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Does Management Matter in Schools
Bloom, Nicholas - 2014
outcomes. The UK, Sweden, Canada and the US obtain the highest management scores closely followed by Germany, with a gap to …We collect data on operations, targets and human resources management practices in over 1,800 schools educating 15-year …-olds in eight countries. Overall, we show that higher management quality is strongly associated with better educational …
Persistent link: https://www.econbiz.de/10013044342
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Sources of Firm Life-Cycle Dynamics : Differentiating Size vs. Age Effects
Kueng, Lorenz - 2014
-cycle patterns for firm growth. These theories include organizational capital accumulation and management practices, financial … organization and innovation. Second, among theories we analyze, organizational capital and management practices are the most …
Persistent link: https://www.econbiz.de/10013044979
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The Cross-Section of Hurdle Rates for Capital Budgeting : An Empirical Analysis of Survey Data
Jagannathan, Ravi - 2011
Whereas Poterba and Summers (1995) find that firms use hurdle rates that are unrelated to their CAPM betas, Graham and Harvey (2001) find that 74% of their survey firms use the CAPM for capital budgeting. We provide an explanation for these two apparently contradictory conclusions. We find that...
Persistent link: https://www.econbiz.de/10013130550
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Resource Allocation within Firms and Financial Market Dislocation : Evidence from Diversified Conglomerates
Matvos, Gregor - 2011
When external capital markets are stressed they may not reallocate resources between firms. We show that resource allocation within firms' internal capital markets provides an important force countervailing financial market dislocation. Using data on US conglomerates we empirically verify that...
Persistent link: https://www.econbiz.de/10013117120
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When Credit Bites Back : Leverage, Business Cycles, and Crises
Jordà, Òscar - 2011
This paper studies the role of credit in the business cycle, with a focus on private credit overhang. Based on a study of the universe of over 200 recession episodes in 14 advanced countries between 1870 and 2008, we document two key facts of the modern business cycle: financial-crisis...
Persistent link: https://www.econbiz.de/10013118125
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Household Leverage and the Recession
Philippon, Thomas - 2011
We evaluate and partially challenge the ‘household leverage' view of the Great Recession. In the data, employment and consumption declined more in states where household debt declined more. We study a model where liquidity constraints amplify the response of consumption and employment to...
Persistent link: https://www.econbiz.de/10013126217
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Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-9
Adrian, Tobias - 2012
suggests that although bank lending to firms declines during the crisis, bond financing actually increases to make up much of …
Persistent link: https://www.econbiz.de/10013101282
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Trade Credit and Taxes
Desai, Mihir A. - 2012
This paper analyzes the extent to which firms use trade credit to reallocate capital in response to tax incentives. Tax-induced differences in pretax returns encourage the use of trade credit to reallocate capital from firms facing low tax rates to those facing high tax rates. Evidence from the...
Persistent link: https://www.econbiz.de/10013106075
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School Governance, Teacher Incentives, and Pupil-Teacher Ratios : Experimental Evidence from Kenyan Primary Schools
Duflo, Esther - 2012
Some education policymakers focus on bringing down pupil-teacher ratios. Others argue that resources will have limited impact without systematic reforms to education governance, teacher incentives, and pedagogy. We examine a program under which Kenyan Parent-Teacher Associations (PTAs) at...
Persistent link: https://www.econbiz.de/10013108303
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Debt Financing in Asset Markets
He, Zhiguo - 2012
We study rollover risk and collateral value in a dynamic asset pricing model with endogenous debt financing by … news. We demonstrate the optimality of the maximum riskless short-term debt financing for optimistic borrowers even in the …
Persistent link: https://www.econbiz.de/10013108308