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, including the distribution of output and productivity across firms and the magnitude of entry and exit flows. It has been argued … market structure, more producer turnover, smaller within-industry productivity dispersion across producers, a smaller … percentage of plants operating at low productivity levels, and smaller productivity differentials between surviving and failing …
Persistent link: https://www.econbiz.de/10012469949
Using firm-level data this paper analyzes the transformation of India's economic structure following the implementation of economic reforms. The focus of the study is on publicly-listed and unlisted firms in manufacturing and services industries. Detailed balance sheet and ownership information...
Persistent link: https://www.econbiz.de/10012463201
Recent studies have used the value spread to predict aggregate stock returns to construct cash-flow betas that appear to explain the size and value anomalies. We show that two related variables, the book-to-market spread (the book-to-market of value stocks minus that of growth stocks) and the...
Persistent link: https://www.econbiz.de/10012467357
It is now well known that the Sharpe ratio and other related reward-to-risk measures may be manipulated with option-like strategies. In this paper we derive the general conditions for achieving the maximum expected Sharpe ratio. We derive static rules for achieving the maximum Sharpe ratio with...
Persistent link: https://www.econbiz.de/10012469595
We decompose the cross-sectional variance of firms' book-to-market ratios using both a long U.S. panel and a shorter international panel. In contrast to typical aggregate time-series results, transitory cross-sectional variation in expected 15-year stock returns causes only a relatively small...
Persistent link: https://www.econbiz.de/10012470482
Financial variables such as cash flow and cash stocks are robust and quantitatively important explanatory variables for investment at the firm-level. A large body of recent empirical work attributes these findings to capital market imperfections. This interpretation is controversial, however,...
Persistent link: https://www.econbiz.de/10012472158
This paper documents a new empirical regularity: teacher value-added increases within-teacher when accountability incentives are strengthened. That finding motivates a strategy to separate value-added into incentive-varying teacher effort and incentive-invariant teacher ability, combining rich...
Persistent link: https://www.econbiz.de/10012452973
This paper provides the first evidence that value-added education accountability schemes induce dynamic distortions. Extending earlier dynamic moral hazard models, I propose a new test for ratchet effects, showing that classroom inputs are distorted less when schools face a shorter horizon over...
Persistent link: https://www.econbiz.de/10012458749
Performance-raising practices tend to diffuse slowly in the health care sector. To understand how incentives drive adoption, I study a practice that generates revenue for hospitals: submitting detailed documentation about patients. After a 2008 reform, hospitals could raise their Medicare...
Persistent link: https://www.econbiz.de/10012453219
include freight and insurance. But in practice, after controlling for distance and other standard trade costs, the remaining …
Persistent link: https://www.econbiz.de/10012456086