Elmer Sterken

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A recent string of theoretical papers has highlighted the importance of geographical distance in explaining loan rates for small firms. Lenders located in the vicinity of small firms face significantly lower transportation and monitoring costs, and hence wield considerable market power, if competing financiers are located relatively far from the borrowing(More)
We examine the investment-uncertainty relationship for a panel of Dutch manufacturing firms. The system generalised method of moments (GMM) estimates suggests that the effect of uncertainty on investment is non-linear: for low levels of uncertainty an increase in uncertainty has a positive effect on investment, whereas for high levels of uncertainty an(More)
This paper examines how bank relationships affect firm performance. An empirical implication of recent theoretical models is that firms maintaining multiple bank relationships are less profitable than their single-bank peers. We investigate this empirical implication using a data set containing virtually all Norwegian publicly listed firms for the period(More)
I model average running speed on distances from 5000 m to the marathon as a function of age, distance and sex. Using data on US age-dependent road-racing records, I simulate optimal performance forages ranging from 3 to 95 years. The results of the correlation between running speed and age are in line with medical results on the relation between age and(More)
Using data from a survey of 1097 small and medium-sized non-listed Dutch firms we investigate the relation between growth of the firm and uncertainty. We focus on the impact of sales uncertainty on various types of investment. We find that sales uncertainty, measured by the conditional variance, has a mixed impact on various investment decisions. We include(More)
This paper presents a refined interpretation of the role of real time data in estimating a Taylor rule. We use monthly Consensus survey data to construct inflationary and growth expectations. We argue that using real time expectations in estimating a Taylor rule is to be preferred above using real time output gap data alone. We approach uncertainty by the(More)
  • Jan Marc Berk, Peter van Bergeijk, +11 authors Henk van Kerkhoff
  • 1999
We investigate international co-movements in bond yields by testing for uncovered interest parity. We supplement existing work by focussing on long instead of short-term interest rates, and, related to that, by employing exchange rate expectations derived from purchasing power parity instead of actual outcomes. For the major floating currencies over the(More)
Using a panel of Dutch listed firms this paper provides empirical evidence for the hypothesis that more risky firms are confronted with more severe capital market constraints than relatively less risky firms. The paper also contributes to the discussion on the usefulness of cash flow as a measure of financial constraints. We present a stochastic version of(More)
This paper analyzes equilibrium rationing on credit markets in the case of gains from waiting to acquire information about the future profitability of investment. We compare the competitive outcome with the socially optimal level of investment. We show that the opportunity to postpone investment changes the nature of the inefficiencies of the competitive(More)