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Contractual Tradeoffs and SMEs Choice of Organizational Form, A View from U.S. and French History, 1830-2000
Lamoreaux, Naomi R.; Rosenthal, Jean-Laurent - National Bureau of Economic Research (NBER) - 2006
past. Before the advent of the income tax, tort litigation, and significant federal regulation, entrepreneurs more often …
Persistent link: https://www.econbiz.de/10005777622
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Financing-Motivated Acquisitions
Erel, Isil; Jang, Yeejin; Weisbach, Michael S. - National Bureau of Economic Research (NBER) - 2012
Managers often claim that an important source of value in acquisitions is the acquiring firm's ability to finance …
Persistent link: https://www.econbiz.de/10009652757
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The Valuation Effects of Geographic Diversification: Evidence from U.S. Banks
Laeven, Luc; Levine, Ross; Goetz, Martin - National Bureau of Economic Research (NBER) - 2011
This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United States on their market valuations. Using two novel identification strategies based on the dynamic process of interstate bank deregulation, we find that exogenous increases in...
Persistent link: https://www.econbiz.de/10009652836
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Conglomerate Industry Choice and Product Differentiation
Phillips, Gordon M.; Hoberg, Gerard - National Bureau of Economic Research (NBER) - 2011
We use text-based computational analysis of business descriptions from 10-Ks to examine in which industries conglomerates are most likely to operate and to understand conglomerate valuations. We find that conglomerates are more likely to operate in industry pairs that are closer together in the...
Persistent link: https://www.econbiz.de/10009226943
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Capital Allocation and Delegation of Decision-Making Authority within Firms
Harvey, Campbell; Graham, John R.; Puri, Manju - National Bureau of Economic Research (NBER) - 2011
We survey more than 1,000 CEOs and CFOs to understand how capital is allocated, and decision-making authority is delegated, within firms. We find that CEOs are least likely to share or delegate decision-making authority in mergers and acquisitions, relative to delegation of capital structure,...
Persistent link: https://www.econbiz.de/10009277253
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R&D and the Incentives from Merger and Acquisition Activity
Phillips, Gordon M.; Zhdanov, Alexei - National Bureau of Economic Research (NBER) - 2012
We provide a model and empirical tests showing how an active acquisition market affects firm incentives to innovate and conduct R&D. Our model shows that small firms optimally may decide to innovate more when they can sell out to larger firms. Large firms may find it disadvantageous to engage in...
Persistent link: https://www.econbiz.de/10010785637
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Determinants of Vertical Integration: Finance, Contracts, and Regulation
Acemoglu, Daron; Johnson, Simon; Mitton, Todd - National Bureau of Economic Research (NBER) - 2005
differences in financial development, contracting costs or regulation. We find cross-country correlations between vertical …
Persistent link: https://www.econbiz.de/10005718077
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Are Franchises Bad Employers?
Hamori, Monika; Cappelli, Peter - National Bureau of Economic Research (NBER) - 2007
Franchise jobs are often described as representing the epitome of the "low road" approach to managing employees: high turnover, little training, deskilled jobs, and little employee involvement, practices often seen as unsophisticated. Research on franchise operations suggests, however, that the...
Persistent link: https://www.econbiz.de/10005714189
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A Theory of Outsourcing and Wage Decline
Holmes, Thomas; Snider, Julia Thornton - National Bureau of Economic Research (NBER) - 2009
wages than the specialist producers of labor-intensive intermediates. We derive conditions under which there are multiple … equilibria that vary in the degree of outsourcing. Across these equilibria, wages are lower the greater the degree of outsourcing …. Wages fall when outsourcing increases in response to a decline in the outsourcing friction. …
Persistent link: https://www.econbiz.de/10005720061
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Earnings Inequality and Coordination Costs: Evidence From U.S. Law Firms
Garicano, Luis; Hubbard, Thomas - National Bureau of Economic Research (NBER) - 2009
Earnings inequality has increased substantially since the 1970s. Using evidence from confidential Census data on U.S. law offices on lawyers' organization and earnings, we study the extent to which the mechanism suggested by Lucas (1978) and Rosen (1982), a scale of operations effect linking...
Persistent link: https://www.econbiz.de/10005778656