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Entrepreneurial Learning, the IPO Decision, and the Post-Ipo Drop in Firm Profitability
Pastor, Lubos - 2014
We develop a model in which an entrepreneur learns about the average profitability of a private firm before deciding … against benefits of private control. The model predicts that firm profitability should decline after the IPO, on average, and … that this decline should be larger for firms with more volatile profitability and firms with less uncertain average …
Persistent link: https://www.econbiz.de/10012752042
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Learning Through Noticing : Theory and Experimental Evidence in Farming
Hanna, Rema - 2015
Existing learning models attribute failures to learn to a lack of data. We model a different barrier. Given the large number of dimensions one could focus on when using a technology, people may fail to learn because they failed to notice important features of the data they possess. We conduct a...
Persistent link: https://www.econbiz.de/10013036458
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The Long-Term Spillover Effects of Changes in the Return to Schooling
Abramitzky, Ran - 2018
schooling in Israeli kibbutzim. This pay reform, which induced kibbutz students to improve their academic achievements during … high school, spilled over to non-kibbutz members who attended schools with these kibbutz students. In the short run, peers … of kibbutz students improved their high school outcomes and shifted to courses with higher financial returns. In the …
Persistent link: https://www.econbiz.de/10012921522
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The Effect of Changes in the Skill Premium on College Degree Attainment and the Choice of Major
Abramitzky, Ran; Lavy, Victor; Segev, Maayan - 2022
We study the impact of financial incentives on higher education decisions and the choice of major. We rely on a reform whereby Israeli kibbutzim shifted from their traditional policy of equal sharing to productivity-based wages. We use for identification the staggered implementation of this...
Persistent link: https://www.econbiz.de/10013324730
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On the Persistent Financial Losses of U.S. Airlines : A Preliminary Exploration
Borenstein, Severin - 2011
U.S. airlines have lost nearly $60 billion (2009 dollars) in domestic markets since deregulation, most of it in the last decade. More than 30 years after domestic airline markets were deregulated, the dismal financial record is a puzzle that challenges the economics of deregulation. I examine...
Persistent link: https://www.econbiz.de/10013130786
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Globalization, Governance, and the Returns to Cross-Border Acquisitions
Ellis, Jesse A. - 2011
Using a sample of control cross-border acquisitions from 61 countries from 1990 to 2007, we find that acquirers from countries with better governance gain more from such acquisitions and their gains are higher when targets are from countries with worse governance. Other acquirer country...
Persistent link: https://www.econbiz.de/10013131665
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Property Rights and Financial Development : The Legacy of Japanese Colonial Institutions
Yoo, Dongwoo - 2010
Several studies link modern economic performance to institutions transplanted by European colonizers and here we extend this line of research to Asia. Japan imposed its system of well-defined property rights in land on some of its Asian colonies, including Korea, Taiwan and Palau. In 1939 Japan...
Persistent link: https://www.econbiz.de/10013135762
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Supply Responses to Digital Distribution : Recorded Music and Live Performances
Mortimer, Julie H. - 2010
dramatically affected profitability of these goods, and raised concerns for future development of socially valuable digital …
Persistent link: https://www.econbiz.de/10013136546
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Effects of Product Availability : Experimental Evidence
Conlon, Christopher T. - 2010
Product availability impacts many industries such as transportation, events, and retail, yet little empirical evidence documents the importance of stocking decisions for firm profits, vertical relationships, or consumers. We conduct several experiments, exogenously removing top-selling products...
Persistent link: https://www.econbiz.de/10013136549
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Winning by Losing : Evidence on the Long-Run Effects of Mergers
Malmendier, Ulrike - 2012
Do acquirors profit from acquisitions, or do CEOs overbid and destroy shareholder value? We propose a novel approach to measuring the long-run returns to mergers. In a new data set of close bidding contests we use losers' post-merger performance to construct the counterfactual performance of...
Persistent link: https://www.econbiz.de/10013107194