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Reallocation of corporate resources and managerial incentives in internal capital markets

Brusco, Sandro; Panunzi, Fausto - 2002

Diversified firms often trade at a discount with respect to their focused counterparts. The literature has tried to explain the apparent misallocation of resources with lobbying activities or power struggles. We show that diversification can destroy value even when resources are efficiently...

Persistent link: https://www.econbiz.de/10011410226

Urban-Biased Structural Change

Chen, Natalie; Novy, Dennis; Perroni, Carlo; Wong, … - 2023

Using firm-level data from France, we document that the shift of economic activity from manufacturing to services over … strengthened for services but weakened for manufacturing. This divergence is a key driver of the urban bias but it dampens … density. This bias can be accounted for by the location choices of large services firms that sort into big cities and large …

Persistent link: https://www.econbiz.de/10014442769

Productivity, price- and wage-markups : an empirical analysis of the Dutch manufacturing industry

Amoroso, Sara; Melenberg, Bertrand; Plasmans, Joseph E. J. - 2015

This paper examines the interaction between productivity growth, firms’ monopolistic market power, and workers’ wage bargaining power. Our study contributes to several strands of literatures. First, we examine a monopolistic framework which accounts for wage bargaining. In addition to the...

Persistent link: https://www.econbiz.de/10010496909

Great moderation at the firm level? : unconditional vs. conditional Output volatility

Buch, Claudia M. (contributor); Döpke, Jörg (contributor); … - 2008

Aggregated output in industrialized countries has become less volatile over the past decades. Whether this Great Moderationʺ can be found in firm level data as well remains disputed. We study the evolution of firm level output volatility using a balanced panel dataset on German firms that...

Persistent link: https://www.econbiz.de/10003720335

The interest rate pass-through in the Euro area during the global financial crisis : conference paper

Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2013

This paper uses panel vector autoregressive models and simulations of an estimated DSGE model to explore the reaction of Euro area banks to the global financial crisis. We focus on their interest rate setting behavior in response to standard macroeconomic shocks. Our main empirical finding is...

Persistent link: https://www.econbiz.de/10010338974

Loan supply shocks during the financial crisis : evidence for the Euro Area

Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2011

This paper employs a panel vector autoregressive model for the member countries of the Euro Area to explore the role of banks during the slump of the real economy that followed the financial crisis. In particular, we seek to quantify the macroeconomic effects of adverse loan supply shocks, which...

Persistent link: https://www.econbiz.de/10009012054

Taxation systems in the EU : the role of economic integration and global financial crisis

Erol, Kazım Okan - 2020

This study aims to scrutinize the change of public revenue systems of the EU-15 between 1980 and 2016. The share of consumption taxes in total tax revenues increases and this process have triggered higher tax burden on labor in most of the EU countries via indirect taxation. In this study I use...

Persistent link: https://www.econbiz.de/10012312272

Significance of development stage theory for explaining industrial growth pattern between Asian NICs and selected advanced economies

Nam, Chang-woon - 2002

The East Asian miracle was real. Prior to the 1997 economic and currency crises, Asian NICs Hong Kong, Korea, Singapore and Taiwan achieved remarkable annual GDP growth. In these countries the overall economic performance was significantly determined by the industrial development triggered by...

Persistent link: https://www.econbiz.de/10011409015

Nonparametric identification of production function, total factor productivity, and markup from revenue data

Kasahara, Hiroyuki; Sugita, Yoichi - 2020

Commonly used methods of production function estimation assume that a firm's output quantity can be observed as data, but typical datasets contain only revenue, not output quantity. We examine the nonparametric identification of production function from revenue data when a firm faces a general...

Persistent link: https://www.econbiz.de/10012308513

Sea surface temperature and tuna catch in the Eastern Pacific Ocean under climate change

Mediodia, Hanny John; Kahui, Viktoria; Noy, Ilan - 2020

The increase in sea surface temperature (SST) is one of the primary consequences of climate change and has the potential to impact tuna fisheries. This paper theoretically models and then applies the production function approach to establish a positive but non-linear relationship between catch...

Persistent link: https://www.econbiz.de/10012270378

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