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On the Genesis of Multinational Foreign Affiliate Networks

Egger, Peter; Fahn, Matthias; Merlo, Valeria; Wamser, Georg - C.E.P.R. Discussion Papers - 2011

, the firm collects information which is used to update its beliefs about its performance at a market. As conditions in … correlated learning may render it optimal to enter markets sequentially – an investment in market A is only followed by entry in … market B if the firm was sufficiently successful in A. The prediction that firms start their expansion in markets that are …

Persistent link: https://www.econbiz.de/10009246612

Follow the Money: Methods for Identifying Consumption and Investment Responses to a Liquidity Shock

Karlan, Dean S.; Osman, Adam; Zinman, Jonathan - C.E.P.R. Discussion Papers - 2013

Identifying the impacts of liquidity shocks on spending decisions is difficult methodologically but important for theory, practice, and policy. Using seven different methods on microenterprise loan applicants, we find striking results. Borrowers report uses of loan proceeds strategically, and...

Persistent link: https://www.econbiz.de/10011083720

Dynamic Countervailing Power under Public and Private Monitoring

Bhaskar, Venkataraman - C.E.P.R. Discussion Papers - 2013

inventory sell to a single buyer, who has a consumption opportunity in each period. The market power of the sellers is offset by …

Persistent link: https://www.econbiz.de/10011083830

A Theory of Income Smoothing When Insiders Know More Than Outsiders

Acharya, Viral V; Lambrecht, Bart - C.E.P.R. Discussion Papers - 2012

We consider a setting in which insiders have information about income that outside shareholders do not, but property rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent with outsiders' expectations based on publicly...

Persistent link: https://www.econbiz.de/10011083832

Policy Uncertainty, Trade and Welfare: Theory and Evidence for China and the U.S.

Handley, Kyle; Limão, Nuno - C.E.P.R. Discussion Papers - 2013

We assess the impact of U.S. trade policy uncertainty (TPU) toward China in a tractable general equilibrium framework with heterogeneous firms. We show that increased TPU reduces investment in export entry and technology upgrading, which in turn reduces trade flows and real income for consumers....

Persistent link: https://www.econbiz.de/10011083973

Trade and Investment under Policy Uncertainty: Theory and Firm Evidence

Handley, Kyle; Limão, Nuno - C.E.P.R. Discussion Papers - 2012

and entry decisions in the context of international trade. When market entry costs are sunk, policy uncertainty can create …

Persistent link: https://www.econbiz.de/10011083993

When Credit Dries Up: Job Losses in the Great Recession

Bentolila, Samuel; Jansen, Marcel; Jiménez, Gabriel; … - C.E.P.R. Discussion Papers - 2013

We use a unique dataset to estimate the impact of a large credit supply shock on employment in Spain. We exploit marked differences in banks' health at the onset of the Great Recession. Several weak banks were rescued by the State and they reduced credit more than other banks. We compare...

Persistent link: https://www.econbiz.de/10011084330

Hoping to Win, Expected to Lose: Theory and Lessons on Micro Enterprise Development

Karlan, Dean S.; Knight, Ryan; Udry, Christopher - C.E.P.R. Discussion Papers - 2012

Many basic economic theories with perfectly functioning markets do not predict the existence of the vast number of microenterprises readily observed across the world. We put forward a model that illuminates why financial and managerial capital constraints may impede experimentation, and thus...

Persistent link: https://www.econbiz.de/10011084680

Agricultural Decisions after Relaxing Credit and Risk Constraints

Karlan, Dean S.; Osei, Robert; Osei-Akoto, Isaac; Udry, … - C.E.P.R. Discussion Papers - 2012

. Binding credit market constraints and incomplete insurance can reduce investment in activities with high expected profits. We …

Persistent link: https://www.econbiz.de/10011083318

Self-Selection into Credit Markets: Evidence from Agriculture in Mali

Beaman, Lori; Karlan, Dean S.; Thuysbaert, Bram; Udry, … - C.E.P.R. Discussion Papers - 2014

We partnered with a micro-lender in Mali to randomize credit offers at the village level. Then, in no-loan control villages, we gave cash grants to randomly selected households. These grants led to higher agricultural investments and profits, thus showing that liquidity constraints bind with...

Persistent link: https://www.econbiz.de/10011083397