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Gutiérrez Gallardo, Germán; Philippon, Thomas - 2022

We study the entry and exit of firms across U.S. industries over the past 40 years. The elasticity of entry with respect to Tobin’s Q was positive and significant until the late 1990s but declined to zero afterwards. Standard macroeconomic models suggest two potential explanations: rising...

Persistent link: https://www.econbiz.de/10014105633

Regulation of Entry and the Distortion of Industrial Organization

Fisman, Raymond; Sarria Allende, Virginia - 2021

We study the distortions to industrial organization caused by entry regulation. We take advantage of heterogeneity … affected by country-level entry regulation. In industries with high natural entry barriers, entry regulation has little impact …, countries with high entry regulation have relatively few, large firms. We find no relation between natural entry barriers and …

Persistent link: https://www.econbiz.de/10013228268

Optimal Regulation in the Presence of Reputation Concerns

Atkeson, Andrew - 2012

invest. If the market operates with spot prices, simple regulation can enhance the role of reputation to induce investment …

Persistent link: https://www.econbiz.de/10013109447

An Empirical Investigation of Firms' Responses to Minimum Standards Regulations

Chipty, Tasneem; Witte, Ann D. - 2021

We study firms' responses to minimum standards and other forms of regulatory intervention on both the probability of exit and the distribution of observable product quality, using firm level data for a nationally representative sample of markets. Our empirical work is motivated by the literature...

Persistent link: https://www.econbiz.de/10013213421

Self-Signaling and Prosocial Behavior : A Cause Marketing Mobile Field Experiment

Dubé, Jean-Pierre - 2015

We empirically test an information economics based theory of social preferences in which ego utility and self-signaling … a large price discount for the good. The combined evidence supports the self-signaling theory whereby price discounts … theories of motivation crowding are unable to fit the non-monotonic moments in the data. A structural model of self-signaling …

Persistent link: https://www.econbiz.de/10013017093

Signaling and Accounting Information

Myers, Stewart C. - 2006

This paper develops a signaling model in which accounting information improves real investment decisions. Pure cash …

Persistent link: https://www.econbiz.de/10012783961

Noise as Information for Illiquidity

Hu, Grace Xing - 2010

We propose a broad measure of liquidity for the overall financial market by exploiting its connection with the amount of arbitrage capital in the market and the potential impact on price deviations in US Treasurys. When arbitrage capital is abundant, we expect the arbitrage forces to smooth out...

Persistent link: https://www.econbiz.de/10013137014

Monetary Information and Interest Rates

Walsh, Carl E. - 2021

A model of interest rate movements in response to new information on the money stock is developed.The model, which incorporates several earlier approaches as special cases, makes explicit the manner in which estimated interest rate responses to money surprises depend on the relative variances of...

Persistent link: https://www.econbiz.de/10013229377

Imperfect Common Knowledge and the Effects of Monetary Policy

Woodford, Michael - 2021

This paper reconsiders the Phelps-Lucas hypothesis, according to which temporary real effects of purely nominal disturbances result from imperfect information, but departs from the assumptions of Lucas (1973) in two crucial respects. Due to monopolistically competitive pricing, higher-order...

Persistent link: https://www.econbiz.de/10013212882

Efficiency and Welfare with Complementarities and Asymmetric Information

Angeletos, Marios - 2006

This paper examines equilibrium and welfare in a tractable class of economies with externalities, strategic complementarity or substitutability, and incomplete information. In equilibrium, complementarity amplifies aggregate volatility by increasing the sensitivity of actions to public...

Persistent link: https://www.econbiz.de/10012783343