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Capital structure, investment, and fire sales
Gale, Douglas; Gottardi, Piero - London School of Economics (LSE) - 2014
We study a dynamic general equilibrium model in which firms choose their investment level and their capital structure … corporate income tax rate is positive, firms have a unique optimal capital structure. In equilibrium firms default with positive …
Persistent link: https://www.econbiz.de/10011170093
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Borrow cheap, buy high?: the determinants of leverage and pricing in buyouts
Axelson, Ulf; Jenkinson, Tim; Strömberg, Per; … - London School of Economics (LSE) - 2012
Private equity funds pay particular attention to capital structure when executing leveraged buyouts, creating an … interesting setting for examining capital structure theories. Using a large, detailed, international sample of buyouts from 1980 …-2008, we find that buyout leverage is unrelated to the cross-sectional factors – suggested by traditional capital structure …
Persistent link: https://www.econbiz.de/10011071252
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From fiction to fact: the impact of CEO social networks
Kirchmaier, Thomas; Stathopoulos, Konstantinos - London School of Economics (LSE) - 2008
This paper investigates the relationship between a CEO’s social network, firm identity, and firm performance. There are two competing theories that predict contradictory outcomes. Following social network theory, one would expect a positive relation between social networks and firm...
Persistent link: https://www.econbiz.de/10010884592
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New survey evidence on recent changes in UK union recognition
Blanden, Jo; Machin, Stephen; Van Reenen, John - London School of Economics (LSE) - 2005
companies with higher wages, higher productivity and higher capital intensity. The ‘blip up’ in new recognitions is consistent …
Persistent link: https://www.econbiz.de/10010884653
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Why do management practices differ across firms and countries?
Bloom, Nick; Van Reenen, John - London School of Economics (LSE) - 2010
productivity could be accounted for by differential inputs, such as capital intensity. Syverson looked at industries defined at the …
Persistent link: https://www.econbiz.de/10010745216
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Multiple-product firms and product switching
Bernard, Andrew B.; Redding, Stephen; Schott, Peter K. - London School of Economics (LSE) - 2010
This paper examines the frequency, pervasiveness, and determinants of product switching by US manufacturing firms. We find that one-half of firms alter their mix of five-digit SIC products every five years, that product switching is correlated with both firm- and firm-product attributes, and...
Persistent link: https://www.econbiz.de/10010745219
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Trade liberalization, outsourcing, and firm productivity
Ossa, Ralph - London School of Economics (LSE) - 2007
Empirical evidence suggests that trade liberalization increases firm productivity. This paper offers a novel explanation for this finding. I develop a simple general equilibrium model of trade in which trade liberalization leads to outsourcing as firms focus on their core competencies in...
Persistent link: https://www.econbiz.de/10010745324
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Productivity dispersion, competition and productivity measurement
Martin, Ralf - London School of Economics (LSE) - 2008
A startling fact of firm level productivity analysis is the large and persistent differences in both labour productivity and total factor productivity (TFP) between firms in narrowly defined sectoral classes. The competitiveness of an industry is potentially an important factor explaining this...
Persistent link: https://www.econbiz.de/10010745506
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Productivity spreads, market power spreads and trade
Martin, Ralf - London School of Economics (LSE) - 2010
Much of recent Trade theory focuses on heterogeneity of firms and the differential impacttrade policy might have on firms with different levels of productivity. A common problem isthat most firm level dataset do not contain information on output prices of firms which makesit difficult to...
Persistent link: https://www.econbiz.de/10010745877
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Minimum wages and firm profitability
Draca, Mirko; Machin, Stephen; Van Reenen, John - London School of Economics (LSE) - 2006
Although there is a large literature on the economic effects of minimum wages on labour market outcomes (especially employment), there is hardly any evidence on their impact on firm performance. This is surprising: minimum wages appear to have a significant impact on wages, but only a limited...
Persistent link: https://www.econbiz.de/10010746021