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Berk, Jonathan B.; Binsbergen, Jules H. van; Liu, Binying - National Bureau of Economic Research (NBER) - 2014

We establish an important role for the firm by studying capital reallocation decisions of mutual fund firms. At least 30% of the value mutual fund managers add can be attributed to the firm's role in efficiently allocating capital amongst its mutual fund managers. We find no evidence of a...

Persistent link: https://www.econbiz.de/10010950822

Financing Decisions and Product Introductions of Private and Publicly Traded Firms

Phillips, Gordon M.; Sertsios, Giorgo - National Bureau of Economic Research (NBER) - 2014

We exploit Medicare national coverage reimbursement approvals of medical devices as a quasi-natural experiment to investigate how private and publicly traded firm financing decisions and product introductions respond to exogenous changes in investment opportunities. We find that publicly traded...

Persistent link: https://www.econbiz.de/10010950886

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

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

Spin-offs and the Market for Ideas

Chatterjee, Satyajit; Rossi-Hansberg, Esteban - National Bureau of Economic Research (NBER) - 2007

We propose a theory of firm dynamics in which workers have ideas for new projects that can be sold in a market to existing firms or implemented in new firms: spin-offs. Workers have private information about the quality of their ideas. Because of an adverse selection problem, workers can sell...

Persistent link: https://www.econbiz.de/10005829191

Market Size, Division of Labor, and Firm Productivity

Chaney, Thomas; Ossa, Ralph - National Bureau of Economic Research (NBER) - 2012

We generalize Krugman's (1979) 'new trade' model by allowing for an explicit production chain in which a range of tasks is performed sequentially by a number of specialized teams. We demonstrate that an increase in market size induces a deeper division of labor among these teams which leads to...

Persistent link: https://www.econbiz.de/10010821787

Foreign Owners and Plant Survival

Bernard, Andrew B.; Sjoholm, Fredrik - National Bureau of Economic Research (NBER) - 2003

In recent years, international capital flows of all types have increased dramatically and most governments have been actively encouraging inflows of direct investment. However, concerns remain that reliance on foreign multinationals may be a risky development strategy as foreign firms are likely...

Persistent link: https://www.econbiz.de/10005774859

Grossman-Hart (1986) Goes Global: Incomplete Contracts, Property Rights, and the International Organization of Production

Antras, Pol - National Bureau of Economic Research (NBER) - 2011

I survey the influence of Grossman and Hart's (1986) seminal paper in the field of International Trade. I discuss the implementation of the theory in open-economy environments and its implications for the international organization of production and the structure of international trade flows. I...

Persistent link: https://www.econbiz.de/10009321289

Physical Capital, Knowledge Capital and the Choice Between FDI and Outsourcing

Chen, Yongmin; Horstmann, Ignatius J.; Markusen, James R. - National Bureau of Economic Research (NBER) - 2008

primarily knowledge-based assets. An important assumption there is that the relevant knowledge is absorbed by the local manager … or licensee over the course of time: knowledge is non-excludable. More recently, a number of influential papers have … licensing when the ratio of knowledge capital to physical capital is high, or when market value is high relative to the book …

Persistent link: https://www.econbiz.de/10005830204

Managerial Incentives and the International Organization of Production

Helpman, Elhanan; Grossman, Gene - National Bureau of Economic Research (NBER) - 2002

We develop a model in which the heterogeneous firms in an industry choose their modes of organization and the location …

Persistent link: https://www.econbiz.de/10005088898

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