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In this paper I analyze the relationships among investment, q, and cash flow in a tractable stochastic model in which marginal q and average q are identically equal. After analyzing the impact of changes in the distribution of the marginal operating profit of capital, I extend the model to...
Persistent link: https://www.econbiz.de/10012457120
We explore the relation between international financial integration and the level of entrepreneurial activity in a country. We use a unique firm level data set of approximately 24 million firms in nearly 100 countries in 2004 and 1999, which enables us to present both cross-country and industry...
Persistent link: https://www.econbiz.de/10012465536
We examine a comprehensive set of private and public security issuance decisions by publicly traded companies. We study private and public issues of debt, convertibles and common equity securities - a total of 6 different security-market choices. The market for public firms issuing private...
Persistent link: https://www.econbiz.de/10012467390
Starting in the late 1990s, China undertook a dramatic transformation of the large number of firms under state control … productivity; (ii) the labor productivity of state-owned firms converged to that of private firms; (iii) the capital productivity … of state-owned firms remained significantly lower than that of private firms; and (iv) total factor productivity (TFP …
Persistent link: https://www.econbiz.de/10012457662
Based on a survey that we designed and that covers a stratified random sample of 12,400 firms in 120 cities in China … regions and sectors. By our calculation, if China succeeds in allocating its capital more efficiently, it could reduce its …
Persistent link: https://www.econbiz.de/10012465551
We note the absence of prior literature on analytical structures to be used for China and other economies with … empirical literature discussing the productivity effects of Chinese SOE enterprise reform, and wider policy discussion of the …
Persistent link: https://www.econbiz.de/10012465882
We estimate the effects of privatization on zombie versus healthy state-owned enterprises (SOEs) in China, extending … productivity and TFP, reduces bank and government subsidies, alleviates leverage and administrative expenses, improves liquidity …
Persistent link: https://www.econbiz.de/10015056119
productivity growth at the aggregate and firm level during the post-war period. Growth is driven by the development of both (i … variance of aggregate productivity growth is determined mainly by the arrival rate of general innovations. Ceteris paribus, the … increase in firm-level volatility, and a decline in aggregate volatility. The effect on productivity growth is ambiguous. On …
Persistent link: https://www.econbiz.de/10012467175
US, individual firms' stock returns correlate positively with their own productivity growth, yet the market return … correlates negatively with aggregate productivity growth, yet. This seeming fallacy of composition reflects Schumpeterian … creative destruction: a few technology winners' stocks rise with their rising productivity while many technology losers' stocks …
Persistent link: https://www.econbiz.de/10012459200
shocks. Workers do not observe firm productivity and firms do not commit to future wages, but there is on-the-job search for … specific productivity shocks. In a separating equilibrium, more productive firms signal their type by paying strictly higher … data on firm wage and labor productivity dispersion as well as the cross firm relationship between them …
Persistent link: https://www.econbiz.de/10012460637