Firm-Level Investment in France and the United States: An Exploration of What We Have Learned in Twenty Years

Our two related goals in this paper are the following: Firstly and mainly, we want to examine the effects of major changes in modelling strategy and econometric methodology, over the past twenty years, on estimation of firm-level investment equations using panel data. Secondly, we try to assess whether the differences in the estimated investment equations, as between recent years and ten to twenty years go in the French and U.S. Manufacturing industries, are real' and economically meaningful. Thus our paper consists of a series of comparisons: a simple accelerator-profit specification versus one with error correction, traditional between- and within-firm estimation versus GMM estimation, the investment behavior of French firms versus that of U.S. firms, and investment behavior in recent years versus ten to twenty years ago. Although the important econometric advances of the past twenty years have been far from being as successful as we had hoped for, we do find some significant improvement in the specification, estimation and interpretation of firm investment equations; we also fin some real changes in the investment behavior of French and U.S. firms during these twenty years.

A Courting Behavioral Study on a Hyacinth Macaw (Anodorhynchus hyacinthinus) Pair

This study observes the courtship behaviors of an Anodorhynchus hyacinthinus pair in the Central Florida Zoo and Botanical Gardens in Sanford, Florida. A. hyacinthinus reproductive behaviors occur in four steps in the following order: Allopreening, Cloacal allopreening, Back to Back Copulation Position and finally, Copulation (Schneider 2006). Behavioral observations were taken twice a week for an average of 2 to 3 hours each day for ten weeks. The resulting data was analyzed based on the different actions, types of movement, and types of maintenance observed of the A. hyacinthinus pair. Percentages and averages were then calculated for actions relevant to courtship behaviors – Destruction, Vocalization, Self-preening, and Mutual Preening. From the observations collected during this study, the pair only fully completed step 1 (Allopreening) of the mating process. This species is known to produce specialized vocalizations when Cloacal Allopreening (step 2) is reached (Schneider 2006). However, the specialized vocalizations were absent during observation sessions. One of the individuals was observed to attempt the beginning positions for step 3, Back-to-Back Copulation Position, but this action was not reciprocated by the other individual, suggesting Step 3 was not completed. Lastly, Copulation was not observed throughout the study. These findings nevertheless demonstrate that the A. hyacinthinus pair is well bonded and may be encouraged to copulate if given proper nesting materials and privacy

Retórica y control social en el gran debate sobre los embriones

Sin resume

Financial factors and investment in Belgium, France, Germany, and the United Kingdom: A comparison using company panel data

We construct company panel data sets for manufacturing firms in Belgium, France, Germany, and the United Kingdom, covering the period 1978-1989. These data sets are used to estimate empirical investment equations, and to investigate the role played by financial factors in each country. A robust finding is that cash flow and profits terms appear to be both statistically and quantitatively more significant in the United Kingdom than in the three continental European countries. This is consistent with the suggestion that financial constraints on investment may be relatively severe in the more market-oriented U.K. financial system

Firm Level Investment in France and the United States: An Exploration of What We Have Learned in Twenty Years

We review the changes in modelling strategy and econometric methodology when estimating a firm-level investment equation on panel data during the past twenty years, in order to assess which of these changes result from new estimation methods and changes in the practice of panel data econometrics, and which are "real" and due to the evolution of the economy. Thus our paper consists of a series of comparisons: a simple accelerator-profit specification versus one with error correction, traditional between- and within-firm estimation versus GMM estimation, the investment behavior of French firms versus that of U.S. firms, and investment behavior today versus ten to twenty years ago. Although the econometric advances have perhaps not been as successful as we had hoped, we do find some real change in firm behavior and some improvement in equation specification and interpretation during the past twenty years.investment, panel data, GMM, international comparisons, firm- level

Social Death

This review will outline various ways in which the notion of 'social death’ can be understood, and how they can be related to clinical practice. The idea of social death is used to analytically represent how someone can be identified and treated as if they are ontologically deficient – meaning that they are not seen as being 'fully human.' This impacts on their position within society and how they are interacted with. This review will consider three examples of social death - often distinguished from physical or biological death - that are important for clinical practice: loss of agency and identity; treating people as if they are already dead; and, rituals and bereavement. Recognising that a distinction between social and biological death may not always be helpful, this review will suggest ways in which healthcare practitioners can minimise the likelihood of inadvertently treating someone as 'socially dead'

An exploration of local R&D spillovers in France

This paper is an attempt to assess the existence and magnitude of local research spillovers in France. We rely on the model of an extended production function (Cobb-Douglas and Translog) with both local and neighborhood R&D capital stocks. We estimate this model on 312 employment areas as of 1999, first for the whole economy, then separately for five large manufacturing industries. We find estimates of R&D capital elasticities with respect to productivity which are significant and plausible both within own-area and across neighboring areas, as well as within own-industry but not across different industries.Productivity, R&D, Local R&D Spillovers, Spatial Econometrics

An Exploration of Local R&D Spillovers in France

This paper is an attempt to assess the existence and magnitude of local research spillovers in France. We rely on the model of an extended production function (Cobb-Douglas and Translog) with both local and neighborhood R&D capital stocks. We estimate this model on 312 employment areas as of 1999, first for the whole economy, then separately for five large manufacturing industries. The estimated elasticities of productivity with respect to R&D capital are significant and plausible, both within own-area and across neighboring areas as well as within own-industry, but they are weaker across different industries.

Firm Level Investment and R&D in France and the United States: A Comparison

This paper is a contribution to the small but growing literature that compares the investment and R&D behavior of manufacturing firms in large developed countries that have varying financial and capital market institutions. Specifically, we look at two similar samples of French and United States firms during the period 1982-1993. We estimate a dynamic specification of a simple error-corrected investment model for both ordinary investment and for R&D investment, a model that incorporates both output (sales or turnover) and cash flow as predictors for investment. Our focus is on two comparisons: France versus the United States and physical investment versus R&D investment. In general, we do not find any significant differences between the two countries in the long run effects of demand (output) on investment. However, we do find that cash flow or profits appear to have a much larger impact on both R&D and investment in the U.S. Except for the well-known difference in the serial correlation of the two types of capital spending, we reject any signficant differences between investment and R&D behavior for each country; the major differences are between countries.Investment, R&D, financing constraint, liquidity constraint, cash flow sensitivity, international comparison

Firm Level Investment and R&D in France and the United States: A Comparison

This paper is a contribution to the small but growing literature that compares the investment and R&D behavior of manufacturing firms in large developed countries that have varying financial and capital market institutions. Specifically, we look at two similar samples of French and United States firms during the period 1982-1993. We estimate a dynamic specification of a simple error-corrected investment model for both ordinary investment and for R&D investment, a model that incorporates both output (sales or turnover) and cash flow as predictors for investment. Our focus is on two comparisons: France versus United States and physical investment versus R&D investment. In general, we do not find any significant differences between the two countries in the long run effects of demand (output) on investment. However, we do find that cash flow or profits appear to have a much larger impact on both R&D and investment in the U.S. Except for the well-known difference in the serial correlation of the two types of capital spending, we reject any significant differences between investment and R&D behavior for each country; the major differences are between countries.