We use a large micro-dataset to assess the importance of intangible capital organisation, R&D and ICT capital – for the economic performance of establishments and regions in Germany. In 2003 self-produced intangible capital accounted for more than one fifth of the total capital stock of establishments. More than half of the intangible capital is R&D capital. This high proportion is mainly due t...

While existing literature assumes that the human capital intensity of professional services leads to small and flimsy firms, several professional services feature large, long-lived firms. To develop insights about firm size and industry structure in human capital intensive industries, I analyze the structure and evolution of the advertising industry. Drawing on a range of quantitative and quali...

We examine the effect of financial integration on capital stocks and income per capita, explicitly taking into account the division of output between tradable and non-tradable goods. Capital per worker in a financially integrated country is shown to depend on the size and relative capital-intensity of the tradable sector. Using a panel of 67 countries over the period 1976-1999, we show a weakly...

Financial structure is a combination of debt and equity and regards as one of the most important issues in banking industry. The purpose of financial structure decision is to create an appropriate combination of financing resources to minimize the cost of capital and thus maximize the company's market value. This study investigates the impacts of banks financial structure on their Returns (ROA ...

The following problem in risk theory is considered. An insurance company, endowed with an initial capital a . 0, receives insurance premiums and pays out successive claims. The losses occur according to renewal process. At any moment, the company may broaden or narrow down the offer, what entails the change of the parameters. This change concerns the rate of income, the intensity of renewal pro...

The paper presents a theory of the industrial transformation amongst sectors along the balanced growth path equilibrium, using endogenous growth theory. Allowing only a slight upward trend in the productivity of the human capital sector, combined with ascending degrees of human capital shares of sectoral output, in say, agriculture, manufacturing and services, output gradually shifts relatively...

The positive correlations found between computer use and human capital are often interpreted as evidence that the adoption of computers has raised the relative demand for skilled labor, the widely touted skill-biased technological change hypothesis. However, several models argue that the skill intensity of technology is endogenously determined by the relative supply of skilled labor. We use ins...

This paper assesses empirically the relationship between GDP per capita growth uctuations and the age structure and intensity of human capital across developed and developing countries We estimate a spatial vector autoregressive model of income dynamics where the economic distance between countries is de ned on their similarity in measures of human capital and its distribu tion across age group...