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Globalization, Governance, and the Returns to Cross-Border Acquisitions

Ellis, Jesse - 2011

Using a sample of control cross-border acquisitions from 61 countries from 1990 to 2007, we find that acquirers from countries with better governance gain more from such acquisitions and their gains are higher when targets are from countries with worse governance. Other acquirer country...

Persistent link: https://www.econbiz.de/10012461981

FDI and Superstar Spillovers : Evidence from Firm-to-Firm Transactions

Amiti, Mary; Duprez, Cédric; Konings, Jozef; Van … - National Bureau of Economic Research - 2023

Despite competition concerns over the increasing dominance of global corporations, many argue that productivity spillovers from multinationals to domestic firms justify pro- FDI policies. For the first time, we use firm-to-firm transaction data in a developed country to examine the impact of...

Persistent link: https://www.econbiz.de/10014250146

Why Does Fast Loan Growth Predict Poor Performance for Banks?

Fahlenbrach, Rüdiger - 2016

From 1973 to 2014, the common stock of U.S. banks with loan growth in the top quartile of banks over a three-year period significantly underperforms the common stock of banks with loan growth in the bottom quartile over the next three years. The benchmark-adjusted cumulative difference in...

Persistent link: https://www.econbiz.de/10012456585

Minimum Wages and Firm Profitability

Draca, Mirko - 2008

Although there is a large literature on the economic effects of minimum wages on labour market outcomes (especially employment), there is much less evidence on their impact on firm performance. In this paper we consider a very under-studied area - the impact of minimum wages on firm...

Persistent link: https://www.econbiz.de/10012464650

Managing Trade : Evidence from China and the US

Bloom, Nicholas - 2018

We present a heterogeneous-firm model in which management ability increases both production efficiency and product quality. Combining six micro-datasets on management practices, production and trade in Chinese and American firms, we find broad support for the model's predictions. First, better...

Persistent link: https://www.econbiz.de/10012453002

Are Ideas Getting Harder to Find?

Bloom, Nicholas - 2017

In many growth models, economic growth arises from people creating ideas, and the long-run growth rate is the product of two terms: the effective number of researchers and their research productivity. We present a wide range of evidence from various industries, products, and firms showing that...

Persistent link: https://www.econbiz.de/10012453929

Turbulence, Firm Decentralization and Growth in Bad Times

Aghion, Philippe - 2017

What is the optimal form of firm organization during "bad times"? We present a model of delegation within the firm to show that the effect is ambiguous. The greater turbulence following macro shocks may benefit decentralized firms because the value of local information increases (the "localist"...

Persistent link: https://www.econbiz.de/10012455327

Are Larger Banks Valued More Highly?

Minton, Bernadette A. - 2017

of a within-bank negative relation between valuation and size for large banks from 1987 to 2006 but not when the post …-Dodd-Frank period is included in the sample. The negative relation between bank value and bank size for large banks cannot be … Tobin's q lower by 0.2% in regressions with year and bank fixed effects. This relation between bank value and trading assets …

Persistent link: https://www.econbiz.de/10012455469

Why Does Capital No Longer Flow More to the Industries with the Best Growth Opportunities?

Lee, Dong - 2016

With functionally efficient capital markets, we expect capital to flow more to the industries with the best growth opportunities. As a result, these industries should invest more and see their assets grow more relative to industries with the worst growth opportunities. We find that industries...

Persistent link: https://www.econbiz.de/10012455756

Corporate Deleveraging

DeAngelo, Harry - 2016

Proactive deleveraging from all-time peak market leverage (ML) to near-zero ML and negative net debt is the norm among 4,476 nonfinancial firms with five or more years of post-peak data. ML is 0.543 at the historical peak and 0.026 at the later trough for the median firm in this sample, with a...

Persistent link: https://www.econbiz.de/10012455852