Do information frictions have a causal impact on the international flow of financial capital? Using the international rollout of telegraph cables in the 19th century, I show causal evidence that reductions in information frictions had a significant and positive impact on the bilateral...

The paper aims to examine whether R&D-active companies are financially constrained based on a self-assessment approach. A second aim is to check whether a company's size has any impact on access to capital for R&D-active firms. The study is based on data collected from more than 400 enterprises...

During the 20th century all economic structures underwent the impact of two epochal phenomena, the communications revolution and the financialization of economy. As a consequence of the never ending technological progress, the first has repeatedly reduced the friction of distance, provoking a...