أعرض تسجيلة المادة بشكل مبسط

dc.creator von Kalckreuth, Ulf
dc.creator von Furstenberg, George M.
dc.date 2006
dc.date.accessioned 2013-10-16T07:06:10Z
dc.date.available 2013-10-16T07:06:10Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/19659
dc.identifier ppn:518481476
dc.identifier RePEc:zbw:bubdp1:4792
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/19659
dc.description Rajan and Zingales (1998) use U.S. Compustat firm data for the 1980s to obtain measures of manufacturing sectors? Dependence on External Finance (DEF). They take any differences in these measures to be structural/technological and thus applicable to other countries. Their joint assumptions about how to obtain representative values of DEF by sector and about why these values differ fundamentally between sectors have been adopted in additional studies seeking to show that sectors benefit unequally from a country?s level of financial development. However, the assumptions as such have not been examined. The present study, conducted with cyclically adjusted annual measures of DEF derived from U.S. industry data for 1977-1997, attempts to do so using data that are aggregated by sector. We find that those variables that may be regarded as structural/ technological have very low explanatory power, and that the DEF figures calculated from micro data do not correspond closely to what is obtained from aggregate figures. Hence key assumptions on which RZ's argumentation is based could not be validated.
dc.language eng
dc.relation Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2006,30
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject G20
dc.subject O16
dc.subject O14
dc.subject E50
dc.subject G30
dc.subject ddc:330
dc.subject Growth and finance
dc.subject financial development
dc.subject industry structure
dc.subject Fremdkapital
dc.subject Verarbeitendes Gewerbe
dc.subject Branche
dc.subject Finanzsektor
dc.subject Wirtschaftswachstum
dc.subject Schätzung
dc.subject USA
dc.title Dependence on external finance: an inherent industry characteristic?
dc.type doc-type:workingPaper
dc.coverage 1977-1997


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