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Labor hiring, investment and stock return predictability in the cross section
Bazdrech, Santiago; Belo, Frederico; Lin, Xiaoji - London School of Economics (LSE) - 2008
even after controlling for investment, size, book-to-market and momentum as well as other known predictors of stock returns …-adjusted discount rates. The model implies that the investment rate and the hiring rate predicts stock returns because these variables …
Persistent link: https://www.econbiz.de/10010746050
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Multinationals and US productivity leadership: evidence from Great Britain
Criscuolo, Chiara; Martin, Ralf - London School of Economics (LSE) - 2005
We study the productivity of US owned plants in the UK. Using a new dataset that identifies foreign and domestic MNEs, we find that UK MNEs are less productive than US affiliates, but as productive as non US foreign affiliates. We investigate the source of the US and MNE advantage. We find...
Persistent link: https://www.econbiz.de/10010884622
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Technology, information and the decentralization of the firm
Acemoglu, Daron; Aghion, Philippe; Lelarge, Claire; Van … - London School of Economics (LSE) - 2006
This paper develops a framework to analyze the relationship between the diffusion of new technologies and the decentralization decisions of firms. Centralized control relies on the information of the principal, which we equate with publicly available information. Decentralized control, on the...
Persistent link: https://www.econbiz.de/10010884642
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Multinational firms, monopolistic competition and foreign investment uncertainty
Chawla, Arunish - London School of Economics (LSE) - 2008
This is a model of multinational firms, which introduces option value of foreign direct investment, into a framework of … investment rule gives a scale-up factor which implies existence of a wedge between markup revenues and foreign investment costs …. Greater volatility and risk aversion increase this scale-up over foreign investment costs implying a delay in the exercise of …
Persistent link: https://www.econbiz.de/10010928806
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Is distance dying at last?
Griffith, Rachel; Lee, Sokbae; Van Reenen, John - London School of Economics (LSE) - 2008
Economists have long been sceptical of claims about the 'death of distance' - the idea that new technology has diminished the significance of geography for economic outcomes. Research by Sokbae Lee, Rachel Griffith and John Van Reenen, which looks at patent citations over a quarter of a century,...
Persistent link: https://www.econbiz.de/10010744875
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The impact of private ownership, incentives and local development objectives on university technology transfer performance
Belenzon, Sharon; Schankerman, Mark - London School of Economics (LSE) - 2007
We study the impact of private ownership, incentive pay and local development objectives on university licensing performance. We develop and test a simple contracting model of technology licensing offices, using new survey information together with panel data on U.S. universities for 1995-99. We...
Persistent link: https://www.econbiz.de/10010744928
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Productivity convergence and foreign ownership at the establishment level
Griffith, Rachel; Redding, Stephen; Simpson, Helen - London School of Economics (LSE) - 2003
This paper investigates whether there is convergence in Total Factor Productivity towards the technological frontier at the establishment level. We find convergence to the frontier is statistically and quantitatively important, suggesting the existence of technology spillovers. Foreign...
Persistent link: https://www.econbiz.de/10010744968
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A general analysis of sequential merger games with an application to cross-border mergers
Salvo, Alberto - London School of Economics (LSE) - 2004
This paper seeks to uncover why the pattern of equilibria in sequential merger games of a certain type is similar across a fairly wide class of models much studied in the literature. By developing general conditions characterising each element of the set of possible equilibria, I show that the...
Persistent link: https://www.econbiz.de/10010745143
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Why do management practices differ across firms and countries?
Bloom, Nick; Van Reenen, John - London School of Economics (LSE) - 2010
Economists have long puzzled over the astounding differences in productivity between firms and countries. For example, looking at disaggregated data on U.S. manufacturing industries, Syverson (2004a) found that plants at the 90th percentile produced four times as much as the plant in the 10th...
Persistent link: https://www.econbiz.de/10010745216
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When the claim hits: bilateral investment treaties and bounded rational learning
Poulsen, Lauge N. Skovgaard; Aisbett, Emma - London School of Economics (LSE) - 2013
Using the international investment regime as its point of departure, the paper applies notions of bounded rationality … risks of bilateral investment treaties (BITs) until they themselves became subject to an investment treaty claim. Thus the … behavior of developing country governments with regard to the international investment regime is consistent with that …
Persistent link: https://www.econbiz.de/10010745595