Dependence on external finance : an inherent industry characteristic ?

  • George M. von Furstenberg, Ulf von Kalckreuth
  • Published 2006


Rajan and Zingales (1998) use U.S. Compustat firm data for the 1980s to obtain measures of manufacturing sectors’ Dependence on External Finance (DEF). They take any differences in these measures to be structural/technological and thus applicable to other countries. Their joint assumptions about how to obtain representative values of DEF by sector and about… (More)


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