Government ownership of banks is widespread around the world. Using plant-level data for Brazilian manufacturing firms, this paper provides evidence that government control over banks leads to significant political influence over the real decisions of firms. I find that firms eligible for...

Using data drawn from the universe of firms to avoid sample censoring problems, this paper finds financial constraints to be binding on mid-sized firms and those in construction and services sectors only. Growth of the majority of firms is unaffected by financial burdens. Firm size distribution...

Niniejszy raport przedstawia podstawowe zagadnienia dotyczące długoterminowych decyzji podejmowanych w przedsiębiorstwie, a więc decyzji, których oczekiwanym wynikiem jest wzrost wartości firmy. Wykonane obliczenia mają przybliżyć metodę szacowania stóp kosztu kapitału oraz jego...

We find a negative relationship between bank distress and the level, quality and trajectory of firm-level innovation during the Great Depression, particularly for R&D firms operating in capital intensive industries. However, we also show that because a sufficient number of R&D intensive firms...