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We establish an important role for the firm by studying capital reallocation decisions of mutual fund firms. At least 30% of the value mutual fund managers add can be attributed to the firm's role in efficiently allocating capital amongst its mutual fund managers. We find no evidence of a...
Persistent link: https://www.econbiz.de/10010950822
Did regulatory reforms that lowered barriers to competition among U.S. banks increase or decrease the quality of information that banks disclose to the public and regulators? We find that an intensification of competition reduced abnormal accruals of loan loss provisions and the frequency with...
Persistent link: https://www.econbiz.de/10011103497
analogous to the one predicted by exporting models. Our quantitative analysis exploits these complementarities to distinguish …
Persistent link: https://www.econbiz.de/10011103503
for most of the advertising expenses, resulting in average returns that are negative. …
Persistent link: https://www.econbiz.de/10011262794
We use detailed micro data to document a causal response of local retail price to changes in house prices, with elasticities of 15%-20% across housing booms and busts. Notably, these price responses are largest in zip codes with many homeowners, and non-existent in zip codes with mostly renters....
Persistent link: https://www.econbiz.de/10011269065
We estimate the effect of the reduction in credit supply that followed the 2008 financial crisis on the real economy. We predict county lending shocks using variation in pre-crisis bank market shares and estimated bank supply-shifts. Counties with negative predicted shocks experienced declines...
Persistent link: https://www.econbiz.de/10011079877
Private equity critics claim that leveraged buyouts bring huge job losses and few gains in operating performance. To …
Persistent link: https://www.econbiz.de/10011095622
Do stock markets act as a “spare tire” during banking crises, providing an alternative corporate financing channel and mitigating the economic severity of banking crises? Using firm-level data in 36 countries from 1990 through 2011, we find that the adverse consequences of banking crises on...
Persistent link: https://www.econbiz.de/10011123636
new products. The analysis of business strategy is thus at the intersection of market competition and a firm's efforts to … secure persistently superior performance via investments in better management and organization. We empirically analyze the …, internal firm organization, performance and innovation, which is representative of the entire Canadian economy. Our empirical …
Persistent link: https://www.econbiz.de/10011123643
This paper studies the economic effects of endorsements. In the publishing sector, endorsements from the Oprah Winfrey Book Club are found to be a business stealing form of advertising that raises title level sales without increasing the market size. The endorsements decrease aggregate adult...
Persistent link: https://www.econbiz.de/10011188550