The "resource-based view of the firm" has become an important conceptual framework in strategic management but has been widely criticized for lack of an empirical base. To address this deficit, we utilize a new method for identifying interfirm differences in efficiency within the context of...

This paper presents a methodology for estimating an index of technological change using firm-level data in a stochastic frontier production function model that takes into account time-varying technical inefficiency. In contrast to the Solow divisia index approach, econometric estimation of the...

We build upon recent research that attributes the moderation of output volatility since the 1980s to the reduced volatility of the Total Factor Productivity (TFP) by investigating the linkage between energy price fluctuations and the stochastic process for TFP. First, we estimate a joint...

We investigate a DSGE economy's response to energy price hikes for changing firm and household energy shares over the 1970-2005 period. Simulation results indicate that the economy's output response is mainly determined by the firm rather than the household share.

In an environment with asymmetric information regarding the outcome of investment activities, the premium on external funds is dependent upon a borrower's financial characteristics. Consequently, a borrower's need for funds and accessibility to the desired amount is interlinked. Using panel data...