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The pure advantage of risk in production
Mandler, Michael - 2021
intensively if its productivity realization is large and curtailed otherwise. Some investment in even the riskiest technologies …
Persistent link: https://www.econbiz.de/10013235191
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Business uncertainty in developing and emerging economies
Avalos, Edgar; Barrero, Jose Maria; Davies, Elwyn; … - 2024
We study business uncertainty in high- versus low-volatility environments by surveying over 31,000 managers across 41 countries. We elicit subjective probability distributions for future own-firm sales and measure firm-level uncertainty with their mean absolute deviations. Analogously, we...
Persistent link: https://www.econbiz.de/10015071152
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Uncertainty, misallocation and the life-cycle growth of firms
Mäkynen, Eero; Vähämaa, Oskari - 2021
firms have to learn their productivity. We match our model with the salient features of the data and show that our model …
Persistent link: https://www.econbiz.de/10012583062
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The aggregate consequences of default risk : evidence from firm-level data
Besley, Timothy; Roland, Isabelle; Van Reenen, John - 2020
This paper studies the implications of perceived default risk for aggregate output and productivity. Using a model of … credit across firms with heterogeneous productivity. Further, we find that these losses accounted for over half of the … productivity fall between 2008 and 2009, and persisted for smaller (although not larger) firms. …
Persistent link: https://www.econbiz.de/10012241111
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How Does Firm-level Risk Affect Productivity?
Li, Xiang - 2020
points, of which approximately 77% is from the reduction in total factor productivity growth, 21% is from slower labor growth …-level total factor productivity, and the transmission mechanisms are reduced human capital investment and a tightened financial …
Persistent link: https://www.econbiz.de/10012829875
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Firm Level Productivity, Risk, and Return
Imrohoroglu, Ayse - 2013
This paper provides new evidence about the link between firm level total factor productivity (TFP) and stock returns … market ratio, investment, and hiring rate. Low productivity firms earn a significant premium over high productivity firms in …
Persistent link: https://www.econbiz.de/10013093807
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The Impact of Uncertainty Shocks on State-Level Total Factor Productivity
Hankins, William; Cheng, Chak Hung Jack; Stone, Anna-Leigh - 2021
productivity (TFP) growth that range from -0.15 to -0.98 percentage points at their peak negative response. Cross …
Persistent link: https://www.econbiz.de/10013247327
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Inflation and Productive Capacity - An Empirical Risk Reduction Model
Wilson, Jonathan - 2021
An economy’s ability to provide food, energy, and manufactured goods for its population to consume reduces the chance that it experiences high consumer price inflation. However, no research has been done on exactly how much of these critical goods a country needs to be able to produce to keep...
Persistent link: https://www.econbiz.de/10013211297
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A Model of Industry Tournament Incentives
Coles, Jeffrey L. - 2020
This paper builds on Rosen (1981) and Hvide (2002) to provide a simple framework that elucidates the nature of incentives in the tournaments among top executives in both the external managerial labor market for the top executive positions in other companies and within the executives' own firm...
Persistent link: https://www.econbiz.de/10012842651
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Economic Uncertainty, Aggregate Debt, and the Real Effects of Corporate Finance
Johnson, Timothy C. - 2018
This paper develops a tractable general equilibrium with endogenous firm capital structure decisions driven by changes in economic uncertainty. The model enables a critical assessment of standard paradigms of corporate finance in order to highlight empirically important directions for...
Persistent link: https://www.econbiz.de/10012935351