We document that the plants belonging to small and mid-sized firms are geographically concentrated, while large firms are much more dispersed. These differences are sizable; firms with 2 plants have a dispersion that is 5 log points lower than predicted by industry location patterns, while the...

What determines the boundary of multinational firms? According to Williamson (1975), a potential rationale for vertical integration is to facilitate adaptation in a world where uncertainty is resolved over time. This paper offers the first empirical analysis of the impact of adaptation on the...

What determines the boundary of multinational firms? According to Williamson (1975), a potential rationale for vertical integration is to facilitate adaptation in a world where uncertainty is resolved over time. This paper offers the first empirical analysis of the impact of adaptation on the...