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The organization of firms across countries

Bloom, Nicholas - 2009

We argue that social capital as proxied by regional trust and the Rule of Law can improve aggregate productivity through facilitating greater firm decentralization. We collect original data on the decentralization of investment, hiring, production and sales decisions from Corporate Head Quarters...

Persistent link: https://www.econbiz.de/10012463521

Technology, Information and the Decentralization of the Firm

Acemoglu, Daron - 2006

This paper develops a framework to analyze the relationship between the diffusion of new technologies and the decentralization decisions of firms. Centralized control relies on the information of the principal, which we equate with publicly available information. However, the manager can use her...

Persistent link: https://www.econbiz.de/10012466463

Come together: firm boundaries and delegation

Alfaro, Laura; Bloom, Nicholas; Conconi, Paola; … - 2018

of vertical integration and delegation for a large set of firms from many countries and industries. In line with the … model's predictions, we obtain three main results: (i) integration and delegation co-vary positively; (ii) producers are … more likely to integrate suppliers in input sectors with greater productivity variation (as the option value of integration …

Persistent link: https://www.econbiz.de/10011895830

Surveying Business Uncertainty

Altig, David - 2019

We elicit subjective probability distributions from business executives about their own-firm outcomes at a one-year look-ahead horizon. In terms of question design, our key innovation is to let survey respondents freely select support points and probabilities in five-point distributions over...

Persistent link: https://www.econbiz.de/10012479906

The Impact of Brexit on UK Firms

Bloom, Nicholas - 2019

We use a major new survey of UK firms, the Decision Maker Panel, to assess the impact of the June 2016 Brexit referendum. We identify three key results. First, the UK's decision to leave the EU has generated a large, broad and long-lasting increase in uncertainty. Second, anticipation of Brexit...

Persistent link: https://www.econbiz.de/10012480162

Innovation and Institutional Ownership

Aghion, Philippe - 2009

We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite-weighted patents). To explore the mechanism through which this link arises, we build a model that nests the lazy-manager hypothesis with career-concerns, where institutional...

Persistent link: https://www.econbiz.de/10012463878

Minimum Wages and Firm Profitability

Draca, Mirko - 2008

Although there is a large literature on the economic effects of minimum wages on labour market outcomes (especially employment), there is much less evidence on their impact on firm performance. In this paper we consider a very under-studied area - the impact of minimum wages on firm...

Persistent link: https://www.econbiz.de/10012464650

The finance uncertainty multiplier

Alfaro, Iván; Bloom, Nicholas; Lin, Xiaoji - 2018

We show how real and financial frictions amplify the impact of uncertainty shocks. We build a model with real frictions, and find adding financial frictions roughly doubles the impact of uncertainty shocks. Higher uncertainty alongside financial frictions induces the standard real-options...

Persistent link: https://www.econbiz.de/10011895833

Firm performance and macro forecast accuracy

Tanaka, Mari; Bloom, Nicholas; David, Joel M.; Koga, Maiko - 2018

Persistent link: https://www.econbiz.de/10011898809

Firm Performance and Macro Forecast Accuracy

Tanaka, Mari - 2018

Ever since Keynes' famous quote about animal spirits, there has been an interest in linking firms' expectations and actions. However, empirical evidence has been limited due to a lack of firm-level panel data on expectations and outcomes. In this paper, we build such a dataset by combining a...

Persistent link: https://www.econbiz.de/10012452945