We use a French firm-level panel data set over the period 1993-2004 to analyze the relationship between credit constraints and firms' R&D behavior over the business cycle. Our main results can be summarized as follows: (i) the share of R&D investment over total investment is countercyclical...

Becker's model (1957) explains how the distribution of prejudice among the majority leads to discrimination of the minorities. On the other hand, a more recent line of research suggests that the role of taste is marginal, discrimination being a rational answer to ex ante beliefs in minorities'...