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Do entrepreneurs matter?
Becker, Sascha O.; Hvide, Hans K - C.E.P.R. Discussion Papers - 2013
In the large literature on firm performance, economists have given little attention to entrepreneurs. We use deaths of more than 500 entrepreneurs as a source of exogenous variation, and ask whether this variation can explain shifts in firm performance. Using longitudinal data, we find large and...
Persistent link: https://www.econbiz.de/10011083991
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On the Real Effects of Bank Bailouts: Micro-Evidence from Japan
Giannetti, Mariassunta; Simonov, Andrei - C.E.P.R. Discussion Papers - 2009
Exploiting the Japanese banking crisis as a laboratory, we provide firm-level evidence on the real effects of bank bailouts. Government recapitalizations result in positive abnormal returns for the clients of recapitalized banks. After recapitalizations, banks extend larger loans to their...
Persistent link: https://www.econbiz.de/10005014571
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Mergers as Auctions
Ivaldi, Marc; Motis, Jrissy - C.E.P.R. Discussion Papers - 2007
structural approach to infer acquirers’ gains from merging by interpreting a merger as an auction. Using nonparametric methods …
Persistent link: https://www.econbiz.de/10005656211
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Performance Pay, CEO Dismissal, and the Dual Role of Takeovers
Burkart, Mike; Raff, Konrad - C.E.P.R. Discussion Papers - 2012
We propose that an active takeover market provides incentives by offering acquisition opportunities to successful … performance-based pay are non-monotonic in the intensity of the takeover threat. In firms with weak boards, turnover (performance …-based pay) increases (decreases) with the intensity of the takeover threat. When choosing its acquisition policy and the quality …
Persistent link: https://www.econbiz.de/10011083799
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Taking the Lord's Name in Vain: The Impact of Connected Directors on 19th century British Banks
Grossman, Richard; Imai, Masami - C.E.P.R. Discussion Papers - 2015
This paper utilizes data on the presence of prominent individuals—that is, those with political (e.g., Members of Parliament) and aristocratic titles (e.g., lords)--on the boards of directors of English and Welsh banks from 1879-1909 to investigate whether the appointment of well-connected...
Persistent link: https://www.econbiz.de/10011145404
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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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A Second Look at the Pesticides Initiative Program: Evidence from Senegal
Cadot, Olivier; Jaud, Mélise - C.E.P.R. Discussion Papers - 2011
This paper investigates whether the Pesticides Initiative Program has significantly affected the export performance of Senegal's horticulture industry. We apply two main microeconometric techniques, difference-in-difference and matching difference-in-differences to identify the effect of the...
Persistent link: https://www.econbiz.de/10009493562
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Impact Evaluation of Trade Interventions: Paving the Way
Cadot, Olivier; Fernandes, Ana; Gourdon, Julien; … - C.E.P.R. Discussion Papers - 2011
The focus of trade policy has shifted in recent years from economy-wide reductions in tariffs and trade restrictions towards targeted interventions to facilitate trade and promote exports. Most of these latter interventions are based on the new mantra of "aid-for-trade" rather than on hard...
Persistent link: https://www.econbiz.de/10009367433
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Product and Process Innovation and Firms’ decision to Export
Vanbeveren, Ilke; Vandenbussche, Hylke - C.E.P.R. Discussion Papers - 2010
We analyze the relationship between firm-level innovation activities and firms’ propensity to start exporting for firms in a small open economy. We measure innovation by innovative effort (R&D) as well as by innovative output (product and process innovation). After carefully correcting for...
Persistent link: https://www.econbiz.de/10008468704
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An Anatomy of International Trade: Evidence from French Firms
Eaton, Jonathan; Kortum, Samuel S; Kramarz, Francis - C.E.P.R. Discussion Papers - 2009
We examine the sales of French manufacturing firms in 113 destinations, including France itself. Several regularities stand out: (1) the number of French firms selling to a market, relative to French market share, increases systematically with market size; (2) sales distributions are very similar...
Persistent link: https://www.econbiz.de/10005124187