The paper analyzes the existence and impact of …financing constraints as a possiblyserious obstacle to innovation by …firms. Direct measures of fi…nancing constraints areemployed using survey data collected by the Banque de France and Eurostat, whichovercomes the problems with the traditional...

Advocates of fair value accounting believe that fair valuesprovide more relevant measures of assets, liabilities, andearnings than do historical costs. These advocates assertthat fair value accounting better reflects underlying economicvalues. The advantages of this method—and thecorresponding...