I analyze investors' decisions to be active or passive by introducing opportunity costs of market participation and endogenous occupational choices into a heterogeneous-agent noisy rational expectations equilibrium model. In equilibrium, agents with low information production costs and high...

We examine an emerging phenomenon that talented employees leave successful entrepreneurial firms to join less mature ones. Using a unique person-level dataset and a comprehensive sample of private firms from the U.S. Census Bureau, we find that these “entrepreneurial diffusers”, by...

We develop a new rationale for IPO waves based on product market considerations. Two firms, with differing productivity levels, compete in an industry with a significant probability of a positive productivity shock. Going public, though costly, not only allows a firm to raise external capital...

Résumé : L’intensité de pollution inférieure des firmes de grande taille et leurs moindres coûts marginaux de réduction des émissions demeurent un fait largement documenté dans la littérature empirique. En poursuivant les intuitions de Merlevede et al. (2006), nous examinons...

We develop a new rationale for IPO waves based on product market considerations. Two firms, with differing productivity levels, compete in an industry with a significant probability of a positive productivity shock. Going public, though costly, not only allows a firm to raise external capital...