Urban tourism is a relatively recent phenomenon but is now being embraced by most European cities, which are using substantial funds to compete for visitors, thus generating new infrastructures for this process. Cities so as to differentiate themselves from their competitors, attempt to manage...

The paper explores the long-run relationship between government domestic borrowing and private savings for a small EU country. It represents an attempt to assess the relevance of Ricardian Equivalence in Greece. The empirical findings are that in accordance to the Ricardian Equivalence theorem...

Informationally driven capital market imperfections may lead to a systematic relation between expenditure on used capital and the severity of liquidity constraints. We project used capital outlays on internal finance across sectors of different sizes documenting that the sensitivity of used...

In this paper we develop an empirical model for transnational terrorist activity for a panel consisting of 139 countries over the period 1985-1998. Essentially, we attempt to sketch the profile of the average terrorist attack venue. Our findings suggest that the terrorist attack venue is, on...

We investigate the relative importance of sector and country factors in explaining the variation of leasing penetration rates across industries in Europe. According to our results, country effects represent the dominant driving factor for leasing when compared to sector effects. An explanation...

There is a lack of consensus regarding the sign of the uncertainty-investment relationship, with a strand of the literature suggesting a positive sign, and the Real Options Theory (ROT) advocating a negative relationship. As a way of testing the ROT, this paper empirically investigates its main...

An 'excess sensitivity' of investment to internal funds (cash flow) is typically interpreted as evidence for the presence of financing constraints. Building on this, we empirically investigate the possibility of an asymmetric response of investment to the availability of internal funds across...

The European Commission conducts an annual survey regarding planned and realized business fixed investment across various manufacturing sectors in Euroland. In this study we investigate the predictive content of survey-based expectations on investment. In addition, we empirically test the...