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Lack of Selection and Limits to Delegation : Firm Dynamics in Developing Countries

Akcigit, Ufuk - 2016

. We calibrate the model to firm-level data from the U.S. and India. We show that the model is quantitatively consistent … quantitative analysis shows that the low efficiency of delegation in India can account for 5% of productivity and 15% of income … differences between the U.S. and India in steady state. We also show that such inefficient delegation possibilities reduce the …

Persistent link: https://www.econbiz.de/10012456767

Does Greater Public Scrutiny Hurt a Firm's Performance?

Bennett, Benjamin; Stulz, René M.; Wang, Zexi - National Bureau of Economic Research - 2023

Public attention to a firm may provide valuable monitoring, but it may also have a dark side by constraining management's decisions and distracting it. We use inclusion in the S&P 500 index as a positive shock to public attention. Media coverage, Google searches, SEC downloads, SEC comment...

Persistent link: https://www.econbiz.de/10013537752

ChatGPT and Corporate Policies

Jha, Manish; Qian, Jialin; Weber, Michael; Yang, Baozhong - National Bureau of Economic Research - 2024

We create a firm-level ChatGPT investment score, based on conference calls, that measures managers' anticipated changes in capital expenditures. We validate the score with interpretable textual content and its strong correlation with CFO survey responses. The investment score predicts future...

Persistent link: https://www.econbiz.de/10014486252

Omnia Juncta in Uno : Foreign Powers and Trademark Protection in Shanghai's Concession Era

Alfaro, Laura; Bao, Ge; Chen, Maggie Xiaoyang; Hong, Junjie - National Bureau of Economic Research - 2022

We investigate how firms adapt to trademark protection, an extensively used but underexamined form of IP protection, by exploring a historical precedent: China's trademark law of 1923---an unanticipated and disapproved response to end foreign privileges in China. By exploiting a unique, newly...

Persistent link: https://www.econbiz.de/10012938690

Unionization and Firm Performance : The Impact on Profits, Growth and Productivity

Clark, Kim B. - 1982

This paper examines the impact of unionization on profit- ability, growth and productivity using time series data on over 900 product line businesses in the North American manufacturing sector (predominantly U.S.). The first section of the paper develops a simple theoretical framework for...

Persistent link: https://www.econbiz.de/10012478115

Big Data and Firm Dynamics

Farboodi, Maryam - 2019

We study a model where firms accumulate data as a valuable intangible asset. Data accumulation affects firms' dynamics. It increases the skewness of the firm size distribution as large firms generate more data and invest more in active experimentation. On the other hand, small data- savvy firms...

Persistent link: https://www.econbiz.de/10012479471

Connecting to Power : Political Connections, Innovation, and Firm Dynamics

Akcigit, Ufuk - 2018

Do political connections affect firm dynamics, innovation, and creative destruction? We study Italian firms and their workers to answer this question. Our analysis uses a brand-new dataset, spanning the period from 1993 to 2014, where we merge: (i) firm-level balance sheet data; (ii) social...

Persistent link: https://www.econbiz.de/10012480788

Dividend Taxation and Intertemporal Tax Arbitrage

Korinek, Anton - 2008

Anticipated dividend tax changes, on the other hand, allow firms to engage in inter-temporal tax arbitrage so as to reduce investors' tax burden. This can significantly distort aggregate investment. Anticipated tax cuts (increases) delay (accelerate) firms' dividend payments, which leads them to...

Persistent link: https://www.econbiz.de/10012464789

Centers of Gravity : The Effect of Stable Shared Leadership in Top Management Teams on Firm Growth and Industry Evolution

Agarwal, Rajshree - 2018

We study the processes of firm growth in the evolution of the Japanese cotton spinning industry during 1883-1914 by integrating strategy and historical approaches and utilizing rich quantitative firm-level data and detailed business histories. The resultant conceptual model highlights growth...

Persistent link: https://www.econbiz.de/10012452978

The Fall of the Labor Share and the Rise of Superstar Firms

Autor, David - 2017

The fall of labor's share of GDP in the United States and many other countries in recent decades is well documented but its causes remain uncertain. Existing empirical assessments of trends in labor's share typically have relied on industry or macro data, obscuring heterogeneity among firms. In...

Persistent link: https://www.econbiz.de/10012455285

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