An Alternative Estimation Framework for Firm-Level Capital Investment

This paper derives and implements Tobit estimation frameworks based on the Abel and Eberly (1998) investment model. We find evidence that a model of investment using rates of capacity utilisation is superior to a standard accelerator model. We apply this framework to a cross-section of firms in Poland, Romania and Spain in order to estimate the incidence of financing constraints.

Estimating double-hurdle models with dependent errors and heteroskedasticity

This paper describes the estimation of the parameters of a double-hurdle model in Stata. It is shown that the independent double-hurdle model can be estimated using a combination of existing commands. Likelihood evaluators to be used with Stata’s ml facilities are derived to illustrate how to fit independent and dependent inverse hyperbolic sine double-hurdle models with heteroskedasticity.

The Determinants of Privatised Enterprise Performance in Russia

Using data from a large enterprise-level panel designed to address this issue, we account for enterprise performance in Russia. We link performance to four aspects of the economic environment: enterprise ownership; corporate governance; market structures and competition; and financial constraints. We conclude that private ownership and improved performance are not correlated, though restructuring is positively associated with the competitiveness of the market environment. These findings on private ownership support those of previous studies, e.g. Earle and Estrin (1997). Moreover, we find evidence that financially unconstrained firms are better in their undertaking of restructuring measures then financially constrained firms. Further analysis suggests that causality runs from restructuring to financial constraint, rather than the reverse. Finally, our findings indicate strong complementarities between the four factors influencing improved company performance, confirming the view that these factors need to be considered jointly.Privatisation, enterprise performance, competition, corporate governance, investment

Transition, investment and capacity utilisation

EThOS - Electronic Theses Online ServiceGBUnited Kingdo

Finance, Restructuring and Performance in Privatised Russian Enterprises

This paper assesses the results of a major survey of privatised enterprises in Russia, examining the financial environment in which firms operate. We find that the three sources of finance analysed (the domestic banking sector, the state and equity markets) are strongly influenced by the industry, size and region of the firm and that of these short-term bank lending is the dominant source of external finance. We find evidence to suggest that the observed financial constraints do not impede restructuring activity but do have a negative impact on the level of investment and the use of monetary surrogates. We conclude that further development of the financial sector is critical to long-term investment and the maintenance of economic growth in Russia. Comparative Economic Studies (2003) 45, 117–147. doi:10.1057/palgrave.ces.8100012

The Determinants of Privatized Enterprise Performance in Russia

Using data from a large enterprise-level panel designed to address this issue, we account for enterprise performance in Russia. We link performance to four aspects of the economic environment outlined in the literature: enterprise ownership; corporate governance; market structures and competition; and financial constraints. We conclude that private ownership and better performance are not correlated, though restructuring is positively associated with the competitiveness of the market environment. These findings on private ownership support those of previous studies, eg Earle and Estrin (1997). Moreover, we find only limited evidence that financially unconstrained firms are better in their undertaking of restructuring measures then financially constrained firms. Further analysis suggests that causality runs from restructuring to financial constraint, rather than the reverse. Finally, our findings indicate strong complementarities between the four factors influencing improved company performance, confirming the view that these factors need to be considered jointly.competition; corporate governance; enterprise performance; investment; privatization

The determinants of privatised enterprise performance in Russia

expressed in the paper are solely those of the authors. William Davidson Institute Working Paper 452 Using data from a large enterprise-level panel designed to address this issue, we account for enterprise performance in Russia. We link performance to four aspects of the economic environment: enterprise ownership; corporate governance; market structures and competition; and financial constraints. We conclude that private ownership and improved performance are not correlated, though restructuring is positively associated with the competitiveness of the market environment. These findings on private ownership support those of previous studies, e.g. Earle and Estrin (1997). Moreover, we find evidence that financially unconstrained firms are better in their undertaking of restructuring measures then financially constrained firms. Further analysis suggests that causality runs from restructuring to financial constraint, rather than the reverse. Finally, our findings indicate strong complementarities between the four factors influencing improved company performance, confirming the view that these factors need to be considered jointly

Controlling Lipid Bioavailability Through Physicochemical and Structural Approaches

The bioavailability of particular lipids may be either increased or decreased by manipulating the microstructure and/or physiochemical properties of the foods that contain them. This article reviews the current understanding of the molecular, physicochemical, and physiological processes that occur during lipid ingestion, digestion, and absorption, and then discusses some approaches that food scientists may use to control these processes in order to impact the rate or extent of lipid bioavailability. These approaches include controlling the molecular characteristics of the lipid molecules, altering lipid droplet size or interfacial properties, and manipulating food matrix structure and composition. Improved knowledge of the molecular, physicochemical, and physiological processes that occur during lipid ingestion, digestion, and absorption will facilitate the rational design and fabrication of functional foods for improved health and wellness