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Tiebreaker : Certification and Multiple Credit Ratings
Bongaerts, Dion - 2009
This paper explores the economic role credit rating agencies play in the corporate bond market. We consider three existing theories about multiple ratings: information production, rating shopping and regulatory certification. Using differences in rating composition, default prediction and credit...
Persistent link: https://www.econbiz.de/10012463319
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Technology, Information and the Decentralization of the Firm
Acemoglu, Daron - 2006
This paper develops a framework to analyze the relationship between the diffusion of new technologies and the decentralization decisions of firms. Centralized control relies on the information of the principal, which we equate with publicly available information. However, the manager can use her...
Persistent link: https://www.econbiz.de/10012466463
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From Imitation to Innovation : Where Is all that Chinese R&D Going?
König, Michael - 2020
We construct a model of firm dynamics with heterogeneous productivity and distortions. The productivity distribution evolves endogenously as the result of the decisions of firms seeking to upgrade their productivity over time. Firms can adopt two strategies toward that end: imitation and...
Persistent link: https://www.econbiz.de/10012481599
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A Reference Point Theory of Mergers and Acquisitions
Baker, Malcolm - 2009
The use of judgmental anchors or reference points in valuing corporations affects several basic aspects of merger and acquisition activity including offer prices, deal success, market reaction, and merger waves. Offer prices are biased towards the 52-week high, a highly salient but largely...
Persistent link: https://www.econbiz.de/10012463098
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The Dynamics of Car Sales : A Discrete Choice Approach
Adda, Jerome - 2000
Mankiw [1982] explores the Permanent Income Hypothesis implication that durable expenditures follow an ARMA(1,1) representation. He finds that durable expenditures are represented by an AR(1) process which implies that the rate of depreciation of durables, under the PIH model, is 100%. This...
Persistent link: https://www.econbiz.de/10012470965
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Firm-Level Investment in France and the United States : An Exploration of What We Have Learned in Twenty Years
Mairesse, Jacques - 1999
changes in modelling strategy and econometric methodology, over the past twenty years, on estimation of firm-level investment … correction, traditional between- and within-firm estimation versus GMM estimation, the investment behavior of French firms versus … significant improvement in the specification, estimation and interpretation of firm investment equations; we also fin some real …
Persistent link: https://www.econbiz.de/10012471345
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Using Employee Level Data in a Firm Level Econometric Study
Mairesse, Jacques - 1999
) surveyed employees. As an illustration in the second part of the paper, we consider the estimation of the relationship between …
Persistent link: https://www.econbiz.de/10012471772
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Labor and Investment Demand at the Firm Level : A Comparison of French, German and U.S. Manufacturing, 1970-79
Mairesse, Jacques - 1985
We investigate how labor and investment demand at the firm level (gross as well as net and replacement investment separately) differs in French, German and U.S. manufacturing, and has changed since the 1974-75 crisis. We use three consistent panel data samples of large firms for1970-79, and rely...
Persistent link: https://www.econbiz.de/10012477531
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Unemployment Insurance and Reservation Wages
Feldstein, Martin - 1982
The present paper examines the reservation wages reported by a largesample of unemployed individuals in the United States in May 1976. The majorityof unemployedindividuals report reservation wages that are at least as highas the wage they were paid on their last job. Approximately one-fourth of...
Persistent link: https://www.econbiz.de/10012478157
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MPC Heterogeneity in Europe : Sources and Policy Implications
Ampudia, Miguel - 2018
. The estimation of key parameters uses a simulated method of moments approach to match moments related to asset market … estimation are used to characterize the distributions of the marginal propensity to consume across households for each of the … France while expansions have a larger impact in Italy and Spain …
Persistent link: https://www.econbiz.de/10012480733