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The Secular Decline in Private Firm Leverage

Dobridge, Christine L.; Gilje, Erik P.; Whitten, Andrew - National Bureau of Economic Research - 2022

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

All Clear for Takeoff : Evidence from Airports on the Effects of Infrastructure Privatization

Howell, Sabrina T.; Jang, Yeejin; Kim, Hyeik; Weisbach, … - National Bureau of Economic Research - 2022

Infrastructure assets have undergone substantial privatization in recent decades. How do different types of owners … 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 …

Persistent link: https://www.econbiz.de/10013435106

Do Public Firms Respond to Industry Opportunities More Than Private Firms? The Impact of Initial Firm Quality

Maksimovic, Vojislav - 2019

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

The Chinese Corporate Savings Puzzle : A Firm-level Cross-country Perspective

Bayoumi, Tamim - 2010

China's high corporate savings rate is commonly claimed to be a key driver for the country's large current account surplus. The mainstream explanation for high corporate savings is a combination of windfall profits in state-owned firms, especially in resource sectors, and mis-governance of...

Persistent link: https://www.econbiz.de/10012462224

State Capitalism vs. Private Enterprise

Ljungqvist, Alexander - 2015

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

Comparing the Investment Behavior of Public and Private Firms

Asker, John - 2011

We evaluate differences in investment behavior between stock market listed and privately held firms in the U.S. using a rich new data source on private firms. Listed firms invest less and are less responsive to changes in investment opportunities compared to observably similar, matched private...

Persistent link: https://www.econbiz.de/10012461264

The Economics of the Public Option : Evidence from Local Pharmaceutical Markets

Atal, Juan Pablo; Cuesta, José Ignacio; González, Felipe - National Bureau of Economic Research - 2022

We study the effects of competition by state-owned firms, leveraging the decentralized entry of public pharmacies to local markets in Chile. Public pharmacies sell the same drugs at a third of private pharmacy prices, because of stronger upstream bargaining and market power in the private...

Persistent link: https://www.econbiz.de/10013477271

Does Greater Public Scrutiny Hurt a Firm's Performance?

Bennett, Benjamin; Stulz, René M.; Wang, Zexi - National Bureau of Economic Research - 2023

Public attention to a firm may provide valuable monitoring, but it may also have a dark side by constraining management's decisions and distracting it. We use inclusion in the S&P 500 index as a positive shock to public attention. Media coverage, Google searches, SEC downloads, SEC comment...

Persistent link: https://www.econbiz.de/10013537752

Financing Infrastructure in the Shadow of Expropriation

Acharya, Viral V.; Parlatore, Cecilia; Sundaresan, Suresh M. - National Bureau of Economic Research - 2022

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

Mutual Fund Flows and the Supply of Capital in Municipal Financing

Adelino, Manuel; Cheong, Sophia Chiyoung; Choi, Jaewon; … - National Bureau of Economic Research - 2023

This paper identifies the impact of fluctuations in the supply of capital from mutual funds on municipal bond financing and makes three contributions to the literature. First, we develop an identification strategy based on the Morningstar rating methodology at the moment that funds reach 5 years...

Persistent link: https://www.econbiz.de/10014226177

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