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Making the Numbers? "Short Termism" & the Puzzle of Only Occasional Disaster
Repenning, Nelson - 2010
Much recent work in strategy and popular discussion suggests that an excessive focus on "managing the numbers" --delivering quarterly earnings at the expense of longer term investments--makes it difficult for firms to make the investments necessary to build competitive advantage. "Short termism"...
Persistent link: https://www.econbiz.de/10013138087
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Optimal Decentralized Investment Management
Brandt, Michael W. - 2010
optimal benchmark substantially mitigates the utility costs of decentralized investment management. These costs can be further …
Persistent link: https://www.econbiz.de/10012761668
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A Theory of Firm Scope
Hart, Oliver - 2009
The existing literature on firms, based on incomplete contracts and property rights, emphasizes that the ownership of assets - and thereby firm boundaries - is determined in such a way as to encourage relationship-specific investments by the appropriate parties. It is generally accepted that...
Persistent link: https://www.econbiz.de/10012765370
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How Do Venture Capitalists Make Decisions?
Gompers, Paul A. - 2016
organization; and relationships with limited partners. In selecting investments, VCs see the management team as more important than …
Persistent link: https://www.econbiz.de/10012983682
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Empirical Patterns of Firm Growth and R&D Investment : a Quuality Laddermodel Interpretation
Klette, Tor Jakob - 2011
We present a model of endogenous firm growth with R&D investment and stochastic innovation as the engines of growth. The model for firm growth is a partial equilibrium model drawing on the quality ladder models in the macro growth literature, but also on the literature on patent races and the...
Persistent link: https://www.econbiz.de/10013127899
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What Explains the Lagged Investment Effect?
Eberly, Janice C. - 2011
The best predictor of current investment at the firm level is lagged investment. This lagged-investment effect is empirically more important than the cash-flow and Q effects combined. We show that the specification of investment adjustment costs proposed by Christiano, Eichenbaum and Evans...
Persistent link: https://www.econbiz.de/10013128270
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Uncertainty Business Cycles - Really?
Bachmann, Ruediger - 2011
Are fluctuations in firms' profitability risk a major cause of regular business cycles? We study this question within the framework of a heterogeneous-firm dynamic stochastic general equilibrium model with fixed capital adjustment costs. In such a model, surprise increases of risk lead to a...
Persistent link: https://www.econbiz.de/10013128887
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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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The Real and Financial Implications of Corporate Hedging
Campello, Murillo - 2010
We study the implications of hedging for firm financing and investment. We do so using an extensive, hand-collected dataset on corporate hedging activities. Hedging can lower the odds of negative firm realizations, reducing the expected costs of financial distress. In theory, this should ease a...
Persistent link: https://www.econbiz.de/10013134932
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What Hinders Investment in the Aftermath of Financial Crises : Insolvent Firms or Illiquid Banks?
Kalemli-Ozcan, Sebnem - 2010
We quantify the effects of lending and balance sheet channels on corporate investment during large crises in emerging markets. The depreciated currency creates investment opportunities in the tradable sector but firms might be financially constrained due to: 1) a deterioration of their balance...
Persistent link: https://www.econbiz.de/10013135885