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Goldberg, Linda S.; Tracy, Joseph S. - 2000

We document the consequences of real exchange rate movements for the employment, hours, and hourly earnings of workers in manufacturing industries across individual states. Exchange rates have statistically significant wage and employment implications in these local labor markets. The importance...

Persistent link: https://www.econbiz.de/10014193865

Equilibrium Corporate Finance and Intermediation

Bisin, Alberto - 2014

This paper analyzes a class of competitive economies with production, incomplete financial markets, and agency frictions. Firms take their production, financing, and contractual decisions so as to maximize their value under rational conjectures. We show that competitive equilibria exist and that...

Persistent link: https://www.econbiz.de/10013049698

Competition and R&D Financing Decisions : Theory and Evidence from the Biopharmaceutical Industry

Thakor, Richard T. - 2015

How does competition affect innovation and how it is financed in R&D-intensive firms? We study the interaction between … competition, R&D investments, and the financing choices of such firms using data on biopharmaceutical firms. To motivate the … existing assets are all determined in response to the degree of competition in the industry. The key predictions are that, as …

Persistent link: https://www.econbiz.de/10013029032

Does Product Market Competition Reduce Agency Costs?

Jagannathan, Ravi; Srinivasan, Shaker - 2022

The folk wisdom is that competition reduces agency costs. We provide indirect empirical support for this view. We argue … competitive industries, the negative relation between past returns and current leverage will be attenuated. Theory suggests that …

Persistent link: https://www.econbiz.de/10013311862

Firm Leverage and Regional Business Cycles

Giroud, Xavier - 2018

This paper shows that buildups in firm leverage predict subsequent declines in aggregate regional employment. Using confidential establishment-level data from the U.S. Census Bureau, we exploit regional heterogeneity in leverage buildups by large U.S. publicly listed firms, which are widely...

Persistent link: https://www.econbiz.de/10012906800

Survival of the Fittest or the Fattest? Exit and Financing in the Trucking Industry

Zingales, Luigi - 2021

This paper studies the impact that capital market imperfections have on the natural" selection of the most efficient firms by estimating the effect of the pre-deregulation level of" leverage on the survival of trucking firms after the Carter deregulation. Highly leveraged" carriers are less...

Persistent link: https://www.econbiz.de/10013215356

Shift-Share Designs : Theory and Inference

Adao, Rodrigo - 2018

We study inference in shift-share regression designs, such as when a regional outcome is regressed on a weighted average of observed sectoral shocks, using regional sector shares as weights. We conduct a placebo exercise in which we estimate the effect of a shift-share regressor constructed with...

Persistent link: https://www.econbiz.de/10012912168

Tax Policy and Local Labor Market Behavior

Garrett, Daniel G. - 2019

Since 2002, the US government has encouraged business investment using accelerated depreciation policies that significantly reduce investment costs. We provide the first in-depth analysis of this stimulus on employment and earnings. Our local labor markets approach exploits cross-industry...

Persistent link: https://www.econbiz.de/10012893122

The Effects of Colleges and Universities on Local Labor Markets

Beeson, Patricia E.; Montgomery, Edward - 2021

Despite the presence of anecdotal evidence linking regional economic growth and the presence of quality universities in such areas as the Silicon Valley in California and Route 128 in Boston, there have been few systematic studies of the relationship between universities and local economies. In...

Persistent link: https://www.econbiz.de/10013222986

The Wage Curve

Blanchflower, David G.; Oswald, Andrew J. - 2021

This paper, which follows in an LSE tradition begun by Phillips and Sargan, examines the role of unemployment in shaping pay. In contrast to most of the literature, it 1) uses microeconometric data on individuals and workplaces 2) examines a variety of data sets as a check on the robustness of...

Persistent link: https://www.econbiz.de/10013240636