access to external equity. We test these predictions with a panel of over 1600 small firms and find that the growth of most firms is constrained by internal finance. Our results have implications for several different research literatures, including models of firm growth. JEL Codes: L0, D9 We thank Steven Fazzari, Lauren Lax, Josh Lerner, Dorothy Petersen, Laura Rondi, Alessandro Sembenelli, Jim Rebizter, James Stock and three anonymous referees for valuable comments and suggestions. We also thank
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Financial Crises: Theory and Evidence Franklin Allen University of Pennsylvania Ana Babus Cambridge University Elena Carletti European University Institute June 8, 2009 1. Introduction Financial crises have been pervasive phenomena throughout history. Bordo et al. (2001) find that their frequency in recent decades has been double that of the Bretton Woods Period (1945-1971) and the Gold Standard Era (1880-1993), comparable only to the Great Depression. Nevertheless, the financial
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He alleged that the government had an obligation to use an approach of boosting the economy during a depression. On the other hand, Hayek felt that the government did not have to intervene during an economic depression because the forces of demand and supply and laissez-faire would bring equilibrium. Keynes’ book called Treatise on Money created a basis on his policies. Hayek, together with Gunnar Myrdal, received the Nobel Prize for economics in 1974 for their pioneering effort on the theory of
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Saves time while filling gas. 4. SEJ Success Mantra• Integration among Partners• Share Information through highly evolved Data richSCMImportant Aspect of Japanese Business Model is ability to gatherdata about their Consumers & transform it into Information. 5. Data Rich SCMSolid Information System (Trends in Market Demands)Helps in Product Replenishment & CreationPioneered a highly Efficient Logistics systemsReplenished Products to the very small shelfspace (Japan) 6. Major Innovator in convenience
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employability, confident in the safety of their work, fairly compensated, and competent in caring for the wide diversity of the American people. RECOMMENDATIONS The training of physicians, nurses, and other health care workers must change to meet the demands of a changing health care industry. Education and training of health workers should provide those individuals with greater experience in working in interdisciplinary teams, the provision of care in nonhospital settings, the effective use of clinical
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the wreckage of Airasia QZ8501 hit the world on 28th Dec 2014, which put the budget airline in the front of the storm again since it is not the first news about airline crash in 2014. Budget airline is elastic in terms of the speed to repose to the demand change and it makes efforts to sell out its all seat using differentiated prices. Besides, the industry is greatly impacted by macroeconomic context, especially when a financial crisis strikes and during the period of economic recovery. Ryanair, as
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To be discussed: Learning Outcome Five I. Circular Flow – model of real output, income and spending assumes that the price level is constant. a. Simple and multi-sector circular flow model i. Money – Currency that facilitates the exchange of goods and services, and acts as a store and measure of value. ii. Income – The flow of earnings over a period of time iii. Wages (and salaries) – to the members of the household iv. Profits ( as Dividends) – to the
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CHAPTER ONE 1.0 INTRODUCTION 1.1 BACKGROUND OF STUDY Breaking away from the shackles of ‘colonialism’ (British control) the oil rich Nigeria got her independence in 1960. Having being plagued by political instability, the negative impact of a prolonged military rule, corruption, unemployment, inadequate infrastructure and poor macroeconomic management for a long period of time, the nation currently undertakes certain reforms under a new reform minded administration. Prior to the present democratic
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national and regional growth rates correlated with a variety of economic, social, and political variables, including many that are affected by government policies. These observations have led the current generation of growth theorists to formulate models in which per capita income grows indefinitely and long-run performance reflects structural and policy parameters of the local and global economy. With this apparent similarity of intentions, recent research efforts have headed in several different
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Economics Revision Chapter 1:Nature of work and leisure and trends in employment and earnings Earnings | Wages plus overtime pay, bonuses and commission | Economically inactive | Working age people who are neither in employment, nor unemployed, and so are not part of the labour force | Labour force participation rate | The proportion of working age people who are economically active | G8 | The group of major economies consisting of Canada, France, Germany, Italy, Japan, Russia
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