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On the Real Effects of Bank Bailouts: Micro-Evidence from Japan

Giannetti, Mariassunta; Simonov, Andrei - C.E.P.R. Discussion Papers - 2009

Exploiting the Japanese banking crisis as a laboratory, we provide firm-level evidence on the real effects of bank bailouts. Government recapitalizations result in positive abnormal returns for the clients of recapitalized banks. After recapitalizations, banks extend larger loans to their...

Persistent link: https://www.econbiz.de/10005014571

Mergers as Auctions

Ivaldi, Marc; Motis, Jrissy - C.E.P.R. Discussion Papers - 2007

structural approach to infer acquirers’ gains from merging by interpreting a merger as an auction. Using nonparametric methods …

Persistent link: https://www.econbiz.de/10005656211

Performance Pay, CEO Dismissal, and the Dual Role of Takeovers

Burkart, Mike; Raff, Konrad - C.E.P.R. Discussion Papers - 2012

We propose that an active takeover market provides incentives by offering acquisition opportunities to successful … performance-based pay are non-monotonic in the intensity of the takeover threat. In firms with weak boards, turnover (performance …-based pay) increases (decreases) with the intensity of the takeover threat. When choosing its acquisition policy and the quality …

Persistent link: https://www.econbiz.de/10011083799

Patterns of Restructuring: The U.S. Class 1 Railroads from 1984 to 2004

Friebel, Guido; McCullough, Gerard; Padilla Angulo, Laura - C.E.P.R. Discussion Papers - 2008

After deregulation in 1980, competitive pressures forced the large U.S. freight railroads to restructure. Much attention has focused on defensive (cost-cutting) restructuring: until 2004 employment was reduced by 60%, and railroads abandoned many of their lines. Less attention has been given to...

Persistent link: https://www.econbiz.de/10005504707

Imports and Productivity

Halpern, László; Koren, Miklós; Szeidl, Adam - C.E.P.R. Discussion Papers - 2005

What is the effect of imports on productivity? To answer this question, we estimate a structural model of producers using product-level import data for a panel of Hungarian manufacturing firms from 1992 to 2001. In our model with heterogenous firms, producers choose to import or purchase...

Persistent link: https://www.econbiz.de/10005497802

An Anatomy of International Trade: Evidence from French Firms

Eaton, Jonathan; Kortum, Samuel S; Kramarz, Francis - C.E.P.R. Discussion Papers - 2009

We examine the sales of French manufacturing firms in 113 destinations, including France itself. Several regularities stand out: (1) the number of French firms selling to a market, relative to French market share, increases systematically with market size; (2) sales distributions are very similar...

Persistent link: https://www.econbiz.de/10005124187

Minimum Wages and Firm Profitability

Draca, Mirko; Machin, Steve; Van Reenen, John - C.E.P.R. Discussion Papers - 2006

Although there is a large literature on the economic effects of minimum wages on labour market outcomes (especially employment), there is hardly any evidence on their impact on firm performance. This is surprising: minimum wages appear to have a significant impact on wages, but only a limited...

Persistent link: https://www.econbiz.de/10005124436

A Second Look at the Pesticides Initiative Program: Evidence from Senegal

Cadot, Olivier; Jaud, Mélise - C.E.P.R. Discussion Papers - 2011

This paper investigates whether the Pesticides Initiative Program has significantly affected the export performance of Senegal's horticulture industry. We apply two main microeconometric techniques, difference-in-difference and matching difference-in-differences to identify the effect of the...

Persistent link: https://www.econbiz.de/10009493562

Impact Evaluation of Trade Interventions: Paving the Way

Cadot, Olivier; Fernandes, Ana; Gourdon, Julien; … - C.E.P.R. Discussion Papers - 2011

The focus of trade policy has shifted in recent years from economy-wide reductions in tariffs and trade restrictions towards targeted interventions to facilitate trade and promote exports. Most of these latter interventions are based on the new mantra of "aid-for-trade" rather than on hard...

Persistent link: https://www.econbiz.de/10009367433

Understanding the size and profitability of firms: The role of a biological factor

Guiso, Luigi; Rustichini, Aldo - C.E.P.R. Discussion Papers - 2011

We collect information on prenatal testosterone in a large sample of entrepreneurs by measuring the length of their 2th to 4th fingers in face to face interviews. Entrepreneurs with higher exposure to prenatal testosterone (lower second to fourth digit ratio) manage larger firms, are matched...

Persistent link: https://www.econbiz.de/10008854464