ERN: Intertemporal Firm Choice & Growth最新文献

Information Asymmetry and Corporate Cash Holdings 信息不对称与企业现金持有

ERN: Intertemporal Firm Choice & Growth Pub Date : 2015-10-28 DOI: 10.2139/ssrn.1778582

Kee H. Chung, Jang-Chul Kim, Young Sang Kim, Hao Zhang

引用次数: 53

Employer Learning, Productivity and the Earnings Distribution: Evidence from Performance Measures 雇主学习、生产力和收入分配:来自绩效测量的证据

ERN: Intertemporal Firm Choice & Growth Pub Date : 2014-10-01 DOI: 10.1093/RESTUD/RDU021

Lisa B. Kahn, Fabian Lange

{"title":"Employer Learning, Productivity and the Earnings Distribution: Evidence from Performance Measures","authors":"Lisa B. Kahn, Fabian Lange","doi":"10.1093/RESTUD/RDU021","DOIUrl":"https://doi.org/10.1093/RESTUD/RDU021","url":null,"abstract":"Two ubiquitous empirical regularities in pay distributions are that the variance of wages increases with experience, and innovations in wage residuals have a large, unpredictable component. The leading explanations for these patterns are that over time, either firms learn about worker productivity but productivity remains fixed or workers' productivities themselves evolve heterogeneously. In this paper, we seek to disentangle these two models and place magnitudes on their relative importance. We derive a dynamic model of learning and productivity that nests both models and allows them to coexist. We estimate our model on a 20-year panel of pay and performance measures from a single, large firm (the Baker-Gibbs-Holmstrom data). Incorporating performance measures yields two key innovations. First, the panel structure implies that we have repeat measures of correlates of productivity, as opposed to the empirical evidence on employer learning which uses one fixed measure. Second, we can separate productivity from pay, whereas the previous literature on productivity evolution could not. We find that both models are important in explaining the data. However, the predominant effect is that worker productivity evolves idiosyncratically over time, implying firms must continuously learn about a moving target. Therefore, while the majority of pay dispersion is driven by variation in individual productivity, wages differ significantly from individual productivity at all experience levels due to imperfect information. We believe this represents a significant reinterpretation of the empirical literature on employer learning.","PeriodicalId":340291,"journal":{"name":"ERN: Intertemporal Firm Choice & Growth","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132216033","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 124

On the Determinants of Firm Leverage: Evidence from a Structural Estimation 企业杠杆的决定因素:来自结构估计的证据

ERN: Intertemporal Firm Choice & Growth Pub Date : 2014-09-04 DOI: 10.2139/ssrn.1669014

A. Menichini

{"title":"On the Determinants of Firm Leverage: Evidence from a Structural Estimation","authors":"A. Menichini","doi":"10.2139/ssrn.1669014","DOIUrl":"https://doi.org/10.2139/ssrn.1669014","url":null,"abstract":"Purpose - – The purpose of this paper is to investigate the phenomena of convergence and stability of leverage reported by Lemmon Design/methodology/approach - – A dynamic trade-off model of the firm was used to simulate investment, leverage, and payout decisions for different types of firms. From an econometric standpoint, the Efficient Method of Moments was used to recover the structural parameters. Findings - – The structural model generates a leverage ratio that oscillates around a long-run, time-invariant level and consistently reproduces the convergence and stability of leverage reported by Lemmon Practical implications - – Determining the optimal capital structure of a firm is a complex problem that has challenged academics and practitioners for a long time. Understanding leverage decisions is of great importance not only for financial managers, but also for investors, such as banks, debt-holders, equity-holders, and other capital providers, who need to understand how firms make capital structure decisions in order to achieve an efficient allocation of funds. Originality/value - – The author shows that the firm-specific fixed effects in leverage regressions are not related to the usual determinants (e.g. profitability, market-to-book ratio), but to the primitive characteristics of the firm (e.g. elasticity of capital in the production function, the volatility of profits, the capital depreciation rate, the income tax rate, etc.)","PeriodicalId":340291,"journal":{"name":"ERN: Intertemporal Firm Choice & Growth","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131194546","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 7

Underwriter Relationships and Shelf Offerings 承销商关系和货架产品

ERN: Intertemporal Firm Choice & Growth Pub Date : 2014-08-01 DOI: 10.2139/ssrn.1786038

M. Humphery‐Jenner, Sigitas Karpavičius, Jo‐Ann Suchard

引用次数: 5

Do Parents Matter? Effects of Lender Affiliation through the Mortgage Boom and Bust 父母重要吗?贷款机构从属关系对抵押贷款繁荣与萧条的影响

ERN: Intertemporal Firm Choice & Growth Pub Date : 2014-02-20 DOI: 10.2139/ssrn.1700868

Claudine Gartenberg

引用次数: 22

The Role of Accounting Quality in the M&A Market 会计质量在并购市场中的作用

ERN: Intertemporal Firm Choice & Growth Pub Date : 2013-10-27 DOI: 10.2139/ssrn.1725020

Carol Marquardt, Emanuel Zur

引用次数: 117

Corporate Cash Holding in Asia 亚洲企业现金持有量

ERN: Intertemporal Firm Choice & Growth Pub Date : 2013-10-01 DOI: 10.2139/ssrn.2479138

C. Horioka, Akiko Terada-Hagiwara

引用次数: 46

Financing Practices and Preferences for Micro and Small Firms 小微企业融资实践与偏好

ERN: Intertemporal Firm Choice & Growth Pub Date : 2013-04-12 DOI: 10.2139/ssrn.1683182

N. Daskalakis

{"title":"Financing Practices and Preferences for Micro and Small Firms","authors":"N. Daskalakis","doi":"10.2139/ssrn.1683182","DOIUrl":"https://doi.org/10.2139/ssrn.1683182","url":null,"abstract":"In this paper I investigate the level of access of the opaque micro and small firms to finance. The objective of the paper is threefold: first to analyze how small and micro firms finance themselves, second to investigate what their financing preferences are and third to explore their opinions on how they evaluate the financing sources and the various obstacles to gain access to them. The simultaneous investigation of these issues reveals valuable information in the well known financing gap of small enterprises. I use a sample of Greek small and micro firms, representative of the population of small and micro firms in Greece, which cover 99.6% of the total number of firms operating in Greece. The data are derived from the answers in a structured questionnaire. The main conclusions are a. regarding equity financing: firms rely heavily on their own funds however they would not raise new equity from sources outside the family; thus, there is a reluctance in using new outside equity (venture capital, business angels and so on) b. regarding debt financing, firms have limited access to debt but they would use more debt than they currently do; thus, there is a financing gap in their access to debt finance, c. regarding grant financing, micro and small firms should be better informed and more encouraged to participate in state grants and co-financed projects; thus, there is an informational gap in grant financing.","PeriodicalId":340291,"journal":{"name":"ERN: Intertemporal Firm Choice & Growth","volume":"114 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122012230","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 88

Financing Experimentation 融资实验

ERN: Intertemporal Firm Choice & Growth Pub Date : 2012-10-17 DOI: 10.2139/ssrn.1600881

M. Drugov, Rocco Macchiavello

引用次数: 10

Sourcing for Supplier Effort and Competition: Design of the Supply Base and Pricing Mechanism 供应商努力与竞争的采购:供应基础与定价机制的设计

ERN: Intertemporal Firm Choice & Growth Pub Date : 2012-07-01 DOI: 10.2139/ssrn.1489101

Cuihong Li

{"title":"Sourcing for Supplier Effort and Competition: Design of the Supply Base and Pricing Mechanism","authors":"Cuihong Li","doi":"10.2139/ssrn.1489101","DOIUrl":"https://doi.org/10.2139/ssrn.1489101","url":null,"abstract":"We study a buyer's sourcing strategy along two dimensions: the supply base design and the pricing mechanism, considering supplier competition and cost-reduction effort. The supply base design concerns the number of suppliers (one or two) included in the supply base and the capacity to be invested in each supplier. The pricing mechanism determines the timing of the price decisions, with the buyer making price commitments before suppliers exert cost-reduction efforts that may be renegotiated afterward. We find that symmetric capacity investment in suppliers and low price commitments (more likely to be renegotiated) are effective at fostering supplier competition, whereas asymmetric investment and high price commitments (less likely to be renegotiated) are better at motivating supplier effort. A complementary relationship exists between the supply base design and pricing mechanism: A more symmetric supply base should be combined with lower price commitments, leading to more renegotiation opportunities. This results in three possible sourcing structures: sole sourcing (investing capacity in a single supplier and forming price with ex ante commitments), symmetric dual sourcing (investing equal capacity in both suppliers and forming price with ex post negotiations), and asymmetric dual sourcing (investing positive but unequal capacities in two (ex ante identical) suppliers and forming price using both ex ante commitments and ex post (re)negotiations). We characterize the conditions for each structure and identify a strategic role of capacity investment. This paper was accepted by Martin Lariviere, operations management.","PeriodicalId":340291,"journal":{"name":"ERN: Intertemporal Firm Choice & Growth","volume":"120 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126862065","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 126