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Horizontal and Vertical Conflict : Experimental Evidence

Galiani, Sebastian - 2016

Two types of political conflicts of interest pervade many of the world's societies. A horizontal conflict of interest … arises when different constituencies support different policies, while a vertical conflict of interest emerges when those in … predictions using two experiments. In both cases we find support for the proposition that more intense horizontal conflict leads …

Persistent link: https://www.econbiz.de/10013001771

Protection for Sale with Imperfect Rent Capturing

Facchini, Giovanni - 2012

Structurally estimating the Grossman and Helpman (1994) model using coverage ratios that include non-tariff barriers leads to biased parameter estimates. We develop a quot;protection for salequot; theoretical framework consistent with the data, by explicitly allowing for non-tariff barriers....

Persistent link: https://www.econbiz.de/10012755693

Risk Management : Coordinating Corporate Investment and Financing Policies

Froot, Kenneth - 2010

This paper develops a general framework for analyzing corporate risk management policies. We begin by observing that if external sources of finance are more costly to corporations than internally generated funds, there will typically be a benefit to hedging: hedging adds value to the extent that...

Persistent link: https://www.econbiz.de/10012763501

Fixed Costs and Long-Lived Investments

House, Christopher L. - 2008

Neoclassical investment models predict that firms should make frequent, small adjustments to their capital stocks. Microeconomic evidence, however, shows just the opposite -- firms make infrequent, large adjustments to their capital stocks. In response, researchers have developed models with...

Persistent link: https://www.econbiz.de/10012769678

Investment and the Cross-Section of Equity Returns

Clementi, Gian Luca - 2015

We confront the one-factor production-based asset pricing model with the evidence on firm-level investment, to uncover that it produces implications for the dynamics of capital that are seriously at odds with the evidence. The data shows that, upon being hit by adverse profitability shocks,...

Persistent link: https://www.econbiz.de/10013024871

Levered Returns

Welch, Ivo - 2016

Do financial markets properly reflect leverage? Unlike Gomes and Schmid (2010) who examine this question with a structural approach (using long-term monthly stock characteristics), my paper examines it with a quasi-experimental approach (using short-term a discrete event). After a firm has...

Persistent link: https://www.econbiz.de/10012994892

Investment, Depreciation, and Capital Utilization

Bernstein, Jeffrey I.; Nadiri, M. Ishaq - 2021

The purpose of this paper is to analyze the determinants of capital durability and utilization and their interdependence with investment decisions. The approach is based on the view that the flow of undepreciated capital is an output to be used in future production. At each date capital and...

Persistent link: https://www.econbiz.de/10013219962

Firm Level Investment and R&D in France and the United States : A Comparison

Mulkay, Benoit; Hall, Bronwyn H.; Mairesse, Jacques - 2021

This paper is a contribution to the small but growing literature that compares the investment and R&D behavior of manufacturing firms in large developed countries that have varying financial and capital market institutions. Specifically, we look at two similar samples of French and United States...

Persistent link: https://www.econbiz.de/10013222959

Ir&D Project Data and Theories of R&D Investment

Lichtenberg, Frank R. - 2021

This paper analyzes data on a large sample of research and development (R&D) projects documented in the Defense Department's Independent R&O Data Bank, both to provide some stylized facts about R&O investment at the project level and to test the implications of a control-theoretical model...

Persistent link: https://www.econbiz.de/10013224349

Valuation and Return Dynamics of New Ventures

Green, Richard C.; Berk, Jonathan; Naik, Vasant - 2021

We develop and analyze a model of a multi-stage investment project that captures many features of R&D ventures and start-up companies. An important feature these problems share is that the firm learns about the potential profitability of the project throughout its life, but that research and...

Persistent link: https://www.econbiz.de/10013224679

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