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Small and vulnerable : small firm productivity in the great productivity slowdown
Chen, Sophia; Lee, Do - 2020
We provide broad-based evidence of a firm size premium of total factor productivity (TFP) growth in Europe after the …
Persistent link: https://www.econbiz.de/10012487176
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Intangible capital, relative asset shortages and bubbles
Giglio, Stefano; Severo, Tiago - 2011
Persistent link: https://www.econbiz.de/10009419625
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The tax-adjusted Q model with intangible assets : theory and evidence from temporary investment tax incentives
Chen, Sophia; Dauchy, Estelle P. - 2014
We propose a tax-adjusted q model with physical and intangible assets and estimate it with a self-collected comprehensive database of intangible assets. The presence of intangibles changes the accounting and economic measures of q. We show that when tax changes are temporary, the q model can be...
Persistent link: https://www.econbiz.de/10012666979
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Monetary policy and intangible investment
Döttling, Robin; Ratnovski, Lev - 2020
We contrast how monetary policy affects intangible relative to tangible investment. We document that the stock prices of firms with more intangible assets react less to monetary policy shocks, as identified from Fed Funds futures movements around FOMC announcements. Consistent with the stock...
Persistent link: https://www.econbiz.de/10012300640
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Macroeconomic policy, product market competition, and growth : the intangible investment channel
Ahn, JaeBin; Duval, Romain; Sever, Can - 2020
While there is growing evidence of persistent or even permanent output losses from financial crises, the causes remain unclear. One candidate is intangible capital - a rising driver of economic growth that, being non-pledgeable as collateral, is vulnerable to financial frictions. By sheltering...
Persistent link: https://www.econbiz.de/10012170156
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Bank lending in the knowledge economy
Dell'Ariccia, Giovanni; Kadyrzhanova, Dalida; Minoiu, … - 2017
We study bank portfolio allocations during the transition of the real sector to a knowledge economy in which firms use less tangible capital and invest more in intangible assets. We show that, as firms shift toward intangible assets that have lower collateral values, banks reallocate their...
Persistent link: https://www.econbiz.de/10011781337
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Financial frictions and the great productivity slowdown
Duval, Romain; Hong, Gee Hee; Timmer, Yannick - 2017
We study the role of financial frictions in explaining the sharp and persistent productivity growth slowdown in … and tightening credit conditions made an important contribution to the post-crisis productivity slowdown. Specifically: (i …) firms that entered the crisis with weaker balance sheets experienced decline in total factor productivity growth relative to …
Persistent link: https://www.econbiz.de/10011704627
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The financing of ideas and the great deviation
Garcia-Macia, Daniel - 2017
Why did the Great Recession lead to such a slow recovery? I build a model where heterogeneous firms invest in physical and intangible capital, and can default on their debt. In case of default, intangible assets are harder to seize by creditors. Hence, intangible capital faces higher financing...
Persistent link: https://www.econbiz.de/10011705354
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Financial constraints, intangible assets, and firm dynamics : theory and evidence
Chen, Sophia - 2014
I study whether firms' reliance on intangible assets is an important determinant of financing constraints. I construct new measures of firm-level physical and intangible assets using accounting information on U.S. public firms. I find that firms with a higher share of intangible assets in total...
Persistent link: https://www.econbiz.de/10014275782
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The Effect of Capital Controlson Foreign Direct Investment Decisions Under Country Risk with Intangible Assets
Elo, Kinga Z. - 2007
This paper examines how capital controls affect FDI decisions and how the impact of these restrictive measures varies with different levels of country risk. We construct a model of firms'' FDI decisions, broadly in Dunning''s ""eclectic theory"" framework, using ""real options"" to emphasize...
Persistent link: https://www.econbiz.de/10014399843