Hiring new employees is an important part of a new venture's growth. However, we still have limited understanding of the human capital needs of high-growth new ventures, and how their pace of growth relates to whom they hire. We contribute to the literature by investigating 64,404 hires among...

This study explores the nexus of digitalization, formalization, and global value chain (GVC) participation, providing critical insights into inclusive growth. Despite the importance of the nexus, common notions regarding the positive effects of digitalization on enterprise formalization and GVC...

Hiring new employees is an important part of a new venture's growth. However, we still have limited understanding of the human capital needs of high-growth new ventures, and how their pace of growth relates to whom they hire. We contribute to the literature by investigating 64,404 hires among...

China has gradually established pilot free trade zones and implemented certain specific policies for its enterprises to deepen the economic system reform and expand the degree of market opening to the outside world. The establishment of a Free Trade Area exerts spillover effects and positive...

This paper investigates how labor-market tightness affects market outcomes if firms use informal, self-enforcing, agreements to motivate workers. We characterize profit-maximizing equilibria and show that an increase in the supply of homogenous workers can increase wages. Moreover, even though...

We study the effects of financial frictions on firm exit when firms face large liquidity shocks. We develop a simple model of firm cost-minimization that introduces a financial friction that limits firms' borrowing capacity to smooth temporary shocks to liquidity. In this framework, firm exit...

Dewatripont and Tirole (2024) defend the morality of markets on the ground of an irrelevance result: the social production of moral actions is independent from competitive pressure on markets. No matter how strong competitive pressure is, markets perform well in diffusing signals about moral...

Dewatripont and Tirole (2024) defend the morality of markets on the ground of an irrelevance result: the social production of moral actions is independent from competitive pressure on markets. No matter how strong competitive pressure is, markets perform well in diffusing signals about moral...

In this study, we construct a new measurement of a firm's trade risk expectation. We investigate how exporters' innovation strategies respond to trade protection and their risk expectation by studying the global anti-dumping investigations against China. Specifically, using information on...