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We establish an important role for the firm by studying capital reallocation decisions of mutual fund firms. At least … 30% of the value mutual fund managers add can be attributed to the firm's role in efficiently allocating capital amongst …
Persistent link: https://www.econbiz.de/10013053836
. We characterize a class of environments in which the tax on labor goes to zero in the long run, while the tax on capital …
Persistent link: https://www.econbiz.de/10013120194
We document how a plant-specific shock to investment opportunities at one plant of a firm ("treated plant") spills over to other plants of the same firm--but only if the firm is financially constrained. While the shock triggers an increase in investment and employment at the treated plant, this...
Persistent link: https://www.econbiz.de/10013096857
Mutual fund managers can outperform the market by picking stocks or timing the market successfully. Previous work has estimated picking and timing skill, assuming that each manager is endowed with a fixed amount of each and found some evidence of picking skills and little evidence of timing...
Persistent link: https://www.econbiz.de/10013118131
We argue that active management's popularity is not puzzling despite the industry's poor track record. Our explanation features decreasing returns to scale: As the industry's size increases, every manager's ability to outperform passive benchmarks declines. The poor track record occurred before...
Persistent link: https://www.econbiz.de/10013148870
We use the World Bank Investment Climate Surveys data to analyze the employment of both labor and capital in Indian …
Persistent link: https://www.econbiz.de/10012758574
We compare Laffer curves for labor and capital taxation for the US, the EU-14 and individual European countries, using … US can increase tax revenues by 30% by raising labor taxes and by 6% by raising capital income taxes. For the EU-14 we … obtain 8% and 1%. Dynamic scoring for the EU-14 shows that 54% of a labor tax cut and 79% of a capital tax cut are self …
Persistent link: https://www.econbiz.de/10013225026
information technology and the computer age, induced firms to shift away from labor and toward capital. The lower price of … influencing factor shares such as increasing profits, capital-augmenting technology growth, and the changing skill composition of …
Persistent link: https://www.econbiz.de/10013035476
protect job seekers from fraudulent activities by private employment agencies. In this paper, I propose a theory that …
Persistent link: https://www.econbiz.de/10012773150
This paper explores information disclosure in matching markets, e.g., the informativeness of transcripts given out by …
Persistent link: https://www.econbiz.de/10012759566