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Foreign Ownership and Firm Performance : Emerging-Market Acquisitions in the United States
Chari, Anusha - 2009
This paper examines the recent upsurge in foreign acquisitions of U.S. firms, specifically focusing on acquisitions made by firms located in emerging markets. Neoclassical theory predicts that, on net, capital should flow from countries that are capital-abundant to countries that are...
Persistent link: https://www.econbiz.de/10012463861
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Financial constraints, institutions, and foreign ownership
Alquist, Ron; Berman, Nicolas; Mukherjee, Rahul; Tesar, … - 2018
This paper examines how external finance dependence, financial development, and institutions influence brownfield foreign direct investment (FDI). We develop a model of cross-border acquisitions in which the foreign acquirer's choice of ownership structure reflects a trade-off between easing...
Persistent link: https://www.econbiz.de/10011813330
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Unmeasured Investment and the Puzzling U.S. Boom in the 1990s
McGrattan, Ellen R. - 2007
The basic neoclassical growth model accounts well for the postwar cyclical behavior of the U.S. economy prior to the 1990s, provided that variations in population growth, depreciation rates, total factor productivity, and taxes are incorporated. For the 1990s, the model predicts a depressed...
Persistent link: https://www.econbiz.de/10012465147
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Rents and Intangible Capital : A Q+ Framework
Crouzet, Nicolas; Eberly, Janice C. - National Bureau of Economic Research - 2021
In recent years, US investment has been lackluster, despite rising valuations. Key explanations include growing rents and growing intangibles. We propose and estimate a framework to quantify their roles. The gap between valuations -- reflected in average Q -- and investment -- reflected in...
Persistent link: https://www.econbiz.de/10012599278
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Intangibles, Markups, and the Measurement of Productivity Growth
Crouzet, Nicolas; Eberly, Janice C. - National Bureau of Economic Research - 2021
In recent years, measured TFP growth in the US has declined. We argue that two forces contributed to this decline: the mismeasurement of intangible capital, and rising markups. Markups affect input shares, while intangibles omitted from measures of investment affect measured capital growth, each...
Persistent link: https://www.econbiz.de/10012599399
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A Model of Intangible Capital
Crouzet, Nicolas; Eberly, Janice C.; Eisfeldt, Andrea L.; … - National Bureau of Economic Research - 2022
We propose a model that starts from the premise that intangible capital needs to be stored on some medium --- software, patents, essential employees --- before it can be utilized in production. Storage implies that intangible capital may be partially non-rival within the firm, leading to scale...
Persistent link: https://www.econbiz.de/10013362030
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Is the Stock Market Just a Side Show? Evidence from a Structural Reform
Campello, Murillo - 2014
The 2005 split-share reform in China mandated the conversion of nontradable stocks into tradable status. This paper …
Persistent link: https://www.econbiz.de/10012458543
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International Joint Ventures and Internal vs. External Technology Transfer : Evidence from China
Jiang, Kun - 2018
ventures in China from 1998 to 2007--roughly a quarter of all international joint ventures in the world--we find, first, that … virtually absent in broad sectors that include economic activities for which China's FDI policy has prohibited joint ventures …
Persistent link: https://www.econbiz.de/10012453259
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Facts and Fallacies about U.S. FDI in China
Branstetter, Lee - 2007
Despite the rapid expansion of U.S.-China trade ties, the increase in U.S. FDI in China, and the expanding amount of ….S. multinationals in China. In this paper, we seek to correct four common misunderstandings by providing a statistical portrait of …
Persistent link: https://www.econbiz.de/10012465178
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Is China's FDI Coming at the Expense of Other Countries?
Eichengreen, Barry - 2005
We analyze how China's emergence as a destination for foreign direct investment is affecting the ability of other … countries to attract FDI. We do so using an approach that accounts for the endogeneity of China's FDI. The impact turns out to … vary by region. China's rapid growth and attractions as a destination for FDI also encourages FDI flows to other Asian …
Persistent link: https://www.econbiz.de/10012467348