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Harrison, Ann E.; Legros, Patrick; Aghion, Philippe; … - National Bureau of Economic Research (NBER) - 2012

Using a comprehensive dataset of all medium and large enterprises in China between 1998 and 2007, we show that industrial policies allocated to competitive sectors or that foster competition in a sector increase productivity growth. We measure competition using the Lerner Index and include as...

Persistent link: https://www.econbiz.de/10011271474

Innovation and Institutional Ownership

Aghion, Philippe; Reenen, John Van; Zingales, Luigi - Fondazione ENI Enrico Mattei (FEEM) - 2010

We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite …, policy changes and disaggregating by type of owner we find that the effect of institutions on innovation does not appear to …

Persistent link: https://www.econbiz.de/10008642166

The Life-Cycle of a Competitive Industry

Jovanovic, Boyan; MacDonald, Glenn - National Bureau of Economic Research (NBER) - 1993

is explained in this paper using a competitive model in which innovation opportunities induce firms to enter, but in …

Persistent link: https://www.econbiz.de/10005718895

Carbon Taxes, Path Dependency and Directed Technical Change: Evidence from the Auto Industry

Aghion, Philippe; Dechezleprêtre, Antoine; Hemous, David; … - Fondazione ENI Enrico Mattei (FEEM) - 2012

innovation distinguishing between “dirty” (internal combustion engine) and “clean” (e.g. electric and hybrid) patents across 80 … tax-inclusive fuel prices. Furthermore, there is path dependence in the type of innovation both from aggregate spillovers … and from the firm's own innovation history. Using our model we simulate the increases in carbon taxes needed to allow …

Persistent link: https://www.econbiz.de/10010607436

The Environment and Directed Technical Change

Acemoglu, Daron; Aghion, Philippe; Bursztyn, Leonardo; … - Fondazione ENI Enrico Mattei (FEEM) - 2010

dirty innovation and production; (ii) optimal policy involves both “carbon taxes” and research subsidies, so that excessive … the switch to clean innovation under laissez-faire when the two inputs are substitutes. Under reasonable parameter values …

Persistent link: https://www.econbiz.de/10008642151

Inducing Leaders to Take Risky Decisions: Dismissal, Tenure, and Term Limits

Jackson, Matthew O.; Aghion, Philippe - National Bureau of Economic Research (NBER) - 2014

In this paper we analyze the problem of whether and/or when to replace a leader (agent) when no monetary rewards are available, and it is the leader's competence rather than effort that is being evaluated. The only decisions that the leader takes over time are whether to undertake risky but...

Persistent link: https://www.econbiz.de/10010796728

Optimal Capital Versus Labor Taxation with Innovation-Led Growth

Fernandez-Villaverde, Jesus; Aghion, Philippe; Akcigit, Ufuk - National Bureau of Economic Research (NBER) - 2013

innovation-led growth into the Chamley-Judd framework, using a Schumpeterian growth model where productivity … on the market size for innovation. At the same time, for a given labor supply, taxing capital also reduces innovation …

Persistent link: https://www.econbiz.de/10010969317

Carbon Taxes, Path Dependency and Directed Technical Change: Evidence from the Auto Industry

Martin, Ralf; van Reenen, John; Aghion, Philippe; … - National Bureau of Economic Research (NBER) - 2012

innovation distinguishing between "dirty" (internal combustion engine) and "clean" (e.g. electric and hybrid) patents across 80 … tax-inclusive fuel prices. Furthermore, there is path dependence in the type of innovation both from aggregate spillovers … and from the firm's own innovation history. Using our model we simulate the increases in carbon taxes needed to allow …

Persistent link: https://www.econbiz.de/10010969429

The Q-Theory of Mergers

Rousseau, Peter; Jovanovic, Boyan - National Bureau of Economic Research (NBER) - 2002

The Q-theory of investment says that a firm's investment rate should rise with its Q. We argue here that this theory also explains why some firms buy other firms. We find that 1. A firm's merger and acquisition (M&A) investment responds to its Q more -- by a factor of 2.6 -- than its direct...

Persistent link: https://www.econbiz.de/10005710654

The Information Technology Revolution and the Stock Market: Evidence

Hobijn, Bart; Jovanovic, Boyan - National Bureau of Economic Research (NBER) - 2000

Since 1968, the ratio of stock market capitalization to GDP has varied by a factor of 5. In 1972, the ratio stood at above unity, but by 1974, it had fallen to 0.45 where it stayed for the next decade. It then began a steady climb, and today it stands above 2. We argue that the IT revolution was...

Persistent link: https://www.econbiz.de/10005710931