This paper examines how aversion to risk and aversion to intertemporal substitution determine the strength of the precautionary saving motive in a two-period model with Selden/Kreps-Porteus preferences. For small risks, we derive a measure of the strength of the precautionary saving motive that...

The Belgian nuclear phase-out law imposes closing down in the 2015-2025 period seven nuclear power plants (NPPs) producing more than 50% of the domestic electricity. This creates an urgent problem in the country because of the absence of well-defined capacity-replacement plans. Though a...

Using an original survey sample of 103 unquoted Belgian technology-based small firms (TBSFs), we examine the capital structure of start-up companies during their consecutive development stages. We find that internal funds, either alone as personal savings or in combination with family and...