Nber Working Paper Series Resource Misallocation in European Firms: the Role of Constraints, Firm Characteristics and Managerial
NBER WORKING PAPER SERIES RESOURCE MISALLOCATION IN EUROPEAN FIRMS: THE ROLE OF CONSTRAINTS, FIRM CHARACTERISTICS AND MANAGERIAL DECISIONS Yuriy Gorodnichenko Debora Revoltella Jan Svejnar Christoph T. Weiss Working Paper 24444 http://www.nber.org/papers/w24444 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 March 2018 We thank Russell Cooper, Peter Klenow, Albert Park and seminar participants in Berkeley, Bristol, Padova, at the 2018 ASSA meeting (Philadelphia), the CompNet 7th Annual Conference (Halle), the conference “Investment in the new monetary and financial environment” (Paris), the 2019 EEA Congress (Manchester), for helpful discussion and comments. In preparing this paper, Yuriy Gorodnichenko and Jan Svejnar worked under a grant from the European Investment Bank. Jan Svejnar was also supported by the Czech Science Foundation (grant No. 15-24642S). The views expressed herein are those of the authors and do not necessarily reflect the views of the European Investment Bank or the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2018 by Yuriy Gorodnichenko, Debora Revoltella, Jan Svejnar, and Christoph T. Weiss. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Resource Misallocation in European Firms: The Role of Constraints, Firm Characteristics and Managerial Decisions Yuriy Gorodnichenko, Debora Revoltella, Jan Svejnar, and Christoph T. Weiss NBER Working Paper No. 24444 March 2018, Revised June 2020 JEL No.
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