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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

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

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

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

Patterns of Restructuring: The U.S. Class 1 Railroads from 1984 to 2004

Friebel, Guido; McCullough, Gerard; Padilla Angulo, Laura - C.E.P.R. Discussion Papers - 2008

After deregulation in 1980, competitive pressures forced the large U.S. freight railroads to restructure. Much attention has focused on defensive (cost-cutting) restructuring: until 2004 employment was reduced by 60%, and railroads abandoned many of their lines. Less attention has been given to...

Persistent link: https://www.econbiz.de/10005504707

Imports and Productivity

Halpern, László; Koren, Miklós; Szeidl, Adam - C.E.P.R. Discussion Papers - 2005

What is the effect of imports on productivity? To answer this question, we estimate a structural model of producers using product-level import data for a panel of Hungarian manufacturing firms from 1992 to 2001. In our model with heterogenous firms, producers choose to import or purchase...

Persistent link: https://www.econbiz.de/10005497802

Firm Size Distortions and the Productivity Distribution: Evidence from France

Garicano, Luis; Lelarge, Claire; Van Reenen, John - C.E.P.R. Discussion Papers - 2013

We show how size-contingent laws can be used to identify the equilibrium and welfare effects of labor regulation. Our framework incorporates such regulations into the Lucas (1978) model and applies this to France where many labor laws start to bind on firms with exactly 50 or more employees....

Persistent link: https://www.econbiz.de/10011083258

Consolidating the Water Industry: An Analysis of the Potential Gains from Horizontal Integration in a Conditional Efficiency Framework

Zschille, Michael - C.E.P.R. Discussion Papers - 2012

out to result from reducing individual inefficiencies. The majority of the 84 merger cases is characterized by merger …

Persistent link: https://www.econbiz.de/10011083827

Market Size, Division of Labor, and Firm Productivity

Chaney, Thomas; Ossa, Ralph - C.E.P.R. Discussion Papers - 2012

We generalize Krugman's (1979) 'new trade' model by allowing for an explicit production chain in which a range of tasks is performed sequentially by a number of specialized teams. We demonstrate that an increase in market size induces a deeper division of labor among these teams which leads to...

Persistent link: https://www.econbiz.de/10011083864

Job creation, firm creation, and de novo entry

Geurts, Karen; Van Biesebroeck, Johannes - C.E.P.R. Discussion Papers - 2014

Firm turnover and growth recorded in administrative data sets differ from underlying firm dynamics. By tracing the employment history of the workforce of new and disappearing administrative firm identifiers, we can accurately identify de novo entrants and true economic exits, even when firms...

Persistent link: https://www.econbiz.de/10011083952