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Lack of Selection and Limits to Delegation : Firm Dynamics in Developing Countries

Akcigit, Ufuk - 2016

. We calibrate the model to firm-level data from the U.S. and India. We show that the model is quantitatively consistent … quantitative analysis shows that the low efficiency of delegation in India can account for 5% of productivity and 15% of income … differences between the U.S. and India in steady state. We also show that such inefficient delegation possibilities reduce the …

Persistent link: https://www.econbiz.de/10012456767

Does Greater Public Scrutiny Hurt a Firm's Performance?

Bennett, Benjamin; Stulz, René M.; Wang, Zexi - National Bureau of Economic Research - 2023

Public attention to a firm may provide valuable monitoring, but it may also have a dark side by constraining management's decisions and distracting it. We use inclusion in the S&P 500 index as a positive shock to public attention. Media coverage, Google searches, SEC downloads, SEC comment...

Persistent link: https://www.econbiz.de/10013537752

ChatGPT and Corporate Policies

Jha, Manish; Qian, Jialin; Weber, Michael; Yang, Baozhong - National Bureau of Economic Research - 2024

We create a firm-level ChatGPT investment score, based on conference calls, that measures managers' anticipated changes in capital expenditures. We validate the score with interpretable textual content and its strong correlation with CFO survey responses. The investment score predicts future...

Persistent link: https://www.econbiz.de/10014486252

Connecting to Power : Political Connections, Innovation, and Firm Dynamics

Akcigit, Ufuk - 2018

Do political connections affect firm dynamics, innovation, and creative destruction? We study Italian firms and their workers to answer this question. Our analysis uses a brand-new dataset, spanning the period from 1993 to 2014, where we merge: (i) firm-level balance sheet data; (ii) social...

Persistent link: https://www.econbiz.de/10012480788

Leverage over the Life Cycle and Implications for Firm Growth and Shock Responsiveness

Dinlersoz, Emin Murat - 2018

We study the leverage of U.S. firms over their life-cycles, and the connection between firm leverage, firm growth, and aggregate shocks. We construct a new dataset that combines private and public firms' balance sheets with firm-level data from U.S. Census Bureau's Longitudinal Business Database...

Persistent link: https://www.econbiz.de/10012480877

The State of American Entrepreneurship : New Estimates of the Quantity and Quality of Entrepreneurship for 15 US States, 1988-2014

Guzman, Jorge - 2016

While official measures of business dynamism have seen a long-term decline, early-stage venture financing of new companies has reached levels not observed since the late 1990s, resulting in a sharp debate about the state of American entrepreneurship. Building on Guzman and Stern (2015a; 2015b), this...

Persistent link: https://www.econbiz.de/10012456579

Why Does Fast Loan Growth Predict Poor Performance for Banks?

Fahlenbrach, Rüdiger - 2016

From 1973 to 2014, the common stock of U.S. banks with loan growth in the top quartile of banks over a three-year period significantly underperforms the common stock of banks with loan growth in the bottom quartile over the next three years. The benchmark-adjusted cumulative difference in...

Persistent link: https://www.econbiz.de/10012456585

Sources of Firm Life-Cycle Dynamics : Differentiating Size vs. Age Effects

Kueng, Lorenz - 2014

What determines firm growth over the life-cycle? Exploiting unique firm panel data on internal organization, balance sheets and innovation, representative of the entire Canadian economy, we study recent theories that examine life-cycle patterns for firm growth. These theories include...

Persistent link: https://www.econbiz.de/10012458044

Capital Market Financing, Firm Growth, Firm Size Distribution

Didier, Tatiana - 2014

Which firms issue equity and debt in domestic and international markets and what happens to their assets, sales, and number of employees? To answer these questions, we assemble a new dataset on firm-level capital raising activity during 1991-2011, which we match with firm attributes for 45,527...

Persistent link: https://www.econbiz.de/10012458331

A Unified Theory of Firm Selection and Growth

Arkolakis, Costas - 2011

This paper studies the effects of marketing choice to firm growth. I assume that firm-level growth is the result of idiosyncratic productivity improvements with continuous arrival of new potential producers. A firm enters a market if it is profitable to incur the marginal cost to reach the first...

Persistent link: https://www.econbiz.de/10012461105