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This paper uses firm-level data for Mexican exporters to understand how firm-level export decisions shape a country's aggregate exports. The data allows for a characterization of both the crosssectional distribution of Mexican exports, across destinations and across exporting firms, and of the...
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innovation we establish three key sets of stylized facts to inform recent theories of firm life-cycles. First, life-cycle effects … are driven by startups, not by new establishments of existing firms. Second, organizational restructuring and innovation … dynamics. Third, there are important sectoral differences in innovation activities which are monotonically increasing in firm …
Persistent link: https://www.econbiz.de/10012219335
How much of entrepreneurial performance is sheer luck compared to talent, experience, education, and hard work? We define luck as unexpected performance and look for an answer in a large survey of entrepreneurs. Accordingly, luck ranks last in importance among various success factors and...
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Using data for the 1978-2008 period, this study presents evidence for cointegration between securitized (NAREIT) and direct (NCREIF) total return indices. Cointegration between the indices indicates that REITs and direct real estate are substitutable in the portfolio of a long-horizon...
Persistent link: https://www.econbiz.de/10003970466
We use a new data set to study the determinants of the performance of open-end actively managed equity mutual funds in 27 countries. We find that mutual funds underperform the market overall. The results show important differences in the determinants of fund performance in the U.S. and elsewhere...
Persistent link: https://www.econbiz.de/10003394375
We combine two approaches to the pricing kernel, one empirical and one theoretical, which relax the restriction that the objective return distribution and risk neutral distribution share the same volatility and higher order moments. The empirical approach provides estimates for the evolution of...
Persistent link: https://www.econbiz.de/10009558362