| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6314 |
| DP6314 The Effects of Labor Market Conditions on Working Time: the US-EU Experience | |
| Claudio Michelacci; Josep Pijoan-Mas | |
| 发表日期 | 2007-05-25 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | Do legal institutions governing financial contracts affect the nature of real investments in the economy? We develop a simple model and provide evidence that the answer to this question is yes. We consider a levered firm's choice of investment between innovative and conservative technologies, on the one hand, and of financing between debt and equity, on the other. Bankruptcy code plays a central role in these choices by determining whether the firm is continued or liquidated in case of financial distress. When the code is creditor-friendly, excessive liquidations cause the firm to shy away from innovation. In contrast, by promoting continuation upon failure, a debtor-friendly code induces greater innovation. This effect remains robust when the firm attempts to sustain innovation by reducing its debt under creditor-friendly codes. Employing patents as a proxy for innovation, we find support for the real as well as the financial implications of the model: (1) In countries with weaker creditor rights, technologically innovative industries create disproportionately more patents and generate disproportionately more citations to these patents relative to other industries; (2) This difference of difference result is further confirmed by within-country analysis that exploits time-series changes in creditor rights, suggesting a causal effect of bankruptcy codes on innovation; (3) When creditor rights are stronger, innovative industries employ relatively less leverage compared to other industries; and (4) In countries with weaker creditor rights, technologically innovative industries grow disproportionately faster compared to other industries. Finally, while overall financial development fosters innovation, stronger creditor rights weaken this effect, especially for highly innovative industries. |
| 主题 | Financial Economics |
| 关键词 | Creditor rights entrepreneurship Financial development Growth Law and finance R&d Technological change |
| URL | https://cepr.org/publications/dp6314 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535153 |
| 推荐引用方式 GB/T 7714 | Claudio Michelacci,Josep Pijoan-Mas. DP6314 The Effects of Labor Market Conditions on Working Time: the US-EU Experience. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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