Benoît Mulkay - Academia.edu (original) (raw)
Papers by Benoît Mulkay
Assessing the local spillover impacts of R&D investments on the various dimensions of economic ac... more Assessing the local spillover impacts of R&D investments on the various dimensions of economic activity (productivity, employment, growth, …) both in the geographic area where they are located and in neighbouring areas, is one the most difficult and important challenge of recent empirical investigations in the economics of research and innovation: see below for references to a number of such
We review the changes in modelling strategy and econometric methodology when estimating a firin-l... more We review the changes in modelling strategy and econometric methodology when estimating a firin-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
This paper is a contribution to the small but growing literature that compares the investment and... more 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
The aim of this article is to evaluate the effect of the cost of R&D capital, and more particular... more The aim of this article is to evaluate the effect of the cost of R&D capital, and more particularly of the tax credit on R&D expenditure, introduced in France since 1983, as a fiscal incentive to private R&D. A user cost of R&D capital is derived with imperfect capital markets, corporate and shareholders taxation. A special treatment is devoted to the introduction of the incremental tax credit on R&D expenditure. We distinguish the user cost with or without the tax credit in order to assess its specific effect. Data on French companies over the period 1980 – 1997 are used in the empirical test in order to evaluate the determinants of the R&D. The effect of the user cost on R&D is identified by the change in the tax policies during the estimation period. More particularly the changes in the statutory rate of tax credit, the floor and the ceiling to its the use allow measuring the effect of this major incentive to the private R&D. The main determinant of the R&D expenditure remains al...
The aim of this article is to evaluate the effect of the cost of R&D capital, and more particular... more The aim of this article is to evaluate the effect of the cost of R&D capital, and more particularly of the taxcredit on R&D expenditures, introduced in France since 1983, as a fiscal incentive to private R&D. A user cost of R&Dcapital is derived with imperfect capital markets, corporate and shareholders taxation. A special treatment is devoted tothe introduction of the incremental tax credit on R&D expenditures. We propose a decomposition of the user cost ofcapital into four components, which allow us in particular to distinguish two user cost measures with or without theR&D tax credit. We rely on this decomposition to assess the specific effect of the R&D tax credit in the framework ofan econometric mo del estimated on a panel of French Manufacturing firms over the period 1980-1997. The effect of theuser cost on R&D is thus identified by the changes in the tax policies during the estimation period, and more preciselythe changes in the statutory rate of R&D tax credit, and definitio...
This paper analyzes the relationship between banks’ divergent strategies toward specialization ... more This paper analyzes the relationship between banks’ divergent strategies toward specialization and diversification of financial activities and their ability to withstand a banking sector crash. We first generate market-based measures of banks’ systemic risk exposures using extreme value analysis. Systemic banking risk is measured as the tail beta, which equals the probability of a sharp decline in a bank’s stock price conditional on a crash in a banking index. Subsequently, the impact of (the correlation between) interest income and the components of non-interest income on this risk measure is assessed. The heterogeneity in extreme bank risk is attributed to differences in the scope of non-traditional banking activities: non-interest generating activities increase banks’ tail beta. In addition, smaller banks and better-capitalized banks are better able to withstand extremely adverse conditions. These relationships are stronger during turbulent times compared to normal econom...
Annales d'économie et de statistique
We review the changes in modelling strategy and econometric methodology when estimating a firm-le... more 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.
Annales d'économie et de statistique
This paper is an attempt to assess the existence and magnitude of local research spillovers in Fr... more 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 Trans log) 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 with in own-area and across neighboring areas as well as within own-industry, but they are weaker across different industries.
Économie & prévision, 1993
ABSTRACT [eng] The Creation and Axing of Jobs and Unemployment : The Belgian Case, . by Benoît Mu... more ABSTRACT [eng] The Creation and Axing of Jobs and Unemployment : The Belgian Case, . by Benoît Mulkay and Marc A. Van Audenrode.. . This article uses a sample of over one thousand firms to present a number of results concerning the creation and axing of jobs in Belgium. These levels are lower than those observed in the United States. Actions take place mainly within the company and are barely influenced by aggregate or sectorial aspects. Theories traditionally produced to explain the differences in unemployment rates between European countries and the United States are tested. [ger] Die Schaffiing und Vernichtung von Arbeitsplätzen und die Auswirkungen auf die Arbeitslosigkeit: der Fall Belgiens, . von Benoît Mulkay und Marc A. van Audenrode.. . In diesem Artikel werden einige Ergebnisse präsentiert, zu denen man anhand einer Stichprobe von mehr als tausend Firmen hinsichtlich der Schaffung und Vernichtung von Arbeitsplätzen in Belgien gelangte. In beiden Fällen ist dort der Umfang soldier Maßnahmen geringer als in den Vereinigten Staaten. Diese im wesentlichen unternehmensspezifischen Bewegungen werden nur wenig von aggregierten oder sektoriellen Aspekten beeinflußt. Getestet werden Theorien, die gewöhnlich herangezogen werden, um die Unterschiede bei der Arbeitslosenquote zwischen den europäischen Ländern und den Vereinigten Staaten zu erklären. [spa] Creación, destrucción de empleos y desempleo : el caso de Bélgica, . por Benoît Mulkay y Marc A. Van Audenrode.. . Tomando como punto de partida una muestra de más de mil empresas, se presentan en este artículo algunos resultados relativos a las creaciones y destrucciones de empleos en Bélgica. Sus nivelés son inf eriores de aquellos comprobados para los Estados Unidos de América. Estos movimientos, fundamentalmente propios a la empresa, se ven muy poco influidos por los aspectos agregados o sectoriales. Se procede al ensayo de las teorías tradicionalmente invocadas para explicar las diferencias de porcentaje de desempleo entre los países europeos y los Estados Unidos de América. [fre] Création, destruction d'emplois et chômage : le cas de la Belgique, . par Benoît Mulkay, Marc A. Van Audenrode.. . Cet article présente, à partir d'un échantillon de plus de mille firmes, quelques résultats concernant les créations et les destructions d'emplois en Belgique. Leurs niveaux y sont inférieurs à ceux constatés aux États-Unis. Ces mouvements, essentiellement propres à l'entreprise, sont très peu influencés par des aspects agrégés ou sectoriels. Des théories traditionnellement invoquées pour expliquer les différences de taux de chômage entre les pays européens et les États-Unis sont testées.
Economie et statistique, 2001
Review of Economics and Statistics, 2003
Revue économique, 1995
ABSTRACT [fre] La hiérarchie des financements des investissements des PME. . La théorie financièr... more ABSTRACT [fre] La hiérarchie des financements des investissements des PME. . La théorie financière moderne de l'entreprise suggère l'existence d'une hiérarchie de financement de l'investissement à cause de coûts de faillite, de taxation différentielle, d'asymétrie d'information ou de relation entre l'entreprise et ses créanciers. Dans cette étude, nous tentons de vérifier l'existence d'une hiérarchie de financement au niveau des investissements des petites et moyennes entreprises françaises au moyen de données individuelles sur la période 1990-1992.. Les résultats de l'analyse descriptive de l'échantillon montrent que l'autofinancement reste la source préférée de financement, suivie par l'endettement et enfin les apports externes. On peut noter que plus l'entreprise investit, plus elle a recours à du financement externe après avoir épuisé les sources internes. Nous présentons également les résultats d'estimations économétriques des déterminants des sources de financement des entreprises qui confirment l'existence d'une structure de financement particulière des petites et moyennes entreprises. [eng] The financing hierarchy of the investments in small and medium companies. . The modern financial theory assumes the existence of a financing hierarchy for the investments because of bankruptcy costs, different tax rates, asymmetric informations or principal-agents relationship in debt contracts. In this study, we try to verify the existence of such a hierarchy of financiang at the level of investments of french small and medium companies during the period 1990-92.. The results of the descriptive analysis of the sample showthat the cash-flow remain the preffered source of financing, followed by the debts and then the external resources. We can note that the more the firm invests the more it finances externally, after drying out the internal sources of finance. We also present the results of econometric estimations which confirm the existence of a particular structure of financing for the small and medium companies.
Dans cet article, nous dérivons et testons quelques implications sur l'emploi et la formation... more Dans cet article, nous dérivons et testons quelques implications sur l'emploi et la formation des salaires de la théorie Insiders-Outsiders. On dérive un modèle de demande de travail et de formation de salaires des entreprises en supposant qu'elles déterminent l'emploi, alors que les insiders, regroupés dans un syndicat, déterminent les salaires futurs dans l'entreprise. Pour tester ces deux relations, nous
Assessing the local spillover impacts of R&D investments on the various dimensions of economic ac... more Assessing the local spillover impacts of R&D investments on the various dimensions of economic activity (productivity, employment, growth, …) both in the geographic area where they are located and in neighbouring areas, is one the most difficult and important challenge of recent empirical investigations in the economics of research and innovation: see below for references to a number of such
We review the changes in modelling strategy and econometric methodology when estimating a firin-l... more We review the changes in modelling strategy and econometric methodology when estimating a firin-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
This paper is a contribution to the small but growing literature that compares the investment and... more 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
The aim of this article is to evaluate the effect of the cost of R&D capital, and more particular... more The aim of this article is to evaluate the effect of the cost of R&D capital, and more particularly of the tax credit on R&D expenditure, introduced in France since 1983, as a fiscal incentive to private R&D. A user cost of R&D capital is derived with imperfect capital markets, corporate and shareholders taxation. A special treatment is devoted to the introduction of the incremental tax credit on R&D expenditure. We distinguish the user cost with or without the tax credit in order to assess its specific effect. Data on French companies over the period 1980 – 1997 are used in the empirical test in order to evaluate the determinants of the R&D. The effect of the user cost on R&D is identified by the change in the tax policies during the estimation period. More particularly the changes in the statutory rate of tax credit, the floor and the ceiling to its the use allow measuring the effect of this major incentive to the private R&D. The main determinant of the R&D expenditure remains al...
The aim of this article is to evaluate the effect of the cost of R&D capital, and more particular... more The aim of this article is to evaluate the effect of the cost of R&D capital, and more particularly of the taxcredit on R&D expenditures, introduced in France since 1983, as a fiscal incentive to private R&D. A user cost of R&Dcapital is derived with imperfect capital markets, corporate and shareholders taxation. A special treatment is devoted tothe introduction of the incremental tax credit on R&D expenditures. We propose a decomposition of the user cost ofcapital into four components, which allow us in particular to distinguish two user cost measures with or without theR&D tax credit. We rely on this decomposition to assess the specific effect of the R&D tax credit in the framework ofan econometric mo del estimated on a panel of French Manufacturing firms over the period 1980-1997. The effect of theuser cost on R&D is thus identified by the changes in the tax policies during the estimation period, and more preciselythe changes in the statutory rate of R&D tax credit, and definitio...
This paper analyzes the relationship between banks’ divergent strategies toward specialization ... more This paper analyzes the relationship between banks’ divergent strategies toward specialization and diversification of financial activities and their ability to withstand a banking sector crash. We first generate market-based measures of banks’ systemic risk exposures using extreme value analysis. Systemic banking risk is measured as the tail beta, which equals the probability of a sharp decline in a bank’s stock price conditional on a crash in a banking index. Subsequently, the impact of (the correlation between) interest income and the components of non-interest income on this risk measure is assessed. The heterogeneity in extreme bank risk is attributed to differences in the scope of non-traditional banking activities: non-interest generating activities increase banks’ tail beta. In addition, smaller banks and better-capitalized banks are better able to withstand extremely adverse conditions. These relationships are stronger during turbulent times compared to normal econom...
Annales d'économie et de statistique
We review the changes in modelling strategy and econometric methodology when estimating a firm-le... more 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.
Annales d'économie et de statistique
This paper is an attempt to assess the existence and magnitude of local research spillovers in Fr... more 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 Trans log) 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 with in own-area and across neighboring areas as well as within own-industry, but they are weaker across different industries.
Économie & prévision, 1993
ABSTRACT [eng] The Creation and Axing of Jobs and Unemployment : The Belgian Case, . by Benoît Mu... more ABSTRACT [eng] The Creation and Axing of Jobs and Unemployment : The Belgian Case, . by Benoît Mulkay and Marc A. Van Audenrode.. . This article uses a sample of over one thousand firms to present a number of results concerning the creation and axing of jobs in Belgium. These levels are lower than those observed in the United States. Actions take place mainly within the company and are barely influenced by aggregate or sectorial aspects. Theories traditionally produced to explain the differences in unemployment rates between European countries and the United States are tested. [ger] Die Schaffiing und Vernichtung von Arbeitsplätzen und die Auswirkungen auf die Arbeitslosigkeit: der Fall Belgiens, . von Benoît Mulkay und Marc A. van Audenrode.. . In diesem Artikel werden einige Ergebnisse präsentiert, zu denen man anhand einer Stichprobe von mehr als tausend Firmen hinsichtlich der Schaffung und Vernichtung von Arbeitsplätzen in Belgien gelangte. In beiden Fällen ist dort der Umfang soldier Maßnahmen geringer als in den Vereinigten Staaten. Diese im wesentlichen unternehmensspezifischen Bewegungen werden nur wenig von aggregierten oder sektoriellen Aspekten beeinflußt. Getestet werden Theorien, die gewöhnlich herangezogen werden, um die Unterschiede bei der Arbeitslosenquote zwischen den europäischen Ländern und den Vereinigten Staaten zu erklären. [spa] Creación, destrucción de empleos y desempleo : el caso de Bélgica, . por Benoît Mulkay y Marc A. Van Audenrode.. . Tomando como punto de partida una muestra de más de mil empresas, se presentan en este artículo algunos resultados relativos a las creaciones y destrucciones de empleos en Bélgica. Sus nivelés son inf eriores de aquellos comprobados para los Estados Unidos de América. Estos movimientos, fundamentalmente propios a la empresa, se ven muy poco influidos por los aspectos agregados o sectoriales. Se procede al ensayo de las teorías tradicionalmente invocadas para explicar las diferencias de porcentaje de desempleo entre los países europeos y los Estados Unidos de América. [fre] Création, destruction d'emplois et chômage : le cas de la Belgique, . par Benoît Mulkay, Marc A. Van Audenrode.. . Cet article présente, à partir d'un échantillon de plus de mille firmes, quelques résultats concernant les créations et les destructions d'emplois en Belgique. Leurs niveaux y sont inférieurs à ceux constatés aux États-Unis. Ces mouvements, essentiellement propres à l'entreprise, sont très peu influencés par des aspects agrégés ou sectoriels. Des théories traditionnellement invoquées pour expliquer les différences de taux de chômage entre les pays européens et les États-Unis sont testées.
Economie et statistique, 2001
Review of Economics and Statistics, 2003
Revue économique, 1995
ABSTRACT [fre] La hiérarchie des financements des investissements des PME. . La théorie financièr... more ABSTRACT [fre] La hiérarchie des financements des investissements des PME. . La théorie financière moderne de l'entreprise suggère l'existence d'une hiérarchie de financement de l'investissement à cause de coûts de faillite, de taxation différentielle, d'asymétrie d'information ou de relation entre l'entreprise et ses créanciers. Dans cette étude, nous tentons de vérifier l'existence d'une hiérarchie de financement au niveau des investissements des petites et moyennes entreprises françaises au moyen de données individuelles sur la période 1990-1992.. Les résultats de l'analyse descriptive de l'échantillon montrent que l'autofinancement reste la source préférée de financement, suivie par l'endettement et enfin les apports externes. On peut noter que plus l'entreprise investit, plus elle a recours à du financement externe après avoir épuisé les sources internes. Nous présentons également les résultats d'estimations économétriques des déterminants des sources de financement des entreprises qui confirment l'existence d'une structure de financement particulière des petites et moyennes entreprises. [eng] The financing hierarchy of the investments in small and medium companies. . The modern financial theory assumes the existence of a financing hierarchy for the investments because of bankruptcy costs, different tax rates, asymmetric informations or principal-agents relationship in debt contracts. In this study, we try to verify the existence of such a hierarchy of financiang at the level of investments of french small and medium companies during the period 1990-92.. The results of the descriptive analysis of the sample showthat the cash-flow remain the preffered source of financing, followed by the debts and then the external resources. We can note that the more the firm invests the more it finances externally, after drying out the internal sources of finance. We also present the results of econometric estimations which confirm the existence of a particular structure of financing for the small and medium companies.
Dans cet article, nous dérivons et testons quelques implications sur l'emploi et la formation... more Dans cet article, nous dérivons et testons quelques implications sur l'emploi et la formation des salaires de la théorie Insiders-Outsiders. On dérive un modèle de demande de travail et de formation de salaires des entreprises en supposant qu'elles déterminent l'emploi, alors que les insiders, regroupés dans un syndicat, déterminent les salaires futurs dans l'entreprise. Pour tester ces deux relations, nous