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The link between innovation and finance

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Cash Holdings and Competition

Erwan Morellec, Boris Nikolov, Francesca Maria Zucchi

We use a dynamic cash management model in which firms face competitive pressure to show that product market competition increases the cash holdings as well as the size and frequency of equity issues of financially constrained firms. We test these predictio ...

2013

On the (Non-)Equivalence of IRR and NPV

Thomas Alois Weber

The internal rate of return (IRR) is generally considered inferior to the net present value (NPV) as a tool for evaluating and ranking projects, despite its inherently useful comparability to the cost of capital and the return of other investment opportuni ...

EPFL CDM MTEI2013

Regulatory Institutions and Governance Costs

Martin Maegli

In recent decades, the European postal industry has undergone profound reforms, which aim to promote competition while simultaneously maintaining a high level of universal services for consumers. It is often put forth that market opening and the emergence ...

EPFL2012

Absorptive capacity, efficiency effect and competitors’ spillovers

Stéphane Lhuillery

Standard innovation surveys do not consider incoming spillovers for non-innovative firms. As a consequence, usual empirical works may overestimate the absorptive capacity effect, particularly among competitors. The Swiss innovation surveys presented here m ...

Springer Verlag2011

Collaborative working capital management in supply networks

Daniel Seifert

Supply chain management is widely accepted as a means for companies to gain competitive advantage. While product and information flows have been widely covered in the literature, relatively little attention has been paid to the management of a supply chain ...

EPFL2010

Corporate Finance, Asset Returns, and Credit Risk

Philip Valta

This dissertation consists of three chapters. The first chapter empirically investigates how the intensity of product market competition affects the cost of debt. Using a large sample of loans to publicly traded US manufacturing firms, the chapter provides ...

EPFL2010

Credit Supply and Corporate Policies

Erwan Morellec

This paper develops a model of corporate investment and financing decisions that differs from previous contributions by recognizing that firms may face uncertainty regarding their future access to credit markets. We show that accounting for credit supply u ...

Swiss Finance Institute Research Paper Series2010

Modelling for product information tracking and feedback via wireless technology in closed-loop supply chains

Closed-loop supply chains (CLSC) consider all of the activities in the lifecycle of a product from design to end-of-life operation. These chains encompass, in addition to the traditional forward flow of products to customers, the acquisition and return flo ...

Taylor & Francis2009

On optimal bidding strategy modeling in the context of a liberalized electricity market

Elena Vdovina Beck

The electricity markets worldwide have distinctive particularities due to some political and historical reasons. However, principal guidelines of market design remain very similar. The main feature of deregulation is to introduce a competition into the gen ...

EPFL2008

The effect of liberalisation on incumbent's innovation

Cátia Alexandra Pereira Felisberto

The network industries have been undergoing a process of reform, where liberalisation is one of the main features. This thesis studies the effect of liberalisation, with and without competition, on the incumbent's incentives to innovate. A model of incumbe ...

EPFL2008