that a pure price cap and profit sharing are identical in their impact on investment …

Persistent link: https://www.econbiz.de/10005406402

The Relevance of Judicial Procedure for Economic Growth

Hayo, Bernd; Voigt, Stefan - CESifo - 2008

predictability of court decisions, which leads to more transactions and higher investment levels. We investigate the effects on …

Persistent link: https://www.econbiz.de/10005416509

Austerity

Dellas, Harris; Niepelt, Dirk - CESifo - 2014

more favourable loan package; that it is associated with over-investment even when investment does not create collateral …

Persistent link: https://www.econbiz.de/10011105366

International Capital Markets, Oil Producers and the Green Paradox

Meijden, Gerard C. van der; Ploeg, Frederick Van der; … - CESifo - 2014

-period world with identical homothetic preferences and without investment, the global interest rate falls and the Green Paradox … weakens. With investment or a relatively more impatient oil-importing region, the Green Paradox may be strengthened because …

Persistent link: https://www.econbiz.de/10011264741