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R&D, Agency Costs and Capital Structure: International Evidence

Davidson, Sinclair; Brooks, Robert - Econometric Society - 2004

We examine the impact of R&D intensity and agency costs on the value of firms across 13 economies. We find that R&D adds value while high agency costs reduce value. R&D adds value, however, even when agency costs are high. We show that in those firms where agency costs are high and R&D intensity...

Persistent link: https://www.econbiz.de/10005063647

Firm Entry, Productivity Differentials and Turnovers in Import Substituting Markets: A study of the petrochemical industry in Colombia

Gutierrez, Luis; Pombo, Carlos - Econometric Society - 2004

This paper analyses plant entry, total factor productivity growth, average productivity level differentials and … industry productivity and induced plant restructuring among incumbent plants. There is consistent plant heterogeneity across … that entrants adopted competitive post-entry strategies. Total factor productivity growth decomposition shows that the …

Persistent link: https://www.econbiz.de/10005328914

Global Competition, Technology Spillovers and Firm Dynamics:

Ahn, Sanghoon - Econometric Society - 2004

aggregate productivity growth. The dynamism of Asian NIEs (Newly Industrializing Economies) revealed in their export …

Persistent link: https://www.econbiz.de/10005702697

Learning by Doing, Worker Turnover, and Productivity Dynamics

Chiang, Hyowook - Econometric Society - 2004

Recent evidence based on longitudinal firm-level data suggests that within-firm productivity growth explains about 50 … percent of total factor productivity growth in the manufacturing sector while net entry effects account for about 30 percent … of total factor productivity growth. These two forces may be connected via learning by doing of young businesses. That is …

Persistent link: https://www.econbiz.de/10005342355

ICT Diffusion and Economic Growth in New Zealand

Oxley, Les T.; Carlaw, Kenneth I. - Econometric Society - 2004

series pattern to that of the growth of total factor productivity (TFP) in New Zealand. New Zealandâ€™s experience in …

Persistent link: https://www.econbiz.de/10005702558

"The Relationship between Exports and Productivity at the Plant level in the Turkish Apparel and Motor Vehicle Parts Industries

Yasar, Mahmut; Nelson, Carl H. - Econometric Society - 2004

We investigate the relationship between exports and productivity in the Turkish apparel and motor vehicle and parts … past export status on current productivity both with and without controlling for the export history of plants. Our results … show that the plants' prior market experience is a factor in their current productivity. The learning effects are evident …

Persistent link: https://www.econbiz.de/10005702602

Indivisible Goods and Fiat Money

Rivera, Jorge; Florig, Michael - Econometric Society - 2004

In spite of fiat money is useless in a standard Arrow-Debreu model, in this paper we will show that this does not hold true anymore when goods are indivisible. In our setting, although fiat money yields no utility, its price will always be positive and the set of equilibrium allocations changes...

Persistent link: https://www.econbiz.de/10005699608

Coalition-Stable Equilibria in Repeated Games

Chung, Anthony Fai-Tong - Econometric Society - 2004

It is well-known that subgame-perfect Nash equilibrium does not eliminate incentives for joint-deviations or renegotiations. This paper presents a systematic framework for studying non-cooperative games with group incentives, and offers a notion of equilibrium that refines the Nash theory in a...

Persistent link: https://www.econbiz.de/10005342239

The No Trade Principle in General Environments

Wong, Ngai-Ching; Ng, Man-Chung - Econometric Society - 2004

The no trade principle asserts that risk-neutral agents are not prepared to trade if and only if a common prior exists. The purpose of this article is to provide general versions of this principle. We first study the case when no topological assumption is made on the state space. Bets are...

Persistent link: https://www.econbiz.de/10005342381

A Model of Gossip

Li, Wei - Econometric Society - 2004

This paper analyzes how the gossip process can be manipulated by biased people and the impact of such manipulation on information transmission. In this model, a single piece of information is transmitted via a chain of agents with privately known types. Each agent may be either objective or...

Persistent link: https://www.econbiz.de/10005130172