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Kerr, William R. - 2011

We study the determinants of the dynamics of firm lobbying behavior using a panel data set covering 1998-2006. Our data … exhibit three striking facts: (i) few firms lobby, (ii) lobbying status is strongly associated with firm size, and (iii …) lobbying status is highly persistent over time. Estimating a model of a firm's decision to engage in lobbying, we find …

Persistent link: https://www.econbiz.de/10012461081

Dividends as Reference Points : A Behavioral Signaling Approach

Baker, Malcolm - 2012

We outline a dividend signaling approach in which rational managers signal firm strength to investors who are loss averse to reductions in dividends relative to the reference point set by prior dividends. Managers with strong but unobservable cash earnings separate themselves by paying high...

Persistent link: https://www.econbiz.de/10012460418

Connecting to Power : Political Connections, Innovation, and Firm Dynamics

Akcigit, Ufuk - 2018

Do political connections affect firm dynamics, innovation, and creative destruction? We study Italian firms and their workers to answer this question. Our analysis uses a brand-new dataset, spanning the period from 1993 to 2014, where we merge: (i) firm-level balance sheet data; (ii) social...

Persistent link: https://www.econbiz.de/10012480788

Legislating Stock Prices

Cohen, Lauren - 2012

In this paper we demonstrate that legislation has a simple, yet previously undetected impact on firm stock prices. While it is understood that the government and firms have an important relationship, it remains difficult to determine which firms any given piece of legislation will affect, and...

Persistent link: https://www.econbiz.de/10012460370

Solomonic Separation : Risk Decisions as Productivity Indicators

Miller, Nolan - 2012

A principal provides budgets to agents (e.g., divisions of a firm or the principal's children) whose expenditures provide her benefits, either materially or because of altruism. Only agents know their potential to generate benefits. We prove that if the more "productive" agents are also more...

Persistent link: https://www.econbiz.de/10012460026

The Limits of Meritocracy : Screening Bureaucrats Under Imperfect Verifiability

Suárez Serrato, Juan Carlos - 2016

Meritocracies that aim to identify high-ability bureaucrats are less effective when performance is imperfectly observed. First, we show meritocratic governments forgo output maximization when they design incentives that screen for ability. This trade-off has empirical implications that reveal...

Persistent link: https://www.econbiz.de/10012456711

An Anatomy of U.S. Firms Seeking Trademark Registration

Dinlersoz, Emin Murat - 2018

This paper reports on the construction of a new dataset that combines data on trademark applications and registrations from the U.S. Patent and Trademark Office with data on firms from the U.S. Census Bureau. The resulting dataset allows tracking of various activity related to trademark use and...

Persistent link: https://www.econbiz.de/10012480691

Military CEOs

Benmelech, Efraim - 2014

There is mounting evidence of the influence of personal characteristics of CEOs on corporate outcomes. In this paper we analyze the relation between military service of CEOs and managerial decisions, financial policies, and corporate outcomes. Exploiting exogenous variation in the propensity to...

Persistent link: https://www.econbiz.de/10012458882

Playing Favorites : How Firms Prevent the Revelation of Bad News

Cohen, Lauren - 2013

We explore a subtle but important mechanism through which firms can control information flow to the markets. We find that firms that "cast" their conference calls by disproportionately calling on bullish analysts tend to underperform in the future. Firms that call on more favorable analysts...

Persistent link: https://www.econbiz.de/10012459231

Insider Econometrics : Empirical Studies of How Management Matters

Ichniowski, Casey - 2009

This research approach, which we term insider econometrics, addresses these questions by combining insights from industry insiders with rigorous econometric tests about the adoption and productivity effects of new management practices using rich industry-specific data. Understanding the...

Persistent link: https://www.econbiz.de/10012463034