Dependence on External Finance: An Inherent Industry Characteristic? |
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Authors: | George M Von Furstenberg Ulf Von Kalckreuth |
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Institution: | (1) Department of Economics, Wylie Hall, Indiana University, Bloomington, IN 47405, USA;(2) Deutsche Bundesbank, Wilhelm-Epstein-Strasse 14, D-60431 Frankfurt (Main), Germany |
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Abstract: | Rajan and Zingales (1998) use U.S. Compustat firm data for the 1980s to obtain measures of manufacturing sectors’ 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
country’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 1977–1997, attempts to do so using data
that are aggregated by sector. |
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Keywords: | growth and finance financial development industry structure |
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