Financing constrains on investment are mainly important for small privately owned firms. Yet most of the investment literature focuses on the financing constraints of large publicly owned firms. This paper develops a financing constraints test based on a variable capital investment equation. Because it does not require the information about marginal q, the test can be easily applied to small fi...

Background. The opportunity to provide free surgical care for orofacial clefts has opened a new vista and is enhanced by well-informed communities who are aware of the free surgical services available to them. It is the responsibility of cleft care providers to adequately inform these communities via a combination of community mobilization and awareness creation. Methods. This was a nationwide,...

T his paper examines the effect of factors on the development of commercial banking in Iraq. Seven factors used as determinates for financial depth which are per capita GDP, inflation rate, government budget deficit, share of state-owned banks of total assets as proxy of financial repression, oil sector domination, international trade openness and political stability as explanatory v...

This paper analyses the impact of effective average and marginal tax rates on the size of the capital stock owned by foreign affiliates of US multinational companies. We use data on 20 OECD countries, 1983-1998. A simple two-stage model of location choice, and investment conditional on location, identifies the role of each form of effective tax rate. The results indicate a large and significant...

We use randomized grants to generate shocks to capital stock for a set of Sri Lankan microenterprises. We find the average real return to capital in these enterprises is 4.6%–5.3% per year), substantially higher than market interest rates. We then examine the heterogeneity of treatment effects. Returns are found to vary with entrepreneurial ability and with household wealth, but not to vary wit...

This paper investigates the effects of ownership forms and management structure on the performance of airports around the world. Specifically, we focus on measuring and comparing productive efficiency and profitability among airports owned and operated by government departments, 100% government-owned corporations, independent airport authorities, mixed enterprises with government majority owner...

Abstract We examine how government ownership in banks affects earnings management to determine whether competing political or agency interests prevail. Using bank data for 171 Chinese commercial from 2006 2018, we find more accruals government‐owned banks, especially reduce earnings. This effect is stronger with less influence controlling shareholders, concentrated structures, and developed pro...

T he early 1970s witnessed dramatic change in per-capita output and labor-productivity growth rates in the United States. These growth rates averaged 2.2 percent and 2.0 percent, respectively, for the 1950–1969 period compared to 1.3 percent and 0.8 percent for the 1970–1989 period. Aschauer (1989) advances the idea that an important explanatory factor in this productivity slowdown is the gover...

The government “owns” the entire US airspace–it can install radar systems, enforce nofly zones and interdict hostile aircraft. Since the critical infrastructure and the associated cyberspace are just as vital to national security, could the US government protect major assets–including privately-owned assets–by positioning sensors and defensive systems? This paper discusses the legal issues rela...