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Mapping a sector's scope transformation and the value of following the evolving core

Cetorelli, Nicola; Jacobides, Michael G.; Stern, Samuel - 2021

A surprisingly neglected facet of sector evolution is the evolutionary analysis of firms', and thus a sector's, scope. Defining a sector as a group of firms that can change their scope over time, we study the transformation of U.S. banking firms. We undertake a sectoral, population-wide study of...

Persistent link: https://www.econbiz.de/10012511396

Option-implied term structures

Vogt, Erik - 2014

The illiquidity of long-maturity options has made it difficult to study the term structures of option spanning portfolios. This paper proposes a new estimation and inference framework for these option-implied term structures that addresses long-maturity illiquidity. By building a sieve estimator...

Persistent link: https://www.econbiz.de/10010459730

Compositional dynamics and the performance of the US banking industry

Stiroh, Kevin J. (contributor) - 2000 - December 13, 1999

performers, and new entrants - made substantial contributions to changes in profitability and capitalization of the U.S. banking …

Persistent link: https://www.econbiz.de/10001682506

The role of technology in mortgage lending

Fuster, Andreas; Plosser, Matthew; Schnabl, Philipp; … - 2018

suggest that technological innovation has improved the efficiency of financial intermediation in the U.S. mortgage market. …

Persistent link: https://www.econbiz.de/10011795430

International shocks and domestic prices : how large are strategic complementarities?

Amiti, Mary; Itskhoki, Oleg; Konings, Jozef - 2016

How strong are strategic complementarities in price setting across firms? In this paper, we provide a direct empirical estimate of firms' price responses to changes in prices of their competitors. We develop a general framework and an empirical identification strategy to estimate the...

Persistent link: https://www.econbiz.de/10011446483

Do long-haul truckers undervalue future fuel savings?

Adenbaum, Jacob; Copeland, Adam; Stevens, John J. - 2016

The U.S. federal government enacted fuel efficiency standards for medium and heavy trucks for the first time in … being myopic, such that vehicle purchasers undervalue the future fuel savings from increased fuel efficiency. We measure by … approach to estimate the distribution of willingness-to-pay for fuel efficiency. We find significant heterogeneity in truck …

Persistent link: https://www.econbiz.de/10011410544

Demographic origins of the startup deficit

Karahan, Fatih; Pugsley, Benjamin; Şahin, Ayşegül - 2019

We propose a simple explanation for the long-run decline in the startup rate. It was caused by a slowdown in labor supply growth since the late 1970s, largely pre-determined by demographics. This channel explains roughly two-thirds of the decline and why incumbent firm survival and average...

Persistent link: https://www.econbiz.de/10012022155

A unified approach to measuring u*

Crump, Richard K.; Eusepi, Stefano; Giannoni, Marc Paolo; … - 2019

This paper bridges the gap between two popular approaches to estimating the natural rate of unemployment, u*. The first approach uses detailed labor market indicators, such as labor market flows, cross-sectional data on unemployment and vacancies, or various measures of demographic changes. The...

Persistent link: https://www.econbiz.de/10012022218

Income inequality and job creation

Lee, Donggyu; Dörr, Sebastian; Drechsel, Thomas - 2022 - Revised August 2022

This paper shows that rising top income shares affect job creation at firms of different sizes. High-income households save relatively more in stocks and bonds, and less in bank deposits. We propose that a higher income share of top earners therefore channels funds to large firms, but tightens...

Persistent link: https://www.econbiz.de/10013277476

Nonlinear firm dynamics

Melcangi, Davide; Sarpietro, Silvia - 2024

This paper presents empirical evidence on the nature of idiosyncratic shocks to firms and discusses its role for firm behavior and aggregate fluctuations. We document that firm-level sales and productivity are hit by heavy-tailed shocks and follow a nonlinear stochastic process, thus departing...

Persistent link: https://www.econbiz.de/10014501127

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