Documents capital investment 66 results

"We analyse the evolution of capital and labour (mis)allocation across firms in five euro-area countries (Belgium, France, Germany, Italy and Spain) and eight main sectors of the economy during the period 2002-2012. Three key stylized facts emerge. First, in all countries with the exception of Germany, capital allocation has worsened over time whereas the efficiency of labour reallocation has not changed significantly. Second, the observed increase in capital misallocation has been particularly severe in services as opposed to industry. Third, misallocation of both labour and capital dropped in all countries in 2009 and again for some country-sectors in 2011-2012. We next take stock of the possible drivers of input misallocation dynamics in a standard panel regression framework. Controlling for demand conditions and for the initial level of misallocation, heightened uncertainty, restrictive bank credit standards and tight product and labour market regulation are found to have boosted input misallocation, whereas the Great Recession per se exerted a cleansing effect."

"The last decade has seen a rapid expansion and deepening of the types of vehicles that fund start-up firms in the U.S. and worldwide. In particular, we have seen a growing role of angel groups and other more “individualistic” funding options for start-ups, such as super angels or crowd sourcing platforms.
Authors seek to understand the nature and consequences of angel investments across a variety of geographies with varying levels of venture capital markets and other forms of risk capital. They ask whether angel investors improve the outcomes and performance of the start-ups they invest in. Furthermore we want to understand whether and how the types of firms that seek angel funding vary with the overall entrepreneurial ecosystem in a country.
Authors examine the records of 13 angel investment groups based in 12 nations and with applicants for financing transactions from 21 nations, examining both the applicants that were considered and rejected and those that were funded.
Key findings from the analysis are two-fold. First, angel investors have a positive impact on the growth of the firms they fund, their performance, and survival. Second, they find that the selection of firms that apply for angel funding is different across countries."

"Differences between capital exporting and capital importing countries are decreasing, which may facilitate an agreement on international investment rules. This has been an aim of EU policy for some time. However, the emergence of mega regional agreements have echoes of previous plurilateral agreements. This European Policy Analysis assesses the impact of the mega regional agreements on international investment norms by considering the likely outcome of the Transpacific Partnership negotiations (TTIP) and the text of EU-Canada Comprehensive Economic and Trade Agreement (CETA). It finds the mega regional agreements may introduce norms that are closer to the preferences of developing countries. On the other hand, pressing ahead with mega regional agreements will reduce the incentive to reach a genuine multilateral investment agreement."

"Die deutsche Wirtschaft und vor allem die Investitionsgüterhersteller profitieren in einem besonderen Maß von dem Investitionsboom, der in den ölreichen Ländern seit gut einer Dekade stattfindet. Die Ölländer nutzen einen Teil ihrer Einnahmen, um damit die Kapitalbildung in ihren Ländern voranzutreiben. Aufgrund seiner vergleichsweise stark auf Investitionsgüter ausgerichteten Wirtschaft konnte Deutschland am „Recycling der Petrodollars“ über den Warenhandel gut partizipieren. Rund 17 Prozent der deutschen Handelsbilanzüberschüsse mit Investitionsgütern wurden zuletzt mit den Ölländern realisiert. Die Rohstoffeinnahmen und Investitionen der Ölländer und damit ein Teil des deutschen Leistungsbilanzüberschusses hängen allerdings vom Ölpreis und der wirtschaftlichen Stabilität der Ölländer ab."

"Since the early 2000s, scholars from a variety of disciplines have used the concept of financialization to describe a host of structural changes in the advanced political economies. Studies of financialization interrogate how an increasingly autonomous realm of global finance has altered the underlying logics of the industrial economy and the inner workings of democratic society. This paper evaluates the insights of more than a decade of scholarship on financialization. Three approaches will be discussed: the emergence of a new regime of accumulation, the ascendency of the shareholder value orientation and the financialization of everyday life. It is argued that a deeper understanding of financialization will lead to a better understanding of organized interests, the politics of the welfare state, and processes of institutional change."

"Based on the literature on the diversity of capitalism (DoC) and legal origin (LO), this article examines the role of institutional configurations in the uneven development of private equity (PE) in 18 European countries. The article shows that developed stock markets, the ability of limited partners (insurance companies) to invest in LBO funds and low employment protection are more important determinants than investor protection in the case of LBO investments. However, venture capital (VC) investments are found to be positively associated with investor protection but also with developed stock markets and favourable tax rates for managers. R&D tax incentives for investee companies are found to have a negative impact on VC investments, which are nonetheless promoted by public R&D expenditures. Even if national institutional configurations matter in explaining differences, as emphasised by LO and DoC, we observe a common trend in PE development and financialisation."

"Les plateformes de financement participatif sur Internet (crowdfunding) connaissent un véritable engouement. Il en existe principalement trois formes : celles qui proposent aux internautes de faire un don – la plus populaire, notamment dans le secteur culturel (musique, cinéma, etc.) –, d'autres encore qui fonctionnent selon le principe de prêts rémunérés (crowdlending), et enfin les plateformes qui permettent un financement participatif en capital (crowdequity). La France, plutôt bien placée dans le secteur nouveau du crowdfunding, pourrait l'être davantage encore. Le financement participatif reste en effet peu efficace : de nombreuses campagnes de crowdfunding échouent. C'est pourquoi le gouvernement français, qui a décidé de faire de notre pays un leader européen en la matière, a mis en place une régulation propre aux activités de crowdfunding afin de renforcer la confiance du public vis-à-vis de ce type de financement."