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On the Size of the Active Management Industry

Pastor, Lubos - 2010

We argue that active management's popularity is not puzzling despite the industry's poor track record. Our explanation features decreasing returns to scale: As the industry's size increases, every manager's ability to outperform passive benchmarks declines. The poor track record occurred before...

Persistent link: https://www.econbiz.de/10013148870

Latifundia as Malefactor in Economic Development? Scale, Tenancy, and Agriculture on the Pampas, 1880-1914

Taylor, Alan M. - 2022

This paper uses extensive micro-level data from Argentine agriculture circa 1880-1914 to explore various hypotheses relating to the supposed unusual and favored position enjoyed by the owner-operated large scale estates (latifundia) on the pampas as compared to small-scale units operated by cash...

Persistent link: https://www.econbiz.de/10013324646

Product and Labor Market Imperfections and Scale Economies : Micro-Evidence on France, Japan and the Netherlands

Dobbelaere, Sabien - 2014

period 1994-2006 in Japan and 7,828 firms over the period 1993-2008 in the Netherlands, we first apply two procedures to …

Persistent link: https://www.econbiz.de/10013063909

Economic Geography and Reginal Production Structure : An Empirical Investigation

Davis, Donald R.; Weinstein, David E. - 2021

featuring market effects trade models to account for the structure of regional production in Japan. We find support for the …

Persistent link: https://www.econbiz.de/10013245517

Bones, Bombs and Break Points : The Geography of Economic Activity

Davis, Donald R.; Weinstein, David E. - 2021

returns, random growth, and locational fundamentals. To do so, we examine the distribution of regional population in Japan …

Persistent link: https://www.econbiz.de/10013233848

Unraveling the Productivity Growth Slowdown in the U.S., Canada and Japan : the Effects of Subequilibrium, Scale Economies and Markup

Morrison Paul, Catherine J. - 2021

Measures of productivity growth typically include in the Productivity "residual" the impacts of subequilibrium from fixity of factors, costs of adjustment, returns to scale and markups. This paper proposes a general two part framework for adjusting the residual measure to take these impacts into...

Persistent link: https://www.econbiz.de/10013213436

Size and Growth of Japanese Plants in the United States

Blonigen, Bruce A.; Tomlin, Kasaundra - 2021

Using a unique database on all Japanese manufacturing plants in the United States, we examine the relationship between plant size and growth for these foreign-owned plants. These plants average sizes are three times larger than comparable U.S. plants and experienced 30 percent growth from 1987...

Persistent link: https://www.econbiz.de/10013227197

Size Anomalies in U.S. Bank Stock Returns : A Fiscal Explanation

Gandhi, Priyank - 2015

The largest commercial bank stocks, ranked by total size of the balance sheet, have significantly lower risk …-adjusted returns than small- and medium-sized bank stocks, even though large banks are significantly more levered. We uncover a size … factor in the component of bank returns that is orthogonal to the standard risk factors, including small-minus-big, which has …

Persistent link: https://www.econbiz.de/10013038431

Bank Size, Reputation, and Debt Renegotiation

Fernández, Raquel - 2011

This paper examines the effect that the coexistence of small and large banks, with different interests in the international market, has on the debt renegotiation process. Making use of a reputational model, we argue that the presence of small banks implies that debtor countries have a harder...

Persistent link: https://www.econbiz.de/10013124691

A Theory of Banks, Bonds, and the Distribution of Firm Size

Russ, Katheryn Niles - 2009

We draw on stylized facts from the finance literature to build a model where altering the relative costs of bank and … both the largest and smallest firms. In contrast, reducing the frictions involved in bank lending promotes the expansion of …---promoting bond issuance causes exit while cheaper bank credit induces entry. When reducing transactions costs in one market, the …

Persistent link: https://www.econbiz.de/10013155119