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How does increasing globalization affect corporate transparency? Freer trade represents different facets and in theory has ambiguous effects on corporate transparency. On the one hand, by exposing firms to more product market competition, it could discourage discretionary disclosure. On the...
Persistent link: https://www.econbiz.de/10013067063
, Ecuador, Romania and Ukraine. We show that because default and restructuring are so painful and costly, it is simply not time …
Persistent link: https://www.econbiz.de/10013225811
Which is the tighter constraint on private sector investment: weak property rights or limited access to external finance? From a survey of new firms in post-communist countries, we find that weak property rights discourage firms from reinvesting their profits, even when bank loans are available....
Persistent link: https://www.econbiz.de/10013213059
We study the long-run evolution of brand preferences, using new data on consumers' life histories and purchases of consumer packaged goods. Variation in where consumers have lived in the past allows us to isolate the causal effect of past experiences on current purchases, holding constant...
Persistent link: https://www.econbiz.de/10013139281
Firms spend substantial resources on marketing and selling. Interpreting this as evidence of frictions in product …
Persistent link: https://www.econbiz.de/10013122655
The hypothesis that financial markets punish traders who make relatively inaccurate forecasts and eventually eliminate the effect of their beliefs on prices is of fundamental importance to the standard modeling paradigm in asset pricing. We establish necessary and sufficient conditions for...
Persistent link: https://www.econbiz.de/10013151814
Marketing and distribution expenses are responsible for about a third of the cost of active management in the mutual … skill net of fees. Declining investor search costs over time imply a reduction in marketing expenses and management fees as … fund industry. We develop and estimate a structural model of mutual fund marketing with learning about unobserved skill and …
Persistent link: https://www.econbiz.de/10012911080
I develop a new theory of marketing costs and introduce it into a model of trade with product differentiation and firm …
Persistent link: https://www.econbiz.de/10012770681
Intensive and controversial marketing of infant formula is believed to be responsible for millions of infant deaths in …
Persistent link: https://www.econbiz.de/10012922988
On numerous occasions, rival firms seek to market goods together, particularly in high-technology industries. This paper empirically examines one such institution: the patent pool. The analysis highlights five findings consistent with the theoretical predictions: (a) pools involving substitute...
Persistent link: https://www.econbiz.de/10012752731