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Colonial Origins, Property Rights, and the Organization of Agricultural Production : the US Midwest and Argentine Pampas Compared

Edwards, Eric C. - 2020

We examine the origins, persistence, and economic consequences of institutional structures of agricultural production. We compare farms in the Argentine Pampas and US Midwest, regions of similar potential input and output mixes. The focus is on 1910-1914, during the international grain trade...

Persistent link: https://www.econbiz.de/10012481298

The Life Cycle of Plants in India and Mexico

Hsieh, Chang-Tai - 2012

In the U.S., the average 40 year old plant employs almost eight times as many workers as the typical plant five years or younger. In contrast, surviving Indian plants exhibit little growth in terms of either employment or output. Mexico is intermediate to India and the U.S. in these respects:...

Persistent link: https://www.econbiz.de/10012460526

The Effect of Cash Injections : Evidence from the 1980s Farm Debt Crisis

Bergman, Nittai K. - 2017

What is the effect of cash injections during financial crises? Exploiting county-level variation arising from random weather shocks during the 1980s Farm Debt Crisis, we analyze and measure the effect of local cash flow shocks on the real and financial sector. We show that such cash flow shocks...

Persistent link: https://www.econbiz.de/10012455136

Does Diversification Destroy Value? Evidence From Industry Shocks

Lamont, Owen - 2000

Does corporate diversification reduce shareholder value? Since firms endogenously choose to diversify, exogenous … variation in diversification is necessary in order to draw inferences about the causal effect. We examine changes in the within … investment, are negatively related to firm value. Thus diversification destroys value, consistent with the inefficient internal …

Persistent link: https://www.econbiz.de/10012470947

The Diversification Discount : Cash Flows vs. Returns

Lamont, Owen - 1999

Diversified firms have different values than comparable portfolios of single-segment firms. These value differences must be due to differences in either future cash flows or future returns. Expected security returns on diversified firms vary systematically with relative value. Discount firms...

Persistent link: https://www.econbiz.de/10012471389

Corporate Focusing and Internal Capital Markets

Schlingemann, Frederik P. - 1999

A sample of firms that focus by divesting at least one segment allows us to investigate the characteristics of segments divested as well as the nature of focusing firms. We find that firms are more likely to divest segments unrelated to the core activities of the firm and that the probability...

Persistent link: https://www.econbiz.de/10012471612

Global Diversification, Growth and Welfare with Imperfectly Integrated Markets for Goods

Dumas, Bernard - 1999

In this article, we examine the effect of the imperfect mobility of goods on international risk sharing and, through that, on the investment in risky projects, welfare and growth. We find that the welfare gain of financial market openness is not monotonic with respect to investors' risk aversion...

Persistent link: https://www.econbiz.de/10012471806

Multinationals and the Gains from International Diversification

Rowland, Patrick F. - 1998

One possible explanation for home bias is that investors may obtain indirect international diversification benefits by … tests to examine the diversification potential of multinational firms and foreign market indices for investors domiciled in … multinational stocks. However, there is weak evidence that U.S. multinationals provided global diversification benefits in the full …

Persistent link: https://www.econbiz.de/10012472081

Mentoring and Diversity

Athey, Susan - 1998

This paper studies the forces which determine how diversity at a firm evolves over time. We consider a dynamic model o a single firm with two levels of employees, the entry level and the upper level. In each period, the firm selects a subset of the entry-level workers for promotion to the upper...

Persistent link: https://www.econbiz.de/10012472306

The Dark Side of Internal Capital Markets II : Evidence from Diversified Conglomerates

Scharfstein, David S. - 1998

This paper is an empirical examination of capital allocation in a sample of 165 diversified" conglomerates in 1979. I find that divisions in high-Q manufacturing industries tend to invest" less than their stand-alone industry peers, while divisions in low-Q manufacturing industries tend" to...

Persistent link: https://www.econbiz.de/10012472464

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