capital
What Do We Know about the Capital Structure of Small Firms?
The author uses firm data from 10 Western European countries to contrast the sources of leverage across small and large firms. The author jointly evaluates the explanatory power of firm-specific, country of incorporation institutional, and macroeconomic factors.
Investing in European Stock Markets for High-Technology Firms
The authors use a recursive modeling approach to study whether investors could, in real time, have used information on the comovement of stock markets to forecast stock returns in European stock markets for high-technology firms.
Quality Capital and Economic Growth
The main aim of this paper is to analyse how two types of technical progress affcet the real income growth rate in the countries belonging to three world areas: North America, the Euro zone, and some countries of the Pacific Rim, during the period 1960-2000.
Taking the Bad with the Good: Volatility of Foreign Portfolio Investment and Financial Constraints of Small Firms
The author examines the impact of the volatility of foreign portfolio investment on the financial constraints of small firms. Using a dataset of over 195,000 firm-year observations across 53 countries, the author examines the impact of foreign portfolio investment instability on capital issuance and firm growth across countries and firm characteristics, in particular size.
Evaluation of the Performances of Equity Measures
The main purpose of this paper is to illustrate some of the challenges that arise in addressing efficiency and equity of a package of instruments with a partial equilibrium model of transport model. The paper provides an overview of some equity measures and their properties. The performances of these equity measures are evaluated in the case of a road-pricing scheme for Oslo.
Provincial Preferences in Private Equity
This paper identifies a strong tendency for Canadian private equity investors to finance entrepreneurs that reside in the same province. The authors provide evidence that certain economic and institutional
factors systematically give rise to differences in the frequency of inter- versus intra-provincial investments.
Advice and Monitoring in Venture Finance
This paper studies the advising and monitoring activities of 14 European venture capitalists in 74 entrepreneurial firms. The data indicate that the allocation of
greater cash flow and control rights to the VCs gives rise to more intensive VC advice, but not more intensive monitoring.
Motivations for Public Equity Offers: An International Perspective
This paper examines the extent to which investment financing and market-timing explanations motivate public equity offers. The authors consider a sample of 16,958 initial public offerings and 12,373 seasoned equity offerings from 38 countries between 1990 and 2003.
Human Capital, the Structure of Production, and Growth
Theories of international specialization point to human capital accumulation as another important determinant of growth in human-capital-intensive industries. Using data for a large sample of countries, the authors find significant positive effects of human capital levels and human capital accumulation on output and employment growth in human-capital-intensive industries.
Capital Flows to Developing Countries: Does the Emperor Have Clothes?
This paper begins by examining the pattern of capital flows first to low-income countries, and then to emerging economies. The behaviour of flows to emerging economies heavily influences both present and potential future flows to low-income countries. The paper concludes with the policy implications at both source countries and low-income recipient countries.