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Reconstruction Aid, Public Infrastructure, and Economic Development : The Case of the Marshall Plan in Italy
Giorcelli, Michela; Bianchi, Nicola - National Bureau of Economic Research - 2021
The Marshall Plan (1948-1952) was the largest aid transfer in history. This paper estimates its effects on Italy's postwar economic development. It exploits differences between Italian provinces in the value of reconstruction grants they received. Provinces that could modernize more their...
Persistent link: https://www.econbiz.de/10012794565
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Wage Equalization and Regional Misallocation : Evidence from Italian and German Provinces
Boeri, Tito - 2019
Italy and Germany have similar geographical differences in productivity - North more productive than South in Italy; West more productive than East in Germany - but have adopted different models of wage bargaining. Italy sets wages based on nationwide contracts that allow for limited local wage...
Persistent link: https://www.econbiz.de/10012479565
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Changing Economic Geography and Vertical Linkages in Japan
Tomiura, Eiichi - 2003
In Japan, the manufacturing has become geographically dispersed in the 1990s, when the import share has risen after the historic exchange rate appreciation. As is consistent with the interpretation that import penetration undermines regional input-output linkages, our regressions detect the...
Persistent link: https://www.econbiz.de/10012468798
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Regions, Resources, and Economic Geography : Sources of U.S. Regional Comparative Advantage, 1880-1987
Kim, Sukkoo - 1997
This paper estimates the Rybczynski equation matrix for the twenty two-digit U.S." manufacturing industries for various years between 1880 and 1987. As predicted by the standard" general equilibrium theory of interregional trade, the regression estimates show that a consistent" set of factor...
Persistent link: https://www.econbiz.de/10012472493
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Pollution and Mortality in the 19th Century
Hanlon, W. Walker - 2015
Mortality was extremely high in the industrial cities of the 19th century, but little is known about the role played by pollution in generating this pattern, due largely to a lack of direct pollution measures. I overcome this problem by combining data on the local composition of industries in...
Persistent link: https://www.econbiz.de/10012457022
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Does Diversification Destroy Value? Evidence From Industry Shocks
Lamont, Owen - 2000
Does corporate diversification reduce shareholder value? Since firms endogenously choose to diversify, exogenous … variation in diversification is necessary in order to draw inferences about the causal effect. We examine changes in the within … investment, are negatively related to firm value. Thus diversification destroys value, consistent with the inefficient internal …
Persistent link: https://www.econbiz.de/10012470947
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The Diversification Discount : Cash Flows vs. Returns
Lamont, Owen - 1999
Diversified firms have different values than comparable portfolios of single-segment firms. These value differences must be due to differences in either future cash flows or future returns. Expected security returns on diversified firms vary systematically with relative value. Discount firms...
Persistent link: https://www.econbiz.de/10012471389
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Corporate Focusing and Internal Capital Markets
Schlingemann, Frederik P. - 1999
A sample of firms that focus by divesting at least one segment allows us to investigate the characteristics of segments divested as well as the nature of focusing firms. We find that firms are more likely to divest segments unrelated to the core activities of the firm and that the probability...
Persistent link: https://www.econbiz.de/10012471612
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Global Diversification, Growth and Welfare with Imperfectly Integrated Markets for Goods
Dumas, Bernard - 1999
In this article, we examine the effect of the imperfect mobility of goods on international risk sharing and, through that, on the investment in risky projects, welfare and growth. We find that the welfare gain of financial market openness is not monotonic with respect to investors' risk aversion...
Persistent link: https://www.econbiz.de/10012471806
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Incentives for Diversification and the Structure of the Conglomerate Firm
Marshall, William J. - 1984
firm-level diversification …
Persistent link: https://www.econbiz.de/10012477816