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Misallocation and Asset Prices
Dou, Winston Wei; Ji, Yan; Tian, Di; Wang, Pengfei - National Bureau of Economic Research - 2024
We develop an endogenous growth model with heterogeneous firms facing financial frictions, where misallocation emerges explicitly as a crucial endogenous state variable and plays a significant role in driving economic growth through the valuation channel. The model illustrates that transient...
Persistent link: https://www.econbiz.de/10014486238
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On the Ubiquity of Declining Business Dynamism
Hummels, David; Yue, Kan - National Bureau of Economic Research - 2024
Recent work documents declining business dynamism in the United States, with concerning implications for markups, innovation and productivity. Using import data for 146 countries over three decades we document a set of new stylized facts describing market dynamism world-wide. Market entry rates...
Persistent link: https://www.econbiz.de/10014576666
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Servicing Development : Productive Upgrading of Labor-Absorbing Services in Developing Economies
Rodrik, Dani; Sandhu, Rohan - National Bureau of Economic Research - 2024
Manufacturing generates very little employment in the developing world. Urban jobs are predominantly informal, unproductive, and in services. It seems unlikely that manufacturing will be able to absorb the new increments to the labor force or create more productive jobs for those that are...
Persistent link: https://www.econbiz.de/10014635701
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Superstars or Supervillains?$bLarge Firms in the South Korean Growth Miracle
Choi, Jaedo; Levchenko, Andrei A.; Ruzic, Dimitrije; … - National Bureau of Economic Research - 2024
We quantify the contribution of the largest firms to South Korea's economic performance over the period 1972-2011. Using firm-level historical data, we document a novel fact: firm concentration rose substantially during the growth miracle period. To understand whether rising concentration...
Persistent link: https://www.econbiz.de/10014635611
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Firm Value, Risk, and Growth Opportunities
Shin, Hyun-Han - 2000
We show that Tobin's q, as proxied by the ratio of the firm's market value to its book value, increases with the firm's systematic equity risk and falls with the firm's unsystematic equity risk. Further, an increase in the firm's total equity risk is associated with a fall in q. The negative...
Persistent link: https://www.econbiz.de/10012470942
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Population Growth and Firm Dynamics
Peters, Michael; Walsh, Conor - National Bureau of Economic Research - 2021
Population growth has declined markedly in almost all major economies since the 1970s. We argue this trend has important consequences for the process of firm dynamics and aggregate growth. We study a rich semi-endogenous growth model of firm dynamics, and show analytically that a decline in...
Persistent link: https://www.econbiz.de/10012660102
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Dividend Taxation and Intertemporal Tax Arbitrage
Korinek, Anton - 2008
Anticipated dividend tax changes, on the other hand, allow firms to engage in inter-temporal tax arbitrage so as to reduce investors' tax burden. This can significantly distort aggregate investment. Anticipated tax cuts (increases) delay (accelerate) firms' dividend payments, which leads them to...
Persistent link: https://www.econbiz.de/10012464789
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Firm-Specific Information and the Efficiency of Investment
Chari, Anusha - 2006
We use a new firm-level dataset to examine the efficiency of investment in emerging economies. In the three-year period following stock market liberalizations, the growth rate of the typical firm's capital stock exceeds its pre-liberalization mean by an average of 5.4 percentage points....
Persistent link: https://www.econbiz.de/10012466482
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Firm Size Dynamics in the Aggregate Economy
Rossi-Hansberg, Esteban - 2005
presents a theory of firm dynamics that simultaneously rationalizes the basic facts on firm growth, exit, and size … distributions. The theory emphasizes the accumulation of industry specific human capital in response to industry specific … productivity shocks. The theory implies that firm growth and exit rates should decline faster with size, and the size distribution …
Persistent link: https://www.econbiz.de/10012467424
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Innovating Firms and Aggregate Innovation
Klette, Tor Jakob - 2002
We develop a parsimonious model of innovating firms rich enough to confront firm-level evidence. It captures the dynamic behavior of individual heterogenous firms, describes the evolution of an industry with simultaneous entry and exit, and delivers a general equilibrium model of technological...
Persistent link: https://www.econbiz.de/10012469896