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作者：Cosh, Andy; Cumming, Douglas; Hughes, Alan
作者单位：University of Cambridge; York University - Canada
摘要：This article investigates factors that affect rejection rates in applications for outside finance among different types of investors (banks, venture capital funds, leasing firms, factoring firms, trade customers and suppliers, partners and working shareholders, private individuals and other sources), taking into account the non-randomness in a firm's decision to seek outside finance. The data support the traditional pecking order theory. Further, the data indicate that firms seeking capital ar...
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作者：Cuberes, David; Jerzmanowski, Michal
作者单位：Clemson University
摘要：There is much evidence that less democratic countries experience more high-frequency growth volatility. In this article we report a similar finding about volatility in the medium term: we find evidence that reversals of trend-growth are sharper and more frequent in non-democracies. Motivated by this evidence, we construct a model in which non-democracies have high barriers to entry for new firms. This leads to less sectoral diversification and so, in an uncertain environment, to larger growth ...
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作者：Wittman, Donald
摘要：This article shows how uninformed but rational voters can respond intelligently to political advertising. The article models a situation where a candidate must rely on a pressure group for financing political advertising and making endorsements. The pressure group uses its power over the purse to influence the position chosen by the candidate. Nevertheless, when uninformed voters use a strategic rule of thumb, pressure-group contributions always move the outcome of the election closer to the m...
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作者：Zhao, Jinhua; Kling, Catherine L.
作者单位：Michigan State University; Iowa State University
摘要：We extend Graham's (1981) welfare analysis under uncertainty to a dynamic environment where the agent can delay and obtain information. The dynamic willingness to pay locus unifies the concepts of option price, dynamic WTP, commitment costs and quasi-option value. Option price (dynamic WTP) corresponds to the ex ante WTP when the agent ignores (recognises) the learning opportunity. The commitment cost, or the difference between option price and dynamic WTP, equals the annualised and monetised ...
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作者：Auriol, Emmanuelle; Picard, Pierre M.
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; University of Luxembourg; Universite Catholique Louvain
摘要：The article studies the impact of the government budget constraint on the regulation of natural monopolies in adverse selection contexts. The government maximises total surplus but incurs some cost of public funds laLaffont and Tirole (1993). Government outsourcing is proposed as an alternative to regulation in which firms freely enter the market and choose their prices and output levels. However the government can contract ex post with the private firms. This ex post contracting set-up allows...
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作者：Shang, Jen; Croson, Rachel
作者单位：Indiana University System; Indiana University Bloomington; University of Texas System; University of Texas Dallas
摘要：We study the effect of social information on the voluntary provision of public goods. Competing theories predict that others' contributions might be either substitutes or complements to one's own. We demonstrate a positive social information effect on individual contributions, supporting theories of complementarities. We find the most influential level of social information is drawn from the 90th to 95th percentile of previous contributions. We furthermore find the effect to be significant for...
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作者：Friebel, Guido; Giannetti, Mariassunta
作者单位：Goethe University Frankfurt; Stockholm School of Economics
摘要：We show that access to finance may affect firms through the labour market. Talented workers want to realise their ideas but also seek insurance against income risk. Large firms default less often than small firms but they investigate more thoroughly and reject more good ideas. With easier access to consumer credit, talented workers become less averse to the income risk of working in small firms. Thus, small firms gain an advantage on the labour market, their profit volatility increases and lar...
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作者：Hopfensitz, Astrid; Reuben, Ernesto
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Northwestern University
摘要：This article experimentally explores how the enforcement of cooperative behaviour in a social dilemma is facilitated through institutional as well as emotional mechanisms. Recent studies emphasise the importance of anger and its role in motivating individuals to punish free riders. However, we find that anger also triggers retaliatory behaviour by the punished individuals. This makes the enforcement of a cooperative norm more costly. We show that in addition to anger, 'social' emotions like gu...
