Appendix D: Tables
OLS LEVELS
OLS LEVELS
OLS
DEVIATIONS
GMM LEVELS
GMM
DEVIATIONS i.,v 1.027 (0.002) 1.022 (0.004) 1.030 (0.001) 1.017 (0.004)
ct.v 0.049 (0.008) 0.020 (0.011) 0.071 (0.008) 0.062 (0.018) a 0.091 (0.010) 0.116 (0.014) 0.045 (0.010) 0.155 (0.026)
Sargan 83.6 [ 69 ] 105.0 [ 69 ]
W(d) 45.5 E 11 ] 189.3 [ 12 ] 38.4 [ 11 ] 155.7 [ 12]
W(findustry ) 120.2 [ 10 ] 114.0 [ 10]
m1 22.6 E 1282 ] 14.2 [ 1282 ] 22.7 [ 1282 ] 14.4 [ 1282]
M2 17.4 [ 1116 ] 8.3 [ 1116 ] 17.4 [ 1116 ] 8.4 [ 1116]
Instruments t-1,t-2 t-1,t-2
Observations 8691 8691 8691 8691
Firms 1282 1282 1282 1282
Notes:
See table 1.
Table 8: MODEL WITHOUT ADJUSTMENT COSTS PARAMETERS ESTIMATED BY FIRM SIZE
(
x;
Y) = /Iv )1 +
avil {72 (13) (fl.)2} +a (As _ Bs \ fi dtK t -11r)t Rr )t K )t
Method OLS
LEVELS
OLS
DEVIATIONS
GMM LEVELS
GMM
DEVIATIONS
dsmati 1.029 (1002) 1.028 (0.004) 1.032 (0.002) 1.031 (0.004)
1-:-dmedium 1.027 (0.003) 1.025 (0.005) 1.030 (0.002) 1.010 (0.003)
,,dlar- ge 1.022 (0.005) 0.999 (0.007) 1.013 (0.003) 1.000 (0.004)
a i dsmau 0.050 (0.010) 0.025 (0.015) 0.059 (0.009) 0.100 (0.023) a Edmedium 0.039 (0.012) 0.015 (0.015) 0.066 (0.011) 0.011 (0.022)
1.
a vdiarge 0.081 (0.025) 0.016 (0.030) 0.150 (0.018) -0.051 (0.036)
a d small 0.071 (1012) 0.097 (0.019) 0.033 (0.012) 0.139 (0.031)
admedium 0.130 (0.017) 0.132 (0.020) 0.068 (0.015) 0.174 (0.034)
adiarge 0.037 (0.033) 0.099 (0.037) -0.024 (0.022) 0.225 (0.026)
Sargan 230.8 [ 207 ] 223.8 [ 207 ]
W(d) 44.9 [ 11 ] 186.1 [ 12 ] 39.3 [ 11 ] 162.5 [ 12 ]
W &industry 119.7 [ 10 ] 113.5 [ 10]
m1 22.7 [ 1282 ] 14.0 [ 1282 ] 22.9 [ 1282 ] 14.5 [ 1282]
m2 17.3 [ 1116 ] 8.1 [ 1116 ] 17.3 [ 1116 ] 8.5 [ 1116]
Instr. t-1,t-2 t-1,t-2
Obs. 8691 8691 8691 8691
Firms 1282 1282 1282 1282
Notes:
See table 1.
Table 9: MODEL WITHOUT ADJUSTMENT COSTS PARAMETERS ESTIMATED BY TIME PERIOD
2 ASAs _ Bs \ a i c/77_83 0.053 (0.011) 0.036 (0.013) 0.072 (0.012) 0.059 (0.021) ad84-87 0.052 (0.013) 0.007 (0.014) 0.067 (0.015) 0.008 (0.034) ai-C/88-90 0.029 (0.018) -0.029 (0.017) 0.075 (0.020) 0.007 (0.061) ad77-83 0.095 (0.014) 0.121 (0.018) 0.046 (0.014) 0.153 (0.031) ad84-87 0.092 (0.017) 0.127 (0.017) 0.050 (0.017) 0.208 (0.044) ad88-90 0.082 (0.020) 0.098 (0.020) 0.037 (0.021) 0.177 (0.077)
Sargan 82.7 E 63 ] 87.4 [ 63]
Obs. 8691 8691 8691 8691
Firms 1282 1282 1282 1282
Notes:
See table 1.
Table 10: SUMMARY STATISTICS
VARIABLE SAMPLE OBS. MEAN MED. S.DEV. A.CORR. MIN
, MAX
.1-7i All 11255 0.057 0.032 0.091 0.320 -0.730 0.999
1977 - 1983 6260 0.060 0.033 0.095 0.323 -0.730 0.999 1984 - 1987 3165 0.058 0.034 0.091 0.315 -0.471 0.913 1988 - 1990 1830 0.044 0.026 0.076 0.316 -0.585 0.740 Small firms 5435 0.059 0.030 0.100 0.341 -0.532 0.999 Medium firms 4761 0.055 0.033 0.084 0.266 -0.730 0.913 Large firms 1059 0.052 0.034 0.070 0.441 -0.359 0.681
yB All 11255 0.212 0.167 0.184 0.790 0.000 1.466
1977 - 1983 6260 0.220 0.173 0.188 0.813 0.000 1.420 1984 - 1987 3165 0.203 0.159 0.181 0.779 0.000 1.466 1988 - 1990 1830 0.203 0.161 0.174 0.735 0.000 1.211 Small firms 5435 0.224 0.173 0.197 0.795 0.000 1.420 Medium firms 4761 0.203 0.163 0.174 0.783 0.000 1.466 Large firms 1059 0.192 0.158 0.150 0.767 0.000 1.364
As-Bsif All 11255 0.103 0.073 0.212 0.788 -1.490 1.491
1977 - 1983 6260 0.089 0.066 0.206 0.787 -1.490 1.491 1984 - 1987 3165 0.125 0.086 0.225 0.791 -0.956 1.422 1988 - 1990 1830 0.111 0.079 0.204 0.782 -1.056 1.147 Small firms 5435 0.098 0.068 0.219 0.793 -1.490 1.422 Medium firms 4761 0.102 0.074 0.206 0.774 -1.266 1.491 Large firms 1059 0.133 0.101 0.196 0.824 -1.056 1.377
Y-LK All 11255 0.097 0.077 0.109 0.543 -0.503 0.697
1977 - 1983 6260 0.102 0.081 0.114 0.495 -0.474 0.697 1984 - 1987 3165 0.096 0.077 0.107 0.617 -0.503 0.669 1988 - 1990 1830 0.078 0.066 0.097 0.572 -0.462 0.657 Small firms 5435 0.099 0.080 0.112 0.500 -0.463 0.681 Medium firms 4761 0.097 0.076 0.110 0.578 -0.503 0.697 Large firms 1059 0.087 0.071 0.093 0.623 -0.356 0.681
Table 10: SUMMARY STATISTICS, continued
VARIABLE SAMPLE OBS. MEAN MED. S.DEV. A.CORR. MIN MAX
"KY All 11255 1.441 1.064 1.429 0.776 0.063 41.35 1977 - 1983 6260 1.466 1.107 1.501 0.744 0.063 41.35 1984 - 1987 3165 1.464 1.071 1.372 0.847 0.110 16.43 1988 - 1990 1830 1.319 0.931 1.258 0.766 0.141 23.43 Small firms 5435 1.474 1.098 1.421 0.782 0.063 31.28 Medium firms 4761 1.436 1.055 1.370 0.820 0.109 23.43 Large firms 1059 1.299 0.935 1.699 0.646 0.139 41.35
-KL All 11255 1.345 0.974 1.389 0.773 0.062 41.08
1977 - 1983 6260 1.364 1.004 1.462 0.740 0.062 41.08 1984 - 1987 3165 1.368 0.981 1.328 0.846 0.116 16.05 1988 - 1990 1830 1.241 0.876 1.226 0.763 0.113 23.25 Small firms 5435 1.375 0.999 1.380 0.781 0.062 30.67 Medium firms 4761 1.340 0.972 1.329 0.819 0.106 23.25 Large firms 1059 1.211 0.847 1.671 0.635 0.170 41.08
Table 11: OBSERVATIONS BY YEAR
YEAR FREQUENCY PERCENT CUM. PERCENT
Trimmed Complete Trimmed Complete Trimmed Complete
1977 800 1118 7.11 8.14 7.11 8.14
1978 855 1089 7.60 7.93 14.70 16.08
1979 910 1062 8.09 7.74 22.79 23.81
1980 945 1042 8.40 7.59 31.19 31.40
1981 950 1052 8.44 7.66 39.63 39.07
1982 929 1025 8.25 7.47 47.88 46.53
1983 • 871 964 7.74 7.02 55.62 53.55
1984 838 925 7.45 6.74 63.07 60.29
1985 791 902 7.03 6.57 70.09 66.86
1986 777 919 6.90 6.69 77.00 73.56
1987 759 924 6.74 6.73 83.74 80.29
1988 683 941 6.07 6.85 89.81 87.14
1989 613 886 5.45 6.45 95.26 93.60
1990 534 879 4.74 6.40 100.00 100.00
Total 11255 13728 100.00 100.00
Table 12: OBSERVATIONS BY INDUSTRY
INDUSTRY (ISIC) FREQUENCY PERCENT CUM. PERCENT
Trimmed Complete Trimmed Complete Trimmed Complete
Food (31) 2234 2689 19.85 19.59 19.85 19.59
Textiles (32) 890 1079 7.91 7.86 27.76 27.45
Wood (33) 1231 1484 10.94 10.81 38.69 38.26
Paper (34) 1648 1955 14.64 14.24 53.34 52.50
Chemicals (35) 826 933 7.34 6.80 60.68 59.29
Mineral Products (36) 471 515 4.18 3.75 64.86 63.05
Basic Metals (37) 347 399 3.08 2.91 67.94 65.95
Metal Products (381) 875 1117 7.77 8.14 75.72 74.09
Machinery (382) 959 1320 8.52 9.62 84.24 83.70
Electrical Products (383) 529 682 4.70 4.97 88.94 88.67
Transp.finstr. (384/5) 1245 1555 11.06 11.33 100.00 100.00
Total 11255 13728 100.00 100.00
Table 13: OBSERVATIONS PER FIRM
OBS. FREQUENCY PERCENT CUM. PERCENT
Trimmed Complete Trimmed Complete Trimmed Complete
1 350 2.55 2.55
2 518 3.77 6.32
3 582 4.24 10.56
4 600 624 5.33 4.55 5.33 15.11
5 635 620 5.64 4.52 10.97 19.62
6 786 864 6.98 6.29 17.96 25.92
7 798 847 7.09 6.17 25.05 32.09
8 776 904 6.89 6.59 31.94 38.67
9 792 810 7.04 5.90 38.98 44.57
10 880 950 7.82 6.92 46.80 51.49
11 869 924 7.72 6.73 54.52 58.22
12 768 804 6.82 5.86 61.34 64.08
13 767 871 6.81 6.34 68.16 70.43
14 3584 4060 31.84 29.57 100.00 100.00
Total 11255 13728 100.00 100.00
Issued in the series Discussion Papers
I. Aslaksen and O. Bjerkholt (1985): Certainty Equiva-lence Procedures in the Macroeconomic Planning of an Oil Economy
E. Bjørn (1985): On the Prediction of Population Totals from Sample surveys Based on Rotating Panels P. Frenger (1985): A Short Run Dynamic Equilibrium Model of the Norwegian Production Sectors
I. Aslaksen and O. Bjerkholt (1985): Certainty Equiva -lence Procedures in Decision-Making under Uncertain-ty: An Empirical Application
E. Bjørn (1985): Depreciation Profiles and the User Cost of Capital
P. Frenger (1985): A Directional Shadow Elasticity of Substitution
S. Longva, L. Lorentsen and Ø. Olsen (1985): The Multi-Sectoral Model MSG-4, Formal Structure and Empirical Characteristics
J. Fagerberg and G. Sollie (1985): The Method of Constant Market Shares Revisited
E. Bjørn (1985): Specification of Consumer Demand Models with Stochastic Elements in the Utility Func-tion and the first Order CondiFunc-tions
E. Bjørn, E. Holmøy and Ø. Olsen (1985): Gross and Net Capital, Productivity and the form of the Survival Function. Some Norwegian Evidence
J.K. Dagsvik (1985): Markov Chains Generated by Maximizing Components of Multidimensional Extremal Processes
E. Bjørn, M. Jensen and M. Reymert (1985): KVARTS - A Quarterly Model of the Norwegian Economy R. Aaberge (1986): On the Problem of Measuring In-equality
A.-M. Jensen and T. Schweder (1986): The Engine of Fertility - Influenced by Interbirth Employment E. Bjørn (1986): Energy Price Changes, and Induced Scrapping and Revaluation of Capital - A Putty-Clay Model
E. Bjørn and P. Frenger (1986): Expectations, Substi-tution, and Scrapping in a Putty-Clay Model
R. Bergan, A. Cappelen, S. Longva and N.M. Stolen (1986): MODAG A - A Medium Term Annual Macro-economic Model of the Norwegian Economy
E. Bjørn and H. Olsen (1986): A Generalized Single Equation Error Correction Model and its Application to Quarterly Data
K.H. Alfsen, D.A. Hanson and S. Glomsrod (1986):
Direct and Indirect Effects of reducing SO2 Emissions:
Experimental Calculations of the MSG-4E Model J.K. Dagsvik (1987): Econometric Analysis of Labor Supply in a Life Cycle Context with Uncertainty K.A. Brekke, E. Gjelsvik and B.H. Vatne (1987): A Dynamic Supply Side Game Applied to the European Gas Market
S. Bartlett, J.K. Dagsvik, Ø. Olsen and S. Strøm (1987): Fuel Choice and the Demand for Natural Gas in Western European Households
No. 24 J.K. Dagsvik and R. Aaberge (1987): Stochastic Prop-erties and Functional Forms of Life Cycle Models for Transitions into and out of Employment
No. 25 T.J. Klette (1987): Taxing or Subsidising an Exporting Industry
No. 26 K.J. Berger, O. Bjerkholt and ø. Olsen (1987): What are the Options for non-OPEC Countries
No. 27 A. Aaheim (1987): Depletion of Large Gas Fields with Thin Oil Layers and Uncertain Stocks No. 28 J.K. Dagsvik (1987): A Modification of Heckman's
Two Stage Estimation Procedure that is Applicable when the Budget Set is Convex
No. 29 K. Berger, A. Cappelen and I. Svendsen (1988): In-vestment Booms in an Oil Economy -The Norwegian Case
No. 30 A. Rygh Swensen (1988): Estimating Change in a Pro-portion by Combining Measurements from a True and a Fallible Classifier
No. 31 J.K. Dagsvik (1988): The Continuous Generalized Extreme Value Model with Special Reference to Static Models of Labor Supply
No. 32 K. Berger, M. Hoel, S. Holden and Ø. Olsen (1988):
The Oil Market as an Oligopoly
No. 33 I.A.K. Anderson, J.K. Dagsvik, S. Strøm and T.
Wennemo (1988): Non-Convex Budget Set, Hours Restrictions and Labor Supply in Sweden
No. 34 E. Holmoy and ø. Olsen (1988): A Note on Myopic Decision Rules in the Neoclassical Theory of Producer Behaviour, 1988
No. 35 E. Bjørn and H. Olsen (1988): Production - Demand Adjustment in Norwegian Manufacturing: A Quarterly Error Correction Model, 1988
No. 36 J.K. Dagsvik and S. Strøm (1988): A Labor Supply Model for Married Couples with Non-Convex Budget Sets and Latent Rationing, 1988
No. 37 T. Skoglund and A. Stokka (1988): Problems of Link-ing SLink-ingle-Region and Multiregional Economic Models, 1988
No. 38 T.J. Klette (1988): The Norwegian Aluminium Indu-stry, Electricity prices and Welfare, 1988
No. 39 I. Aslaksen, O. Bjerkholt and K.A. Brekke (1988): Opti-mal Sequencing of Hydroelectric and TherOpti-mal Power Generation under Energy Price Uncertainty and De-mand fluctuations, 1988
No. 40 O. Bjerkholt and K.A. Brekke (1988): Optimal Starting and Stopping Rules for Resource Depletion when Price is Exogenous and Stochastic, 1988
No. 41 J. Aasness, E. Bjørn and T. Skjerpen (1988): Engel Functions, Panel Data and Latent Variables, 1988 No. 42 R. Aaberge, Ø. Kravdal and T. Wennemo (1989):
Un-observed Heterogeneity in Models of Marriage Dis-solution, 1989
No. 43 K.A. Mork, H.T. Mysen and Ø. Olsen (1989): Business Cycles and Oil Price Fluctuations: Some evidence for six OECD countries. 1989
No. 44 B. Bye, T. Bye and L. Lorentsen (1989): SIMEN. Stud-ies of Industry, Environment and Energy towards 2000,
No. 68
Trade and Demand in Northwest Europe: Regulation, Bargaining and Competition
No. 46 L.S. Stambol and K.O. Sørensen (1989): Migration Analysis and Regional Population Projections, 1989 No. 47 V. Christiansen (1990): A Note on the Short Run
Ver-sus Long Run Welfare Gain from a Tax Reform, 1990 No. 48 S. GlomsrOd, H. Vennemo and T. Johnsen (1990):
Stabilization of Emissions of CO2: A Computable General Equilibrium Assessment, 1990
No. 49 J. Aasness (1990): Properties of Demand Functions for Linear Consumption Aggregates, 1990
No. 50 J.G. de Leon (1990): Empirical EDA Models to Fit and Project Time Series of Age-Specific Mortality Rates, 1990
No. 51 J.G. de Leon (1990): Recent Developments in Parity Progression Intensities in Norway. An Analysis Based on Population Register Data
No. 52 R. Aaberge and T. Wennemo (1990): Non-Stationary Inflow and Duration of Unemployment
No. 53 R. Aaberge, J.K. Dagsvik and S. Strøm (1990): Labor Supply, Income Distribution and Excess Burden of Personal Income Taxation in Sweden
No. 54 R. Aaberge, J.K. Dagsvik and S. Strøm (1990): Labor Supply, Income Distribution and Excess Burden of Personal Income Taxation in Norway
No. 55 H. Vennemo (1990): Optimal Taxation in Applied General Equilibrium Models Adopting the Armington Assumption
No. 56 N.M. StOlen (1990): Is there a NAIRU in Norway?
No. 57 A. Cappelen (1991): Macroeconomic Modelling: The Norwegian Experience
No. 58 J. Dagsvik and R. Aaberge (1991): Household Pro-duction, Consumption and Time Allocation in Peru No. 59 R. Aaberge and J. Dagsvik (1991): Inequality in
Dis-tribution of Hours of Work and Consumption in Peru No. 60 T.J. Klette (1991): On the Importance of R&D and
Ownership for Productivity Growth. Evidence from Norwegian Micro-Data 1976-85
No. 61 K.H. Alfsen (1991): Use of Macroeconomic Models in Analysis of Environmental Problems in Norway and Consequences for Environmental Statistics
No. 62 H. Vennemo (1991): An Applied General Equilibrium Assessment of the Marginal Cost of Public Funds in Norway
No. 63 H. Vennemo (1991): The Marginal Cost of Public Funds: A Comment on the Literature
No. 64 A. Brendemoen and H. Vennemo (1991): A climate convention and the Norwegian economy: A CGE assessment
No. 65 K. A. Brekke (1991): Net National Product as a Welfare Indicator
No. 66 E. Bowitz and E. Storm (1991): Will Restrictive De-mand Policy Improve Public Sector Balance?
No. 67 A. Cappelen (1991): MODAG. A Medium Term Macroeconomic Model of the Norwegian Economy
B. Bye (1992): Modelling Consumers' Energy Demand K. H. Alfsen, A. Brendemoen and S. Glomsrod (1992):
Benefits of Climate Policies: Some Tentative Calcula-tions
R. Aaberge, Xiaojie Chen, Jing Li and Xuezeng Li (1992): The Structure of Economic Inequality among Households Living in Urban Sichuan and Liaoning, 1990
K.H. Alfsen, K.A. Brekke, F. Brunvoll, H. Lunds, K.
Nyborg and H. W. Sabo (1992): Environmental Indi-cators
B. Bye and E. HolmOy (1992): Dynamic Equilibrium Adjustments to a Terms of Trade Disturbance O. Aukrust (1992): The Scandinavian Contribution to National Accounting
J. Aasness, E, Eide and T. Skjerpen (1992): A Crinii-nometric Study Using Panel Data and Latent Variables R. Aaberge and Xuezeng Li (1992): The Trend in Income Inequality in Urban Sichuan and Liaoning, 1986-1990
J.K. Dagsvik and Steinar Strom (1992): Labor Supply with Non-convex Budget Sets, Hours Restriction and Non-pecuniary Job-attributes
J.K. Dagsvik (1992): Intertemporal Discrete Choice, Random Tastes and Functional Form
H. Vennemo (1993): Tax Reforms when Utility is Composed of Additive Functions
J. K. Dagsvik (1993): Discrete and Continuous Choice, Max-stable Processes and Independence from Irrelevant Attributes
J. K. Dagsvik (1993): How Large is the Class of Gen-eralized Extreme Value Random Utility Models?
H. Birkelund, E. Gjelsvik, M. Aaserud (1993): Carbon/
energy Taxes and the Energy Market in Western Europe
E. Bowitz (1993): Unemployment and the Growth in the Number of Recipients of Disability Benefits in Norway
L. Andreassen (1993): Theoretical and Econometric Modeling of Disequilibrium
K.A. Brekke (1993): Do Cost-Benefit Analyses favour Environmentalists?
L. Andreassen (1993): Demographic Forecasting with a Dynamic Stochastic Microsimulation Model
G.B. Asheim and K.A. Brekke (1993): Sustainability when Resource Management has Stochastic Conse-quences
0. Bjerkholt and Yu Zhu (1993): Living Conditions of Urban Chinese Households around 1990
R. Aaberge (1993): Theoretical Foundations of Lorenz Curve Orderings
J. Aasness, E. BiOrn and T. Skjerpen (1993): Engel Functions, Panel Data, and Latent Variables - with Detailed Results
Ingvild Svendsen (1993): Testing the Rational Expec-tations Hypothesis Using Norwegian Microeconomic DataTesting the REH. Using Norwegian Micro-economic Data
No. 91 Einar Bowitz, Asbjørn Rødseth and Erik Storm (1993):
Fiscal Expansion, the Budget Deficit and the Economy:
Norway 1988-91
No. 92 Rolf Aaberge, Ugo Colombino and Steinar Strøm (1993): Labor Supply in Italy
No. 93 Tor Jakob Klette (1993): Is Price Equal to Marginal Costs? An Integrated Study of Price-Cost Margins and Scale Economies among Norwegian Manufacturing Establishments 1975-90
No. 94 John K. Dagsvik (1993): Choice Probabilities and Equilibrium Conditions in a Matching Market with Flexible Contacts
No. 95 Tom Kornstad (1993): Empirical Approaches for Ana-lysing Consumption and Labour Supply in a Life Cycle Perspective
No. 96 Tom Kornstad (1993): An Empirical Life Cycle Model of Savings, Labour Supply and Consumption without Intertemporal Separability
No. 97 Snorre Kverndokk (1993): Coalitions and Side Pay-ments in International CO2 Treaties
No. 98 Torbjørn Eika (1993): Wage Equations in Macro Models. Phillips Curve versus Error Correction Model Determination of Wages in Large-Scale UK Macro Models
No. 99 Anne Brendemoen and Haakon Vennemo (1993): The Marginal Cost of Funds in the Presence of External Effects
No. 100 Kjersti-Gro Lindquist (1993): Empirical Modelling of Norwegian Exports: A Disaggregated Approach No. 101 Anne Sofie lore, Terje Skjerpen and Anders Rygh
Swensen (1993): Testing for Purchasing Power Parity and Interest Rate Parities on Norwegian Data
No. 102 Runa Nesbakken and Steinar Strøm (1993): The Choice of Space Heating System and Energy Consumption in Norwegian Households (Will be issued later) No. 103 Asbjørn Aaheim and Kanne Nyborg (1993): "Green
National Product": Good Intentions, Poor Device?
No. 104 Knut H. Alfsen, Hugo Birkelund and Morten Aaserud (1993): Secondary benefits of the EC Carbon/ Energy Tax
No. 105 Jorgen Aasness and Bjart Holtsmark (1993): Consumer Demand in a General Equilibrium Model for Environ-mental Analysis
No. 106 Kjersti-Gro Lindquist (1993): The Existence of Factor Substitution in the Primary Aluminium Industry: A Multivariate Error Correction Approach on Norwegian Panel Data
No. 107 Snorre Kverndokk (1994): Depletion of Fossil Fuels and the Impacts of Global Warming
No. 108 Knut A. Magnussen (1994): Precautionary Saving and Old-Age Pensions
No. 109 Frode Johansen (1994): Investment and Fmancial Constraints: An Empirical Analysis of Norwegian Firms
Statistics Norway Research Department P.O.B. 8131 Dep.
N-0033 Oslo
Tel.: +47-22 86 45 00 Fax: +47-22 11 12 38