Exchange Rates, Borrowing Costs, and Exports: Firm-Level Evidence

Multiperiod Portfolio Selection with Different Rates for Borrowing and Lending in Presence of Transaction Costs

Portfolio management is one of the most important areas of research in financial engineering. This paper is concerned with multi period decision problem for financial asset allocation when the rate of borrowing is greater than the rate of lending. Transaction costs as a source of concern for portfolio managers is also considered in this paper. The proposed method of this paper is formulated in ...

Firm Age and the Evolution of Borrowing Costs: Evidence from Japanese Small Firms

This paper investigates how a firm’s borrowing cost evolves as it ages. Using a new data set of more than 200,000 bank-dependent small firms for 1997-2002, we find the following. First, the distribution of borrowing costs tends to become less skewed to the right over time, which can be partially attributed to “selection” (i.e., exits of defaulting firms reduce the total borrowing costs), but is...

Geography and Firm Exports: New Evidence on the Nature of Sunk Costs

This paper presents an examination of the trading patterns of individual firms, looking at their coverage of export markets and movements into and out of destinations. This analysis is made possible by access to a new survey data set of Irish firms, which includes detailed information on firm characteristics and on the destinations of their exports over a two-year period. In line with Eaton, Ko...

Exports and productivity: a survey of the evidence from firm level data

Computing Productivity: Firm-Level Evidence

We explore the effect of computerization on productivity and output growth using data from 527 large US firms over 1987-1994. We find that computerization makes a contribution to measured productivity and output growth in the short term (using one year differences) that is consistent with normal returns to computer investments. However, the productivity and output contributions associated with ...