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Asset Sales, Firm Performance, and the Agency Costs of Managerial Discretion

Lang, Larry - 1994

We argue that management sells assets when doing so provides the cheapest funds to pursue its objectives rather than for operating efficiency reasons alone. This hypothesis suggests that (1) firms selling assets have high leverage and/or poor performance, (2) a successful asset sale is good news...

Persistent link: https://www.econbiz.de/10012474282

Reallocation, Firm Turnover, and Efficiency : Selection on Productivity or Profitability?

Foster, Lucia - 2005

There is considerable evidence that producer-level churning contributes substantially to aggregate (industry) productivity growth, as more productive businesses displace less productive ones. However, this research has been limited by the fact that producer-level prices are typically unobserved;...

Persistent link: https://www.econbiz.de/10012467123

Capital Flow Types, External Financing Needs, and Industrial Growth : 99 countries, 1991-2007

Aizenman, Joshua - 2011

We examine the differential impact of portfolio debt, portfolio equity, and FDI inflows on 37 manufacturing industries, 99 countries, 1991-2007, extending Rajan-Zingales (1998). We utilize external finance dependence measures in a series of cross-sectional regressions of manufacturing...

Persistent link: https://www.econbiz.de/10012461431

One Cost of the Chilean Capital Controls : Increased Financial Constraints for Smalles Traded Firms

Forbes, Kristin J. - 2003

Chile from 1991-98. Previous empirical assessments of the encaje conclude that it may have generated some small economic … of small and medium-sized companies in Chile, however, claim that the encaje made it substantially more difficult to …-equation framework. Results indicate that during the encaje, smaller traded firms in Chile experienced significant financial constraints …

Persistent link: https://www.econbiz.de/10012468929

Dissecting the Effect of Credit Supply on Trade : Evidence from Matched Credit-Export Data

Paravisini, Daniel - 2011

We estimate the elasticity of exports to credit using matched customs and firm-level bank credit data from Peru. To account for non-credit determinants of exports, we compare changes in exports of the same product and to the same destination by firms borrowing from banks differentially affected...

Persistent link: https://www.econbiz.de/10012461683

Firm Exports and Multinational Activity Under Credit Constraints

Manova, Kalina - 2011

ventures have better export performance than private domestic firms in financially more vulnerable sectors. These results are …

Persistent link: https://www.econbiz.de/10012461752

Trade, Innovation and Firm Financing

Bergin, Paul R.; Feng, Ling; Lin, Ching-Yi - National Bureau of Economic Research - 2024

While the trade literature has tended to view export activity and innovation as complementary activities, we present … reduce R&D to finance the costs of export participation …

Persistent link: https://www.econbiz.de/10015072846

Measuring Aggregate Productivity Growth Using Plant-Level Data

Petrin, Amil - 2005

manufacturing industries in Chile. We find that our measure does differ substantially from other widely used measures with …

Persistent link: https://www.econbiz.de/10012466784

Estimating Lost Output from Allocative Inefficiency, with an Application to Chile and Firing Costs

Petrin, Amil - 2011

We propose a new measure of allocative efficiency based on unrealized increases in aggregate productivity growth. We show that the difference in the value of the marginal product of an input and its marginal cost at any plant - the plant-input "gap" - is exactly equal to the change in aggregate...

Persistent link: https://www.econbiz.de/10012461285

Exports and Foreign Investment in Manufacturing Industries

Lipsey, Robert E. - 1976

direct investment by U.S. firms and the export trade of the United States, a subject of bitter controversy for at least the …

Persistent link: https://www.econbiz.de/10012478996

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