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Guru Dreams and Competition: An Anatomy of the Economics of Blogs
Dong, Yi; Massa, Massimo; Zhang, Hong - C.E.P.R. Discussion Papers - 2015
provision or cheap talk, and competition inherent to social media may incentivize participants to either process better …, we find evidence that social media can be informative about future stock returns but that competition distorts opinions … rather than encouraging participants to process better information. In particular, competition induces exaggerated negative …
Persistent link: https://www.econbiz.de/10011196033
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Growth Effects of Non-Proprietary Innovation
Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2001
We study and endogenous growth model where a profit-motivated R&D sector coexists with the introduction of free blueprints invented by philanthropists. These goods are priced at marginal cost, contrary to proprietary ones, which are produced by a monopoly owned by the inventor. We show that...
Persistent link: https://www.econbiz.de/10005662038
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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 they serve, and update their beliefs as noisy...
Persistent link: https://www.econbiz.de/10011213311
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The Impact of Location on Firm Growth
Audretsch, David B; Dohse, Dirk - C.E.P.R. Discussion Papers - 2004
This Paper links the performance of new technology firms, measured in terms of growth, to geographic location. We introduce a model of firm growth that is specific to characteristics of the location as well as the firm and industry. The model is estimated using a new dataset identifying the...
Persistent link: https://www.econbiz.de/10005124462
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On the Evolution of the Firm Size Distribution: Facts and Theory
Cabral, Luís M B; Mata, José - C.E.P.R. Discussion Papers - 2001
Using a comprehensive data set of Portuguese manufacturing firms, we show that the firm size distribution is significantly right-skewed, evolving over time toward a log-normal distribution. We also show that selection accounts for very little of this evolution. Instead, we propose a simple...
Persistent link: https://www.econbiz.de/10005504696
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Agency, Firm Growth and Managerial Turnover
Anderson, Ronald W.; Bustamante, Maria Cecilia; … - C.E.P.R. Discussion Papers - 2012
We study managerial incentive provision under moral hazard in a firm subject to stochastic growth opportunities. In our model, managers are dismissed after poor performance, but also when an alternative manager is more capable of growing the firm. The optimal contract may involve managerial...
Persistent link: https://www.econbiz.de/10011083381
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Demand or productivity: What determines firm growth?
Pozzi, Andrea; Schivardi, Fabiano - C.E.P.R. Discussion Papers - 2012
use a model of monopolistic competition with Cobb-Douglas production and a dataset of Italian manufacturing firms …
Persistent link: https://www.econbiz.de/10011083518
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Exporter Dynamics, Firm Size and Growth, and Partial Year Effects
Bernard, Andrew B.; Massari, Renzo; Reyes, Jose-Daniel; … - C.E.P.R. Discussion Papers - 2014
Two otherwise identical firms that enter the same market in different months, one in January and one in December, will report dramatically different annual sales for the first calendar year of operations. This partial year effect in annual data leads to downward biased observations of the level...
Persistent link: https://www.econbiz.de/10011084375
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The Anatomy of French Production Hierarchies
Caliendo, Lorenzo; Monte, Ferdinando; Rossi-Hansberg, … - C.E.P.R. Discussion Papers - 2012
We use a comprehensive dataset of French manufacturing firms to study their internal organization. We first divide the employees of each firm into `layers' using occupational categories. Layers are hierarchical in that the typical worker in a higher layer earns more, and the typical firm...
Persistent link: https://www.econbiz.de/10011084412
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Innovating Firms and Aggregate Innovation
Klette, Tor Jakob; Kortum, Samuel S - C.E.P.R. Discussion Papers - 2002
We develop a parsimonious model of innovating firms rich enough to confront firm-level evidence. It captures the dynamic behaviour of individual heterogeneous firms, describes the evolution of an industry with simultaneous entry and exit, and delivers a general equilibrium model of technological...
Persistent link: https://www.econbiz.de/10005788918