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We argue that management sells assets when doing so provides the cheapest funds to pursue its objectives rather than for operating efficiency reasons alone. This hypothesis suggests that (1) firms selling assets have high leverage and/or poor performance, (2) a successful asset sale is good news...
Persistent link: https://www.econbiz.de/10012763250
There is considerable evidence that producer-level churning contributes substantially to aggregate (industry) productivity growth, as more productive businesses displace less productive ones. However, this research has been limited by the fact that producer-level prices are typically unobserved;...
Persistent link: https://www.econbiz.de/10013249707
We examine the differential impact of portfolio debt, portfolio equity, and FDI inflows on 37 manufacturing industries, 99 countries, 1991-2007, extending Rajan-Zingales (1998). We utilize external finance dependence measures in a series of cross-sectional regressions of manufacturing...
Persistent link: https://www.econbiz.de/10013122429
Chile from 1991-98. Previous empirical assessments of the encaje conclude that it may have generated some small economic … of small and medium-sized companies in Chile, however, claim that the encaje made it substantially more difficult to …-equation framework. Results indicate that during the encaje, smaller traded firms in Chile experienced significant financial constraints …
Persistent link: https://www.econbiz.de/10012762812
ventures have better export performance than private domestic firms in financially more vulnerable sectors. These results are …
Persistent link: https://www.econbiz.de/10013127980
We estimate the elasticity of exports to credit using matched customs and firm-level bank credit data from Peru. To account for non-credit determinants of exports, we compare changes in exports of the same product and to the same destination by firms borrowing from banks differentially affected...
Persistent link: https://www.econbiz.de/10013126205
We propose a new measure of allocative efficiency based on unrealized increases in aggregate productivity growth. We show that the difference in the value of the marginal product of an input and its marginal cost at any plant - the plant-input "gap" - is exactly equal to the change in aggregate...
Persistent link: https://www.econbiz.de/10012977130
manufacturing industries in Chile. We find that our measure does differ substantially from other widely used measures with …
Persistent link: https://www.econbiz.de/10013222069
We use data on Chinese manufacturing firms to study the connection between individual firm imports and firm export … of their exports and increased their export scope, though the magnitude of the effects differed by import source, firm … non-OECD countries generated larger firm export improvements, that private Chinese firms derived larger benefits from …
Persistent link: https://www.econbiz.de/10013103048
direct investment by U.S. firms and the export trade of the United States, a subject of bitter controversy for at least the …
Persistent link: https://www.econbiz.de/10012777749