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India Transformed? Insights from the Firm Level 1988-2005
Alfaro, Laura - 2009
Using firm-level data this paper analyzes the transformation of India's economic structure following the implementation of economic reforms. The focus of the study is on publicly-listed and unlisted firms in manufacturing and services industries. Detailed balance sheet and ownership information...
Persistent link: https://www.econbiz.de/10012463201
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The Value Spread as a Predictor of Returns
Lu, Naiping - 2005
Recent studies have used the value spread to predict aggregate stock returns to construct cash-flow betas that appear to explain the size and value anomalies. We show that two related variables, the book-to-market spread (the book-to-market of value stocks minus that of growth stocks) and the...
Persistent link: https://www.econbiz.de/10012467357
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Sharpening Sharpe Ratios
Goetzmann, William - 2002
evidence suggests that the 'peso problem' may be ubiquitous in any investment management industry that rewards high Sharpe …
Persistent link: https://www.econbiz.de/10012469595
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Productivity, Output, and Failure : A Comparison of Taiwanese and Korean Manufacturers
Aw, Bee Yan - 2002
Industry cost and demand conditions can vary across countries leading to differences in industry market structure, including the distribution of output and productivity across firms and the magnitude of entry and exit flows. It has been argued that despite many outward similarities, two of the...
Persistent link: https://www.econbiz.de/10012469949
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The Value Spread
Cohen, Randolph B. - 2001
We decompose the cross-sectional variance of firms' book-to-market ratios using both a long U.S. panel and a shorter international panel. In contrast to typical aggregate time-series results, transitory cross-sectional variation in expected 15-year stock returns causes only a relatively small...
Persistent link: https://www.econbiz.de/10012470482
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Investment, Fundamentals and Finance
Gilchrist, Simon - 1998
Financial variables such as cash flow and cash stocks are robust and quantitatively important explanatory variables for investment at the firm-level. A large body of recent empirical work attributes these findings to capital market imperfections. This interpretation is controversial, however,...
Persistent link: https://www.econbiz.de/10012472158
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Teacher Performance and Accountability Incentives
Macartney, Hugh - 2018
This paper documents a new empirical regularity: teacher value-added increases within-teacher when accountability incentives are strengthened. That finding motivates a strategy to separate value-added into incentive-varying teacher effort and incentive-invariant teacher ability, combining rich...
Persistent link: https://www.econbiz.de/10012452973
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The Dynamic Effects of Educational Accountability
Macartney, Hugh - 2014
This paper provides the first evidence that value-added education accountability schemes induce dynamic distortions. Extending earlier dynamic moral hazard models, I propose a new test for ratchet effects, showing that classroom inputs are distorted less when schools face a shorter horizon over...
Persistent link: https://www.econbiz.de/10012458749
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Does management matter? : evidence from India
Bloom, Nicholas Dagen (contributor) - 2011
"A long-standing question in social science is to what extent differences in management cause differences in firm … performance. To investigate this we ran a management field experiment on large Indian textile firms. We provided free consulting … on modern management practices to a randomly chosen set of treatment plants and compared their performance to the control …
Persistent link: https://www.econbiz.de/10011394862
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Pay, Productivity and Management
Bloom, Nicholas; Ohlmacher, Scott; Tello Trillo, Cristina J. - National Bureau of Economic Research - 2021
firms with more structured management practices, have substantially higher pay, both on average and across every percentile … management, suggesting this performance-pay relationship arises from more aggressive monitoring and incentive practices for top …
Persistent link: https://www.econbiz.de/10012660055