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What Happened to U.S. Business Dynamism?

Akcigit, Ufuk - 2019

In the past several decades, the U.S. economy has witnessed a number of striking trends that indicate a rising market concentration and a slowdown in business dynamism. In this paper, we make an attempt to understand potential common forces behind these empirical regularities through the lens of...

Persistent link: https://www.econbiz.de/10012872297

Who Do Unions Target? Unionization Over the Life-Cycle of U.S. Businesses

Dinlersoz, Emin - 2014

What type of businesses do unions target for organizing? A dynamic model of the union organizing process is constructed to answer this question. A union monitors establishments in an industry to learn about their productivity, and decides which ones to organize and when. An establishment becomes...

Persistent link: https://www.econbiz.de/10013053479

Skilled Immigration and the Employment Structures of U.S. Firms

Kerr, Sari Pekkala - 2014

We study the impact of skilled immigrants on the employment structures of U.S. firms using matched employer-employee data. Unlike most previous work, we use the firm as the lens of analysis to account for a greater level of heterogeneity and the fact that many skilled immigrant admissions are...

Persistent link: https://www.econbiz.de/10013062081

Eclipse of the Public Corporation or Eclipse of the Public Markets?

Doidge, Craig - 2018

Since reaching a peak in 1997, the number of listed firms in the U.S. has fallen in every year but one. During this same period, public firms have been net purchasers of $3.6 trillion of equity (in 2015 dollars) rather than net issuers. The propensity to be listed is lower across all firm size...

Persistent link: https://www.econbiz.de/10012928986

A Sufficient Statistics Approach for Aggregating Firm-Level Experiments

Sraer, David Alexandre - 2018

We consider a dynamic economy populated by heterogeneous firms subject to generic capital frictions: adjustment costs, taxes and financing constraints. A random subset of firms in this economy receives an empirical "treatment", which modifies the parameters governing these frictions. An...

Persistent link: https://www.econbiz.de/10012930335

Firm-Specific Resources, Financial-Market Development and the Growth of U.S. Multinationals

Feinberg, Susan - 2002

We study the resource allocation decisions of U.S. multinational corporations (MNCs). We examine how established MNCs grow across countries and how firm-specific resources and host country financial-market development influence MNC growth. We find evidence of intra-firm trade-offs to growth in...

Persistent link: https://www.econbiz.de/10012787093

Why Has the U.S. Financial Sector Grown so Much? The Role of Corporate Finance

Philippon, Thomas - 2010

The share of finance in U.S. GDP has been multiplied by more than three over the postwar period. I argue, using evidence and theory, that corporate finance is a key factor behind this evolution. Inside the finance industry, credit intermediation and corporate finance are more important than...

Persistent link: https://www.econbiz.de/10012759810

Have U.S. Corporations Grown Financially Weak?

Taggart, Robert A. - 2010

The feelingis widespread that the financial strength of U.S. corporations has eroded over the past twenty years. This trend is often blamed on some combination of the tax system, inflation and overly optimistic assessments of business risk.This paper examines recent corporate financing...

Persistent link: https://www.econbiz.de/10012762970

Interest Allocation Rules, Financing Patterns, and the Operations of U.S. Multinationals

Froot, Kenneth; Hines Jr., James R. - 2021

This paper examines the impact of the 1986 change in U.S. interest allocation rules on the investment and financing decisions of American multinationals. The 1986 change reduced the tax deductibility of the interest expenses of firms with excess foreign tax credits. The resulting increase in the...

Persistent link: https://www.econbiz.de/10013223330

Market Timing, Investment, and Risk Management

Bolton, Patrick - 2011

financial crises. We develop a tractable model of dynamic corporate financial management (cash accumulation, investment, equity … issuance, risk management, and payout policies) for a financially constrained firm facing time-varying external financing costs …. The stochastic financing conditions have rich implications for investment and risk management: (1) investment can be …

Persistent link: https://www.econbiz.de/10013129213

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