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Privatization's Impacts on State-Owned Enterprises : A Tale of Zombie versus Healthy Firms
Wang, Ruiting - 2024
We estimate the effects of privatization on zombie versus healthy state-owned enterprises (SOEs) in China, extending …
Persistent link: https://www.econbiz.de/10015056119
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Internal Disagreement and Disruptive Technologies
Gans, Joshua - National Bureau of Economic Research - 2022
This paper models the adoption by established firms of technologies that are internally disruptive in that different parts of an organization stand to lose or gain from adoption. When agents disagree with a decision they impose costs on the firm. The paper shows that any resistance to change...
Persistent link: https://www.econbiz.de/10013210120
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What Purpose Do Corporations Purport? Evidence from Letters to Shareholders
Rajan, Raghuram Govind; Ramella, Pietro; Zingales, Luigi - National Bureau of Economic Research - 2023
Using natural language processing, we identify corporate goals stated in the shareholder letters of the 150 largest companies in the United States from 1955 to 2020. Corporate goals have proliferated, from less than one on average in 1955 to more than 7 in 2020. While in 1955, profit...
Persistent link: https://www.econbiz.de/10014247976
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Private Sanctions
Hart, Oliver D.; Thesmar, David; Zingales, Luigi - National Bureau of Economic Research - 2022
We survey a representative sample of the U.S. population to understand stakeholders' desire to see their firms exit Russia after the invasion of Ukraine. 61% of respondents think that firms should exit Russia, regardless of the consequences. Only 37% think that leaving Russia is a purely...
Persistent link: https://www.econbiz.de/10013477220
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Common Ownership, Competition, and Top Management Incentives
Anton, Miguel; Ederer, Florian; Giné, Mireia; Schmalz, … - National Bureau of Economic Research - 2022
We present a mechanism based on managerial incentives through which common ownership affects product market outcomes. Firm-level variation in common ownership causes variation in managerial incentives and productivity across firms, which leads to intra-industry and intra-firm cross-market...
Persistent link: https://www.econbiz.de/10013477278
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What Do Shareholders Want? Consumer Welfare and the Objective of the Firm
Ericson, Keith M. Marzilli - National Bureau of Economic Research - 2024
Shareholders want a firm's objective function to place some weight on consumer welfare, motivated by both self-interested and altruistic motivations. Firms have a unique technology for improving consumer welfare: lowering inefficient price markups, which increases consumer welfare more than it...
Persistent link: https://www.econbiz.de/10014468264
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Product Repositioning by Merging Firms
Atalay, Enghin; Sorensen, Alan T.; Sullivan, Christopher J. - National Bureau of Economic Research - 2023
We examine merging firms' additions and removals of products for a sample of 66 mergers across a wide variety of consumer packaged goods markets. We find that mergers lead to a net reduction in the number of products offered by merging firms. Merging firms tend to both drop and add products at...
Persistent link: https://www.econbiz.de/10014287330
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The value-added tax reform puzzle
Cai, Jing - 2011
"We explore the impact of a tax reform in some provinces of China which eliminated the value-added tax on some … induce labor-saving growth. This experiment has since been extended to the rest of China"--National Bureau of Economic …
Persistent link: https://www.econbiz.de/10011395531
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The Demand for Medical Care in Urban China
Mocan, H. Naci - 2000
China. It uses a data set that consists of detailed characteristics of 6407 urban households, a continuous measure of health …
Persistent link: https://www.econbiz.de/10012471094
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Federalism with and without Political Centralization : China versus Russia
Blanchard, Olivier - 2000
In China, local governments have actively contributed to the growth of new firms. In Russia, local governments have … question then is why this has not happened in China. We argue that the answer lies in the degree of political centralization … present in China, but not in Russia. Transition in China has taken place under the tight control of the communist party. As a …
Persistent link: https://www.econbiz.de/10012471154