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Sources of Firm Life-Cycle Dynamics: Differentiating Size vs. Age Effects

Kueng, Lorenz; Yang, Mu-Jeung; Hong, Bryan - National Bureau of Economic Research (NBER) - 2014

empirical successes and shortcomings of current theory. First, models of organizational capital and innovation are broadly …

Persistent link: https://www.econbiz.de/10010951103

Private Equity, Jobs, and Productivity

Davis, Steven; Haltiwanger, John; Jarmin, Ron S.; … - National Bureau of Economic Research (NBER) - 2013

Private equity critics claim that leveraged buyouts bring huge job losses and few gains in operating performance. To evaluate these claims, we construct and analyze a new dataset that covers U.S. buyouts from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments before and...

Persistent link: https://www.econbiz.de/10011095622

Business Strategy and the Management of Firms

Yang, Mu-Jeung; Kueng, Lorenz; Hong, Bryan - National Bureau of Economic Research (NBER) - 2015

over time, and even after controlling for unobserved profit shocks exploiting intermediates utilization. Results are … business opportunities vs. exploitation of existing profit sources. …

Persistent link: https://www.econbiz.de/10011123643

Healthcare Exceptionalism? Productivity and Allocation in the U.S. Healthcare Sector

Chandra, Amitabh; Syverson, Chad; Finkelstein, Amy; … - National Bureau of Economic Research (NBER) - 2013

The conventional wisdom in health economics is that large differences in average productivity across hospitals are the result of idiosyncratic, institutional features of the healthcare sector which dull the role of market forces. Strikingly, however, we find that productivity dispersion in heart...

Persistent link: https://www.econbiz.de/10010951009

The market value of patents and R&D: Evidence from European firms

Hall, Bronwyn H; Thoma, Grid L. D.; Torrisi, Salvatore - National Bureau of Economic Research (NBER) - 2007

This paper provides novel empirical evidence on the private value of patents and R&D in European firms during the period 1991-2004. We explore the relationship between firm's stock market value, patents, and "quality"-weighted patents issued by the European Patent Office (EPO) and the US Patent...

Persistent link: https://www.econbiz.de/10005829911

Production, Financial Structure and Productivity Growth in U.S. Manufacturing

Bernstein, Jeffrey I.; Nadiri, M. Ishaq - National Bureau of Economic Research (NBER) - 1993

, profitability, and productivity growth. Asymmetric information generates agency costs of debt and signaling benefits of dividends … benefits are measured by their effects on profitability. A one percent increase in debt reduces variable profit by 0.04 percent …, while a one percent increase in dividends raises variable profit by 0.12 percent. Agency costs also limit the adjustment of …

Persistent link: https://www.econbiz.de/10005714927

The Twilight Zone: OTC Regulatory Regimes and Market Quality

Leuz, Christian; Brüggemann, Ulf; Kaul, Aditya; … - National Bureau of Economic Research (NBER) - 2013

We analyze a comprehensive sample of more than 10,000 U.S. stocks in the OTC market. As little is known about this market, we first characterize OTC firms by trading venue and provide evidence on survival, success, frequency of venue changes, reporting status, and trading activity. A large...

Persistent link: https://www.econbiz.de/10010969441

Did Capital Requirements and Fair Value Accounting Spark Fire Sales in Distressed Mortgage-Backed Securities?

Merrill, Craig B.; Nadauld, Taylor D.; Stulz, René M.; … - National Bureau of Economic Research (NBER) - 2012

Much attention has been paid to the large decreases in value of non-agency residential mortgage-backed securities (RMBS) during the financial crisis. Many observers have argued that the fall in prices was partly driven by decreased liquidity and fire sales. We investigate whether capital...

Persistent link: https://www.econbiz.de/10010950851

Footnotes Aren't Enough: The Impact of Pension Accounting on Stock Values

Mitchell, Olivia; Coronado, Julia; Sharpe, Steven A.; … - National Bureau of Economic Research (NBER) - 2008

Some research has suggested that companies with defined benefit (DB) pensions are sometimes significantly misvalued by the market. This is because the measures of pension cost and pension net liabilities embedded in financial statements, taken at face value, can provide very misleading picture...

Persistent link: https://www.econbiz.de/10005088948

Transparency and Corporate Governance

Hermalin, Benjamin; Weisbach, Michael S. - National Bureau of Economic Research (NBER) - 2007

perspective, there are likely to be both costs and benefits to increased transparency, leading to an optimum level beyond which … profit reducing. …

Persistent link: https://www.econbiz.de/10005580270