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Sources of Firm Life-Cycle Dynamics: Differentiating Size vs. Age Effects
Kueng, Lorenz; Yang, Mu-Jeung; Hong, Bryan - National Bureau of Economic Research (NBER) - 2014
What determines firm growth over the life-cycle? Exploiting unique firm panel data on internal organization, balance sheets and innovation, representative of the entire Canadian economy, we study recent theories that examine life-cycle patterns for firm growth. These theories include...
Persistent link: https://www.econbiz.de/10010951103
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Capital Depreciation and the Underdetermination of Rate of Return : A Unifying Perspective
Magni, Carlo Alberto - 2017
This paper shows that the notion of rate of return is best understood through the lens of the average-internal-rate-of-return (AIRR) model, first introduced in Magni (2010a). It is an NPV-consistent approach based on a coherent definition of rate of return and on the notion of Chisini mean, it...
Persistent link: https://www.econbiz.de/10012962027
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Allocation of Carbon Emission Certificates in the Power Sector: How generators profit from grandfathered rights
Keats, K. Martinez; Neuhoff, K. - Faculty of Economics, University of Cambridge - 2004
To meet its Kyoto requirements, the EU will establish an internal market for carbon dioxide allowances from 2005, the …-fired combined cycle gas turbine (CCGT) will increase. We show that in future allocation rounds a greater proportion of allowances …
Persistent link: https://www.econbiz.de/10005113866
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A new look at uncertainty shocks : imperfect information and misallocation
Senga, Tatsuro - 2015
Uncertainty faced by individual firms appears to be heterogeneous. In this paper, I construct new empirical measures of firm-level uncertainty using data from the I/B/E/S and Compustat. These new measures reveal persistent differences in the degree of uncertainty facing individual firms not...
Persistent link: https://www.econbiz.de/10011401309
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Uncertainty and the specificity of human capital
Gervais, Martin (contributor); Livshits, Igor (contributor);  … - 2007
This paper studies the choice between general and specific human capital. A trade-off arises because general human capital, while less productive, can easily be reallocated across firms. Accordingly, the fraction of individuals with specific human capital depends on the amount of uncertainty in...
Persistent link: https://www.econbiz.de/10003641302
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Resource Allocation within Firms and Financial Market Dislocation : Evidence from Diversified Conglomerates
Matvos, Gregor - 2018
allocation within firms' internal capital markets provides an important force countervailing financial market dislocation. Using … accessing external capital funds quadruples during extreme financial market dislocations, making resource allocation within … resource allocation in internal capital markets offset financial market stress during the recent financial crisis by 16% to 30 …
Persistent link: https://www.econbiz.de/10012938571
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Pitfalls in Investment Euler Equations.
Chatelain, J.-B.; Teurlai, J.-C. - Banque de France - 2001
This paper investigates three pitfalls concerning the test of the Euler equation facing quadratic adjustment costs and perfect capital markets on a large balanced panel data of 4025 french firms. First, the quadratic parameterization of adjustment costs is too restrictive, and power series...
Persistent link: https://www.econbiz.de/10005487054
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Choice, chance, and inevitability in strategy
De Rond, Mark; Thiétart, Raymond-Alain - Université Paris-Dauphine (Paris IX) - 2007
We propose a theory to manage the uneasy relation between strategic choice, chance, and determinism (or inevitability). To do so, we locate arguments in intellectual history that have a clear bearing on this relation. We introduce and defend four conjectures that outline the relationship between...
Persistent link: https://www.econbiz.de/10010783751
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Why Do Firms Split? Evidence from Spin-Offs and Equity Carve-Outs.
Jongbloed, A. - William E. Simon Graduate School of Business … - 1994
Persistent link: https://www.econbiz.de/10005777172
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technology Acquisition Choices by State-Owned Entreprises in Transition Economies.
White, R.S. - 1997
What factors influence a state-owned enterprise in a transition economy to choose between alternative technology acquisition strategies? This study uses two frameworks developed in the context of industrialized economies -transition costs economics and organizational capacities-to propose...
Persistent link: https://www.econbiz.de/10005781006