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We track firms at birth and compare the growth pattern of IPO firms and their birth-matched counterparts. Firms that are larger at birth with faster initial growth are more likely to attain a larger size later in life and go public. Firms in the top percentile of predicted propensity to go...
Persistent link: https://www.econbiz.de/10012479586
Using firm-level administrative tax data on the 43% of business liabilities in the United States tied to privately held firms, we document dramatic reductions in leverage since the Great Recession. Leverage for the average private firm fell fifteen percent between 2004 and 2018. In contrast,...
Persistent link: https://www.econbiz.de/10013210062
rather than operational changes. Overall, we find little evidence that privatization alone increases airport performance …; instead, infrastructure funds improve performance both in privatization and subsequent acquisitions from non-PE private firms …Infrastructure assets have undergone substantial privatization in recent decades. How do different types of owners …
Persistent link: https://www.econbiz.de/10013435106
We study the efficiency of capital allocations at state-controlled and privately owned business groups in China. Using highly granular data on within-group capital transfers, we document stark differences: while private groups allocate more capital to units with better investment opportunities,...
Persistent link: https://www.econbiz.de/10012457736
To develop new evidence on the effects of hospital ownership and other aspects of hospital market composition on health … of ownership status are quantitatively important. Areas with a presence of for-profit hospitals have approximately 2 …
Persistent link: https://www.econbiz.de/10012470181
We study the variability of business growth rates in the U.S. private sector from 1976 onwards. To carry out our study, we exploit the recently developed Longitudinal Business Database (LBD), which contains annual observations on employment and payroll for all U.S. businesses. Our central...
Persistent link: https://www.econbiz.de/10012466311
performance in the largest companies in Germany in the 1980s. The management board turns over slowly -- at a rate of 10% per year … management board increases significantly with stock performance and particularly poor (i.e. negative) earnings, but is unrelated … performance …
Persistent link: https://www.econbiz.de/10012474534
there are clear improvements in performance post-privatization. The tiger can change its stripes; however, the government …The majority of state-owned enterprises (SOEs) in China were privatized through ownership reforms over the last two …. Moreover, both SOEs and privatized SOEs significantly under-perform in profitability compared to private firms. Nevertheless …
Persistent link: https://www.econbiz.de/10012479431
We estimate the effects of privatization on zombie versus healthy state-owned enterprises (SOEs) in China, extending … privatization of underperforming, zombie-like entities can lead to substantial economic improvements and greater efficiency …
Persistent link: https://www.econbiz.de/10015056119
We examine the optimal financing of infrastructure when governments have limited financial commitment and can expropriate rents from private sector firms that manage infrastructure. While private firms need incentives to implement projects well, governments need incentives to limit...
Persistent link: https://www.econbiz.de/10013334350