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Optimal Monetary Policy with Informational Frictions

Angeletos, George-Marios - 2011

This paper studies optimal policy in a business-cycle setting in which firms have a blurry understanding of the state of the economy due to informational or cognitive constraints. The latter are not only the source of nominal rigidity but also an impediment in the coordination of production. The...

Persistent link: https://www.econbiz.de/10013118850

Mutual Fund Performance and the Incentive to Generate Alpha

Del Guercio, Diane - 2011

find that flows chase risk-adjusted returns, and that funds respond by investing more in active management. Importantly …

Persistent link: https://www.econbiz.de/10013119774

International Trade : Linking Micro and Macro

Eaton, Jonathan - 2014

A recent literature has introduced heterogeneous firms into models of international trade. This literature has adopted the convention of treating individual firms as points on a continuum. While the continuum offers many advantages this convenience comes at some cost: (1) Shocks to individual...

Persistent link: https://www.econbiz.de/10013066573

Does Trade Globalization Induce or Inhibit Corporate Transparency? Unbundling the Growth Potential and Product Market Competition Channels

Tong, Hui - 2014

How does increasing globalization affect corporate transparency? Freer trade represents different facets and in theory has ambiguous effects on corporate transparency. On the one hand, by exposing firms to more product market competition, it could discourage discretionary disclosure. On the...

Persistent link: https://www.econbiz.de/10013067063

Does Management Matter? Evidence from India

Bloom, Nicholas - 2014

A long-standing question in social science is to what extent differences in management cause differences in firm … performance. To investigate this we ran a management field experiment on large Indian textile firms. We provided free consulting … on modern management practices to a randomly chosen set of treatment plants and compared their performance to the control …

Persistent link: https://www.econbiz.de/10013068799

Schooling Supply and the Structure of Production : Evidence from Us States 1950-1990

Ciccone, Antonio - 2012

We find that over the period 1950-1990, US states absorbed increases in the supply of schooling due to tighter compulsory schooling and child labor laws mostly through within-industry increases in the schooling intensity of production. Shifts in the industry composition towards more...

Persistent link: https://www.econbiz.de/10013113157

Capital Allocation and Delegation of Decision-Making Authority within Firms

Graham, John R. - 2011

‟s cash flows, and senior management's "gut feel." Corporate politics and corporate socialism are more important allocation …

Persistent link: https://www.econbiz.de/10013120989

How Do Firm Financial Conditions Affect Product Quality and Pricing?

Phillips, Gordon M. - 2011

We analyze the interaction of firm product quality and pricing decisions with financial distress and bankruptcy in the airline industry. We consider an airline's choices of quality and price as dynamic decisions that trade off current cash flows for future revenue. We examine how airline...

Persistent link: https://www.econbiz.de/10013122187

The Connection between Imported Intermediate Inputs and Exports : Evidence from Chinese Firms

Feng, Ling - 2012

We use data on Chinese manufacturing firms to study the connection between individual firm imports and firm export outcomes. Since our panel covers the years 2002 to 2006, we can use changes in import tariffs associated with China's WTO entry as instruments. Our regression results show that...

Persistent link: https://www.econbiz.de/10013103048

As Certain as Debt and Taxes : Estimating the Tax Sensitivity of Leverage from Exogenous State Tax Changes

Heider, Florian - 2013

We use a natural experiment in the form of 121 staggered changes in corporate income tax rates across U.S. states to show that tax considerations are a first-order determinant of firms' capital structure choices. Over the period 1990-2011, firms increase long-term leverage by 104 basis points on...

Persistent link: https://www.econbiz.de/10013090550