The U.S. and EU Merger Guidelines strongly emphasize the relevance of the "ease of entry" argument in merger evaluations. Up to now, very little is known empirically about how mergers affect entry and exit, and the resulting number of firms in the markets. We empirically test this aspect of...

This article documents a structural change in the production of science in the U.S. semiconductor industry over almost three decades. We observe a change in scientific productivity over time, where smaller firms publish more articles per dollar in R&D. Moreover, our results show a positive...

This study investigates the impact of firm-specific discount factors on merger formation and market performance. We estimate firm-specific discount factors for 228 publicly traded and privately held firms operating in the semiconductor market and apply a heterogeneous treatment effects model...

Growth in U.S. manufacturing’s real value-added has exceeded that of aggregate GDP, except during recessions, leading many to conclude that the sector is healthy and that the 30 percent decline in manufacturing employment since 2000 is largely the consequence of automation. The robust growth...

Part I. Setting the stage -- Part II. State Policy, Firms, and Upgrading Outcomes -- Part III. The Integrated Circuit Industry -- Part IV. China in Comparative Perspective -- Conclusion: China's Economic Future and the Future Role of Hybrids

Business as a body : disciplining an organization from head to foot -- The brain -- The eyes -- The heart -- The body -- Entrepreneurialism ? building of companies that last the ages -- Nurturing corporate culture -- Making people important -- Processes, policies and procedures -- Finance and...

This paper evaluates how different lengths of entry regulation impact market structure and market performance using a dynamic structural model. We formulate an oligopoly model in the tradition of Ericson and Pakes (1995) and allow entry costs to vary over time. Firms have the opportunity to...

A chemist and founder of Intel, Gordon Moore played a major role in revolutionizing technology and shaping the growth and reach of Silicon Valley. The story of the man -- an inventor and businessman whose influence on the world is at least as great as Thomas Edison's, Henry Ford's, or Bill...

Using firm level panel data from the U.S., I explore the relationship between firm size and R&D productivity for two important and R&D-intensive industries: Semiconductors and Pharmaceuticals. I employ two measures of a firm's R&D performance: the number of citations received per patented...