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Bailouts, the Incentive to Manage Risk, and Financial Crises
Panageas, Stavros - 2009
increase volatility in order to exploit the implicit protection. However, if they increase volatility too much they may induce … that it allows high volatility choices, while net worth is high. However, risk limits tighten abruptly when the firm's net …
Persistent link: https://www.econbiz.de/10012463592
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Firm Heterogeneity, Endogenous Entry, and the Business Cycle
Ottaviano, Gianmarco I.P. - 2011
This paper investigates the role that the entry and exit of heterogeneous firms plays in shaping aggregate fluctuations in economic activity. In so doing, it develops a dynamic stochastic general equilibrium model in which procyclical entry and countercyclical exit along a real business cycle...
Persistent link: https://www.econbiz.de/10012461225
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Cross-Country Evidence on the Link Between Volatility and Growth
Ramey, Garey - 1994
volatility of economic fluctuations. In a sample of 92 countries as well as a sample of OECD countries, we find that countries … with higher volatility have lower growth. The addition of standard control variables strengthens the negative relationship …. We also find that government spending-induced volatility is negatively associated with growth even after controlling for …
Persistent link: https://www.econbiz.de/10012473940
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Aggregate Hours Worked in OECD Countries : New Measurement and Implications for Business Cycles
Ohanian, Lee E. - 2011
fraction of labor market adjustment takes place along the intensive margin outside the United States, and that the volatility … of total hours relative to output volatility has increased over time in almost all countries. We use these data to re …
Persistent link: https://www.econbiz.de/10012461238
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The Extensive Margin, Sectoral Shares and International Business Cycles
Devereux, Michael B. - 2011
This paper documents some previously neglected features of sectoral shares at business cycle frequencies in OECD economies. In particular, we find that the nontraded sector share of output is as volatile as aggregate GDP, and that for most countries, the nontraded sector is distinctly...
Persistent link: https://www.econbiz.de/10012461368
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The Rise in Firm-Level Volatility : Causes and Consequences
Comin, Diego - 2005
We document that the recent decline in aggregate volatility has been accompanied by a large increase in firm level risk … countries. Firm volatility increases after deregulation. Firm volatility is linked to research and development spending as well …
Persistent link: https://www.econbiz.de/10012467295
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The Impacts of COVID-19 on Racial Inequality in Business Earnings
Fairlie, Robert W. - National Bureau of Economic Research - 2022
Many small businesses have closed, lost revenues, or downsized as a response to health and economic disruptions caused by COVID-19. But, were economic losses in the pandemic disproportionately felt by businesses owned by people of color? This paper provides the first study of the impacts of...
Persistent link: https://www.econbiz.de/10013435094
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Pharmaceutical Profits and the Social Value of Innovation
Dranove, David - 2014
Prior research has shown that exogenous shocks to the demand for medical products spur additional product development. These studies do not distinguish between breakthrough products and those that largely duplicate the performance of existing products. In this paper, we use a novel data set to...
Persistent link: https://www.econbiz.de/10012458453
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Creditor rights and corporate risk-taking
Acharya, Viral V. - 2009
We analyze the link between creditor rights and firms' investment policies, proposing that stronger creditor rights in bankruptcy reduce corporate risk-taking. In cross-country analysis, we find that stronger creditor rights induce greater propensity of firms to engage in diversifying...
Persistent link: https://www.econbiz.de/10012463080
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Fiscal Policy, Profits, and Investment
Alesina, Alberto - 1999
This paper evaluates the effects of fiscal policy on investment using a panel of OECD countries. In particular, we investigate how different types of fiscal policy affect profits and , as a result, investment. We find a sizable negative effect of public spending -- and in particular of its...
Persistent link: https://www.econbiz.de/10012471581