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Demand learning and firm dynamics: evidence from exporters
Berman, Nicolas; Rebeyrol, Vincent; Vicard, Vincent - C.E.P.R. Discussion Papers - 2015
This paper provides evidence that learning about demand is an important driver of firms' dynamics. We present a simple … model with Bayesian learning in which firms are uncertain about their idiosyncratic demand parameter in each of the markets … their beliefs following a new demand shock, the younger they are. To test this learning mechanism, we make use of a specific …
Persistent link: https://www.econbiz.de/10011213311
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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
correlated learning may render it optimal to enter markets sequentially – an investment in market A is only followed by entry in …, we identify correlated learning across markets beyond alternative explanations as a key driver of gradualism in the …
Persistent link: https://www.econbiz.de/10009246612
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Learning From Stock Prices and Economic Growth
Peress, Joël - C.E.P.R. Discussion Papers - 2011
A competitive stock market is embedded into a neoclassical growth economy to analyze the interplay between the acquisition of information about firms, its partial revelation through stock prices, capital allocation and income. The stock market allows investors to share their costly private...
Persistent link: https://www.econbiz.de/10009293661
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Political Uncertainty and Risk Premia
Pástor, Luboš; Veronesi, Pietro - C.E.P.R. Discussion Papers - 2011
We study the pricing of political uncertainty in a general equilibrium model of government policy choice. We find that political uncertainty commands a risk premium whose magnitude is larger in poorer economic conditions. Political uncertainty reduces the value of the implicit put protection...
Persistent link: https://www.econbiz.de/10009320399
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Sequential Exporting
Albornoz-Crespo, Facundo; Calvo Pardo, Hector F.; … - C.E.P.R. Discussion Papers - 2010
Many new exporters give up exporting very shortly, despite substantial entry costs; others shoot up foreign sales and expand to new destinations. We develop a model based on experimentation to rationalize these and other dynamic patterns of exporting firms. We posit that individual export...
Persistent link: https://www.econbiz.de/10008692316
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Uncertainty about Government Policy and Stock Prices
Pástor, Luboš; Veronesi, Pietro - C.E.P.R. Discussion Papers - 2010
We analyze how changes in government policy affect stock prices. Our general equilibrium model features uncertainty about government policy and a government that has both economic and non-economic motives. The government tends to change its policy after performance downturns in the private...
Persistent link: https://www.econbiz.de/10008553062
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On the Size of the Active Management Industry
Pástor, Luboš; Stambaugh, Robert F. - C.E.P.R. Discussion Papers - 2010
record. We also find investors face endogeneity that limits their learning about returns to scale and allows prolonged …
Persistent link: https://www.econbiz.de/10008468523
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The Internal Economics of a University - Evidence from Personnel Data
Haeck, Catherine; Verboven, Frank - C.E.P.R. Discussion Papers - 2010
internal labor markets, research and teaching performance turn out to be crucial determinants of promotion dynamics. Learning …
Persistent link: https://www.econbiz.de/10008468561
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Development Uncorked: Reputation Acquisition in the New Market for Chilean Wines in the UK
Macchiavello, Rocco - C.E.P.R. Discussion Papers - 2010
This paper studies learning effects in new markets using a panel of relationships between Chilean wineries and …. The evidence suggests that learning about wineries is an important determinant of the positive age effects on FOB prices … but also that learning takes considerably long time. Policy implications are discussed. …
Persistent link: https://www.econbiz.de/10008468665
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Trading Frenzies and Their Impact on Real Investment
Goldstein, Itay; Ozdenoren, Emre; Yuan, Kathy - C.E.P.R. Discussion Papers - 2010
We study a model where a capital provider learns from the price of a firm’s security in deciding how much capital to provide for new investment. This feedback effect from the financial market to the investment decision gives rise to trading frenzies, where speculators all wish to trade like...
Persistent link: https://www.econbiz.de/10008530385