This paper investigates the impact of the financial crisis on investment decisions in innovative versus non-innovative firms. Firms are defined as being innovative if they have introduced a new product to the…
In this study, we analyze the cyclicality of fiscal policies in China during the period 1978-2013. We find that the cyclicality of local government spending in China significantly affects the cyclicality of…
Over the past five years, the euro area's fiscal rules have been reformed and extended. It is not clear, however, whether these changes have been effective at boosting fiscal prudence, and whether they go far…
Cycles play an important role when analyzing market phenomena. In many markets, both overlaying (weekly, seasonal or business cycles) and time-varying cycles (e.g. asymmetric lengths of peak and off peak or…
Due to being much better documented, legal cartels have recently attracted the interest of many researchers who aim to understand the functioning of illegal cartels in detail. This paper contributes to the…
In the context of yardstick regulation with long-lived assets, the influence of heterogeneous investment cycles on the ability to recover capital is found to be important. The application of efficient firm…
Armenia is preparing for a major reform of its constitution. The draft of the new constitution proposes a switch to a parliamentary system from the current (semi-) presidential system and to a proportional…
