Investment in R&D is positively associated with the variance of sales growth and, to a lesser extent, employment growth. The magnitude of this effect has not increased in recent decades, however.

We construct a new database by matching firm-level Compustat data to NBER patent data, for four 2-digit complex technology sectors. Whilst conventional regression estimators show that the stock market does recognise efforts at innovation, quantile regression analysis adds a new dimension to the...

We construct a new database by matching firm-level Compustat data to NBER patent data, for four 2-digit complex technology sectors. Whilst conventional regression estimators show that the stock market does recognise efforts at innovation, quantile regression analysis adds a new dimension to the...

While Gibrat's Law assumes that growth rate variance is independent of size, empirical work has usually found a negative relationship between growth rate variance and firm growth. Using data on French manufacturing firms, we observe a relatively low, but statistically significant, negative...

While Gibrat's Law assumes that growth rate variance is independent of size, empirical work has usually found a negative relationship between growth rate variance and firm growth. Using data on French manufacturing firms, we observe a relatively low, but statistically significant, negative...

While the received literature on unionized duopolies emphasized the key role of inter-union competition in reversing the standard Cournot-Bertrand profit ranking, in this paper such issue is studied in a framework with labour decreasing returns and a centralized (industry-wide) union, hence in a...

In this paper we revisit the issue of the scope of bargaining between firms and unions. It is shown that an agreement between parties on the bargaining agenda may endogenously emerge only on the Efficient Bargaining arrangement, provided that union's power is not too high.

This paper compares Cournot and Bertrand equilibria in a differentiated duopoly, total wage bill maximizing unions and labour decreasing returns. It is shown that the standard result, that equilibrium profits are always higher under Cournot, may be reversed even for a fairly low degree of...