Dependence on External Finance: An Inherent Industry Characteristic?
AbstractRajan and Zingales (1998) use U.S. Compustat firm data for the 1980s to obtain measures of manufacturing sectorsâ€™ 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 have been adopted in additional studies seeking to show that sectors benefit unequally from a countryâ€™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 1977â€“1997, attempts to do so using data that are aggregated by sector. Copyright Springer Science + Business Media, LLC 2006
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Bibliographic InfoArticle provided by Springer in its journal Open Economies Review.
Volume (Year): 17 (2006)
Issue (Month): 4 (December)
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Web page: http://www.springerlink.com/link.asp?id=100323
growth and finance; financial development; industry structure;
Other versions of this item:
- von Kalckreuth, Ulf & von Furstenberg, George M., 2006. "Dependence on external finance: an inherent industry characteristic?," Discussion Paper Series 1: Economic Studies 2006,30, Deutsche Bundesbank, Research Centre.
- G20 - Financial Economics - - Financial Institutions and Services - - - General
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
- O14 - Economic Development, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
- E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
- G30 - Financial Economics - - Corporate Finance and Governance - - - General
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