INTANGIBLE CAPITAL: IMPLICATIONS FOR INVESTMENT AND MARKET STRUCTURE. Janice Eberly 1,2
|
|
|
- Damon Nicholson
- 5 years ago
- Views:
Transcription
1 INTANGIBLE CAPITAL: IMPLICATIONS FOR INVESTMENT AND MARKET STRUCTURE Janice Eberly 1,2 1 Kellogg School of Management, Northwestern University and NBER 2 Based on research with Nicolas Crouzet, Kellogg School of Management, Northwestern University Federal Reserve Bank of New York, Economic Advisory Panel October 26, 218
2 QUESTIONS 1. Why is capital investment low? - 5 percentage points below pre-2s trend - Taking into account corporate valuations (Tobins Q), cash flow, cost of capital, etc. 2. Why have US industries become more concentrated? - Sales Herfindahl index has increased by at least 5% in 75% of US industries since mid-199 s - Superstar firms (Autor, Dorn, Katz, Patterson, Van Reenen (217)) - or Market power (Gutierrez and Philippon (217)) 1 / 12
3 FINDINGS 1. Physical investment is low because of the rising importance of intangible capital - R&D, creative originals, software, business processes - An omitted factor implies a wedge between measured investment and Tobin s Q - Treating intangibles as an omitted factor alone can account for 3 to 6% of the investment shortfall 2. Intangible capital has economic properties that may have enabled the rise in concentration - Intangibles may not be simply unmeasured physical capital - Non-rival: economies of scale - Excludability: market power - Intangible intensity is correlated with market share - Heterogeneous effects across industries, notably: Consumer/Retail: scale effects (productivity) Healthcare and High Tech: market power (markups) 3. New work: With both market power and intangibles = magnified wedge between investment and Tobin s Q 2 / 12
4 ISSUE 1: WEAK INVESTMENT PPE Investment rate (Compustat, average) PPE Investment rate (Compustat, aggregate) PPE Investment rate (BEA) What explains this weakness? Predates the financial crisis, though exacerbated by it. Could be weak fundamentals - control for Q, cash flow, etc. 3 / 12
5 INVESTMENT IS LOW RELATIVE TO FUNDAMENTALS Controlling for Q and cash flow, time effects are negative starting in 2. 5 I/K (%) /- 2 s.e. Consumer High-tech I/K (%) 5 Healthcare Manufacturing / 12
6 INTANGIBLE CAPITAL HAS BECOME A LARGER PORTION OF FIRMS CAPITAL OVER TIME Fraction of total assets Balance sheet intangibles (Compustat, aggregate; LHS) Capitalized software and IP (BEA, RHS) 5 / 12
7 AT THE INDUSTRY LEVEL, THE INVESTMENT GAP IS HIGHLY CORRELATED WITH THE SHARE OF INTANGIBLE CAPITAL. 5 I/K (%) Balance sheet intangibles as a share of total assets (average, Compustat) Investment gap (p.p.) Fitted values 6 / 12
8 THE INVESTMENT GAP AFTER ACCOUNTING FOR INTANGIBLES 5 - The residual investment gap (green line) is substantially smaller than the raw investment gap (blue line) after controlling for industry-level intangible shares. I/K (%) The changing composition of the capital stock of US industries can account for about 6% of the total investment gap (top panel). The results are consistent across industries (bottom panel) /- 2 s.e. Consumer High-tech - Direct firm-level (unweighted) estimates of the investment-q relationship, controlling for the intangible share, suggest a somewhat lower number, of about 3%. - Also, the investment gap is largest among the most intangible-intensive firms, even within industries. I/K (%) Healthcare Manufacturing / 12
9 ISSUE 2: MARKET CONCENTRATION Dependent variable : market share (A) (B) (C) Compustat intangible share.138 ***.96 ***.73 *** (17.69) (5.4) (4.91) Observations Industry year f.e. Yes No No Firm f.e. No Yes Yes Year f.e. No No Yes - A firm s market share in its industry is higher when its intangible share is higher. - This relationship holds between firms of the same industry, within firms over time, and controlling for year effects. 8 / 12
10 ISSUE 2: MARKET CONCENTRATION = RISING MARKUPSL 2 Consumer High-tech Healthcare Manufacturing Markups from firm-level data Markups adjusted to match average Hall (218) industry estimates - Estimated markups rising in High-tech and Healthcare. - Recall that rising markup industries also have the largest investment gaps - even after controlling for omitted intangible capital. 9 / 12
11 ALLOWING FOR BOTH INTANGIBLES AND MARKET POWER: Q + Average physical Q is stricly larger than marginal physical q: Q 1 = q 1 + K 2 K 1 q 2 }{{} Intangibles + ( ( ) µ g ρ ) 1 PK K2 ρ A η + (1 η) α + µ 1 r g T K 1 }{{} Market power Investment in physical capital is given by: i 1 = 1 γ (q 1 1) = 1 γ (Q 1 1) 1 γ K 2 q 2 1 ( µ g PK A 1 η + η K 1 γ α + µ 1 r g T ( K2 Investment in (physical) capital is low relative to average (physical) Q, because of both intangible capital (K 2) and rents, and largest when they interact. More intangibles = higher monopoly wedge. K 1 ) ρ ) 1 ρ 1 / 12
12 THE INTERACTION BETWEEN INTANGIBLES AND MONOPOLY POWER - The over-statement of the incentive to invest (measured by average Q) is largest with both market power and intangible capital. The interaction enlarges the investment gap - Our earlier data analysis showed that markups and intangible capital are correlated Firms with more intangible capital charge higher markups, both across time and cross-firms This relationship is strongest in Healthcare and High Tech industries... which is where the investment gap is also largest. - Future work to explore this effect How large is the effect of intangibles on markups (and then to investment) quantitatively? Is it a coincidence? Modeling the connection between intangibles and markups (varieties and value) Better measures of intangibles (connect firm behavior to direct measures) 11 / 12
13 CONNECTING DIRECT MEASURES OF INTANGIBLES TO MARKET POWER Patents and trademarks are direct measures of intangibles generated by firms. Preliminary analysis: Trademarks are correlated with markups, profits, and market share. Patents may be more closely related to efficiency gains. ( ) 1 log sale cogs 1 log (Lerner index) 1 Market share log (1 + # trademarks).984 ***.536 ***.257 *** (6.57) (6.84) (6.86) log (1 + # patents) 2.85 ***.9 *.226 *** (21.4) ( 1.66) (9.11) Observations 3,12 3,12 3,12 Industry year f.e. Yes Yes Yes Control for firm characteristics Yes Yes Yes Clustering of s.e. Ind.-year Ind.-year Ind.-year 12 / 12
Understanding Weak Capital Investment: the Role of Market Concentration and Intangibles Nicolas Crouzet and Janice Eberly
Understanding Weak Capital Investment: the Role of Market Concentration and Intangibles Nicolas Crouzet and Janice Eberly Questions Findings 1. Why is capital investment low? - 5percentagepointsbelowpre-2
Intangibles, Investment, and Efficiency
Intangibles, Investment, and Efficiency By Nicolas Crouzet and Janice Eberly The severity of the global financial crisis tended to obscure lower frequency macroeconomic trends over the last several decades.
Online appendix to Understanding Weak Capital Investment: the Role of Market Concentration and Intangibles
Online appendix to Understanding Weak Capital Investment: the Role of Market Concentration and Intangibles Nicolas Crouzet and Janice Eberly This version: September 6, 2018 We report results of the analysis
Understanding Weak Capital Investment: the Role of Market Concentration and Intangibles
Understanding Weak Capital Investment: the Role of Market Concentration and Intangibles Nicolas Crouzet and Janice Eberly Prepared for the Jackson Hole Economic Policy Symposium Federal Reserve Bank of
Understanding Weak Capital Investment: the Role of Market. Concentration and Intangibles
Understanding Weak Capital Investment: the Role of Market Concentration and Intangibles Nicolas Crouzet and Janice Eberly Prepared for the Jackson Hole Economic Policy Symposium Federal Reserve Bank of
Ownership, Concentration and Investment
Ownership, Concentration and Investment Germán Gutiérrez and Thomas Philippon January 2018 Abstract The US business sector has under-invested relative to profits, funding costs, and Tobin s Q since the
Rich Entrepreneurs and Wealth Inequality
Rich Entrepreneurs and Wealth Inequality Luis Díez-Catalán Sergio Salgado November 22, 2017 Preliminary. Comments Welcome. Abstract Top wealth inequality in the United States has increased dramatically
Internet Appendix for: Does Going Public Affect Innovation?
Internet Appendix for: Does Going Public Affect Innovation? July 3, 2014 I Variable Definitions Innovation Measures 1. Citations - Number of citations a patent receives in its grant year and the following
Capital Share Dynamics When Firms Insure Managers
Discussion of: Capital Share Dynamics When Firms Insure Managers by Hartman-Glaser, Lustig, Zhang Brent Neiman University of Chicago EFG Spring Meeting 2017 Agenda Recap of Their Fact and Story The Only
A Theory of Falling Growth and Rising Rents
A Theory of Falling Growth and Rising Rents Philippe Aghion (LSE) Timo Boppart (IIES) Antonin Bergeaud (BdF) Peter J. Klenow (Stanford) Huiyu Li (Fed SF) 1 Princeton, New Jersey December 3, 2018 1 DISCLAIMER:
Digital Innovation and the Distribution of Income
Digital Innovation and the Distribution of Income Caroline Paunov Dominique Guellec I C 13 P A R I S 3 J U L Y 2 0 1 7 The findings expressed in this paper are those of the authors and do not necessarily
Providing Protection or Encouraging Holdup? The Effects of Labor Unions on Innovation
Providing Protection or Encouraging Holdup? The Effects of Labor Unions on Innovation Daniel Bradley, University of South Florida Incheol Kim, University of South Florida Xuan Tian, Indiana University
Capitalists in the Twenty-First Century
Capitalists in the Twenty-First Century Matthew Smith, US Treasury Department Danny Yagan, UC Berkeley and NBER Owen Zidar, Chicago Booth and NBER Eric Zwick, Chicago Booth and NBER November 2017 *The
Gender Differences in the Labor Market Effects of the Dollar
Gender Differences in the Labor Market Effects of the Dollar Linda Goldberg and Joseph Tracy Federal Reserve Bank of New York and NBER April 2001 Abstract Although the dollar has been shown to influence
Investment and the weighted average cost of capital: new micro evidence for France
Investment and the weighted average cost of capital: new micro evidence for France J. Carluccio 1 C. Mazet-Sonilhac 1 J.S. Mésonnier 1 1 Banque de France Very Preliminary. Please do not circulate. This
International Royalty Flows and Research and Development Responses to IP Box Regimes
International Royalty Flows and Research and Development Responses to IP Box Regimes Eric Ohrn Grinnell College National Tax Association 109th Annual Conference on Taxation November 11, 2016 Introduction
Chapter URL:
This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: R & D, Patents, and Productivity Volume Author/Editor: Zvi Griliches, ed. Volume Publisher:
Declining Competition and Investment in the U.S.
Declining Competition and Investment in the U.S. Germán Gutiérrez and Thomas Philippon November 2017 Abstract Since the early 2000 s, US industries have become more concentrated and profitable while non
General Seminar for PhD Candidates (FINC 520 0) Kellogg School of Management Northwestern University Spring Quarter Course Description
General Seminar for PhD Candidates (FINC 520 0) Kellogg School of Management Northwestern University Spring Quarter 2009 Kellogg Professor Janice Eberly Professor Andrea Eisfeldt Course Description Topics
Growth Opportunities, Investment-Specific Technology Shocks and the Cross-Section of Stock Returns
Growth Opportunities, Investment-Specific Technology Shocks and the Cross-Section of Stock Returns Leonid Kogan 1 Dimitris Papanikolaou 2 1 MIT and NBER 2 Northwestern University Boston, June 5, 2009 Kogan,
The Effect of Intellectual Property Boxes on Innovative Activity & Tax Avoidance University of Illinois Tax Doctoral Consortium III
The Effect of Intellectual Property Boxes on Innovative Activity & Tax Avoidance University of Illinois Tax Doctoral Consortium III Tobias Bornemann, Stacie Laplante, Benjamin Osswald 1 Overview What?
Inflation Dynamics During the Financial Crisis
Inflation Dynamics During the Financial Crisis S. Gilchrist 1 R. Schoenle 2 J. W. Sim 3 E. Zakrajšek 3 1 Boston University and NBER 2 Brandeis University 3 Federal Reserve Board Theory and Methods in Macroeconomics
Internet Appendix for Does Banking Competition Affect Innovation? 1. Additional robustness checks
Internet Appendix for Does Banking Competition Affect Innovation? This internet appendix provides robustness tests and supplemental analyses to the main results presented in Does Banking Competition Affect
Accounting for Factorless Income. May 2018
Accounting for Factorless Income Loukas Karabarbounis University of Minnesota Brent Neiman University of Chicago May 2018 Introduction Value added produced in an economy equals sum of: Compensation to
A Reassessment of Real Business Cycle Theory. By Ellen R. McGrattan and Edward C. Prescott*
A Reassessment of Real Business Cycle Theory By Ellen R. McGrattan and Edward C. Prescott* *McGrattan: University of Minnesota, 4-101 Hanson Hall, 1925 Fourth Street South, Minneapolis, MN, 55455, Federal
70 Years of US Corporate Profits
70 Years of US Corporate Profits Simcha Barkai London Business School and Stigler Center Seth G. Benzell MIT Initiative on the Digital Economy April 2018 New Working Paper Series No. 22 Stigler Center
Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging. Online Appendix
Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging Marco Di Maggio, Amir Kermani, Benjamin J. Keys, Tomasz Piskorski, Rodney Ramcharan, Amit Seru, Vincent Yao
Do Financial Frictions Amplify Fiscal Policy?
Do Financial Frictions Amplify Fiscal Policy? Evidence from Business Investment Stimulus Eric Zwick and James Mahon* NTA Annual Conference on Taxation, November 13th, 2014 *The views expressed here are
18/006 Capital-Labor Substitution and the Decline in Labor s Share. Dan Berkowitz, Hong Ma and Shuichiro Nishioka. April, 2018
18/006 Capital-Labor Substitution and the Decline in Labor s Share Dan Berkowitz, Hong Ma and Shuichiro Nishioka April, 2018 Capital-Labor Substitution and the Decline in Labor s Share Daniel Berkowitz,
Internet Appendix for Do General Managerial Skills Spur Innovation?
Internet Appendix for Do General Managerial Skills Spur Innovation? Cláudia Custódio Imperial College Business School Miguel A. Ferreira Nova School of Business and Economics, ECGI Pedro Matos University
Wage Inequality and Establishment Heterogeneity
VIVES DISCUSSION PAPER N 64 JANUARY 2018 Wage Inequality and Establishment Heterogeneity In Kyung Kim Nazarbayev University Jozef Konings VIVES (KU Leuven); Nazarbayev University; and University of Ljubljana
The Fall of the Labor Share and the Rise of Superstar Firms
The Fall of the Labor Share and the Rise of Superstar Firms David Autor, MIT and NBER David Dorn, University of Zurich and CEPR Lawrence Katz, Harvard and NBER Christina Patterson, MIT John Van Reenen,
Do Investors Value Dividend Smoothing Stocks Differently? Internet Appendix
Do Investors Value Dividend Smoothing Stocks Differently? Internet Appendix Yelena Larkin, Mark T. Leary, and Roni Michaely April 2016 Table I.A-I In table I.A-I we perform a simple non-parametric analysis
DETERMINANTS OF FIRMS INVESTMENT IN SPAIN: THE ROLE OF POLICY UNCERTAINTY
DETERMINANTS OF FIRMS INVESTMENT IN SPAIN: THE ROLE OF POLICY UNCERTAINTY Daniel Dejuan and Corinna Ghirelli Bank of Spain European Network for Research on Investment EIB - Luxemburg 9 April 018 DG ECONOMICS,
Marginal Benefit Incidence of Pubic Health Spending: Evidence from Indonesian sub-national data
Marginal Benefit Incidence of Pubic Health Spending: Evidence from Indonesian sub-national data Ioana Kruse Menno Pradhan Robert Sparrow The 2010 IRDES Workshop on Applied Health Economics and Policy Evaluation
Who are America s Star Firms?
Policy Research Working Paper 8534 WPS8534 Who are America s Firms? Meghana Ayyagari Asli Demirguc-Kunt Vojislav Maksimovic Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized
Corporate Investment and the Real Exchange Rate
Corporate Investment and the Real Exchange Rate Mai Dao Camelia Minoiu Jonathan D. Ostry Research Department, IMF* 21-22 April, 2016 *The views expressed herein are those of the authors and should not
Investment and the weighted average cost of capital: new firm-level evidence for France
Investment and the weighted average cost of capital: new firm-level evidence for France J. Carluccio 1 C. Mazet-Sonilhac 1,2 J.S. Mésonnier 1 1 Banque de France 2 Sciences Po Paris Work in progress. This
Investment in France and the EU
Investment in and the EU Natacha Valla March 2017 22/02/2017 1 Change relative to 2008Q1 % of GDP Slow recovery of investment, and with strong heterogeneity Overall Europe s recovery in investment is slow,
A Theory of Falling Growth and Rising Rents
FEDERAL RESERVE BANK OF SAN FRANCISCO WORKING PAPER SERIES A Theory of Falling Growth and Rising Rents Philippe Aghion College de France and London School of Economics Antonin Bergeaud Banque de France
The Composition of Knowledge and Long-Run Growth
The Composition of Knowledge and Long-Run Growth Jie Cai Shanghai University of Finance and Economics Nan Li International Monetary Fund 4th Joint WTO-IMF-WB trade workshop, 2015 Jie Cai & Nan Li 1/25
The Macroeconomics of Private Equity
The Macroeconomics of Private Equity Boyan Jovanovic and Peter L. Rousseau April 25, 208 Abstract We ask two questions about private equity. Why are returns to venture funds higher than those of buyout
Flow of Funds Accounts
Online Appendix for The Macroeconomics of Firms Savings Roc Armenter Federal Reserve Bank of Philadelphia Viktoria Hnatkovska University of British Columbia and the Wharton School November 25, 211 Abstract
Inflation Dynamics During the Financial Crisis
Inflation Dynamics During the Financial Crisis S. Gilchrist 1 1 Boston University and NBER MFM Summer Camp June 12, 2016 DISCLAIMER: The views expressed are solely the responsibility of the authors and
NBER WORKING PAPER SERIES KALDOR AND PIKETTY S FACTS: THE RISE OF MONOPOLY POWER IN THE UNITED STATES
NBER WORKING PAPER SERIES KALDOR AND PIKETTY S FACTS: THE RISE OF MONOPOLY POWER IN THE UNITED STATES Gauti B. Eggertsson Jacob A. Robbins Ella Getz Wold Working Paper 24287 http://www.nber.org/papers/w24287
Discussion on The Great Recession: What Recovery?
Discussion on The Great Recession: What Recovery? Robert E. Hall Hoover Institution and Department of Economics Stanford Universtiy rehall@stanford.edu Twelfth BIS Annual Conference June 13 September 17,
The Fall of the Labor Share and the Rise of Superstar Firms
The Fall of the Labor Share and the Rise of Superstar Firms David Autor, MIT and NBER David Dorn, University of Zurich and CEPR Lawrence Katz, Harvard and NBER Christina Patterson, MIT John Van Reenen,
Tax Policy and Heterogeneous Investment Behavior
Tax Policy and Heterogeneous Investment Behavior Eric Zwick and James Mahon* *The views expressed here are the authors and do not necessarily reflect those of the Internal Revenue Service or the Office
Gravity in the Weightless Economy
Gravity in the Weightless Economy Wolfgang Keller University of Colorado and Stephen Yeaple Penn State University NBER ITI Summer Institute 2010 1 Technology transfer and firms in international trade How
Appendix for Investment-less Growth: An Empirical Investigation
Appendix for Investment-less Growth: An Empirical Investigation Germán Gutiérrez and Thomas Philippon March 2018 A Data Appendix This Appendix presents additional details, definitions and discussion related
Rents, Technical Change, and Risk Premia
Rents, Technical Change, and Risk Premia Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares Ricardo J. Caballero, Emmanuel Farhi, and Pierre-Olivier
Real Estate Ownership by Non-Real Estate Firms: The Impact on Firm Returns
Real Estate Ownership by Non-Real Estate Firms: The Impact on Firm Returns Yongheng Deng and Joseph Gyourko 1 Zell/Lurie Real Estate Center at Wharton University of Pennsylvania Prepared for the Corporate
Banking sector concentration, competition, and financial stability: The case of the Baltic countries. Juan Carlos Cuestas
Banking sector concentration, competition, and financial stability: The case of the Baltic countries Juan Carlos Cuestas Eesti Pank, Estonia (with Yannick Lucotte & Nicolas Reigl) Prishtina, 14th November
The Common Factor in Idiosyncratic Volatility:
The Common Factor in Idiosyncratic Volatility: Quantitative Asset Pricing Implications Bryan Kelly University of Chicago Booth School of Business (with Bernard Herskovic, Hanno Lustig, and Stijn Van Nieuwerburgh)
On the Returns to Invention Within Firms: Evidence from Finland. Prepared for the AER P&P 2018 Submission
: Evidence from Finland Philippe Aghion Ufuk Akcigit Ari Hyytinen Otto Toivanen October 6, 2017 1 Introduction Prepared for the AER P&P 2018 Submission Over recent decades, developed countries have experienced
What determines government spending multipliers?
What determines government spending multipliers? Paper by Giancarlo Corsetti, André Meier and Gernot J. Müller Presented by Michele Andreolli 12 May 2014 Outline Overview Empirical strategy Results Remarks
Effects of working part-time and full-time on physical and mental health in old age in Europe
Effects of working part-time and full-time on physical and mental health in old age in Europe Tunga Kantarcı Ingo Kolodziej Tilburg University and Netspar RWI - Leibniz Institute for Economic Research
Financial Heterogeneity and Monetary Union
Financial Heterogeneity and Monetary Union S. Gilchrist R. Schoenle 2 J. Sim 3 E. Zakrajšek 3 Boston University Brandeis University 2 Federal Reserve Board 3 MEFM, NBER SI B J, 25 Disclaimer The views
Do tax incentives for research increase firm innovation? A RDD (Regression Discontinuity Design) for R&D
Do tax incentives for research increase firm innovation? A RDD (Regression Discontinuity Design) for R&D Antoine Dechezleprêtre (LSE, CEP) Elias Einiö (VATT, CEP) Ralf Martin (Imperial College, CEP) Kieu-Trang
Discussion of The Cyclicality of Add-On Pricing Boskovic/Kapoor/Markiewicz/Scholnick
Discussion of The Cyclicality of Add-On Pricing Boskovic/Kapoor/Markiewicz/Scholnick Konstanz Seminar 2018 Discussant: Sarah Lein University of Basel May 16, 2018 1/12 The Phillips Curve 1950s 1960s 12
Declining Competition and Investment in the U.S.
Declining Competition and Investment in the U.S. Germán Gutiérrez and Thomas Philippon November 2017 Abstract We argue that the increasing concentration of US industries is not an efficient response to
What is Cyclical in Credit Cycles?
What is Cyclical in Credit Cycles? Rui Cui May 31, 2014 Introduction Credit cycles are growth cycles Cyclicality in the amount of new credit Explanations: collateral constraints, equity constraints, leverage
Employment Adjustments to Increased Imports: Evidence from a Developing Country
Employment Adjustments to Increased Imports: Evidence from a Developing Country Beyza Ural Marchand University of Alberta 2016 Introduction Motivation Motivation International trade is one of the most
Note. Everything in today s paper is new relative to the paper Stigler accepted
Note Everything in today s paper is new relative to the paper Stigler accepted Market power Lerner index: L = p c/ y p = 1 ɛ Market power Lerner index: L = p c/ y p = 1 ɛ Ratio of price to marginal cost,
Business Cycles and Household Formation: The Micro versus the Macro Labor Elasticity
Business Cycles and Household Formation: The Micro versus the Macro Labor Elasticity Greg Kaplan José-Víctor Ríos-Rull University of Pennsylvania University of Minnesota, Mpls Fed, and CAERP EFACR Consumption
Online Appendix for Taxation and the International Mobility of Inventors
Online Appendix for Taxation and the International Mobility of Inventors Ufuk Akcigit, University of Chicago and NBER Salomé Baslandze, EIEF Stefanie Stantcheva, Harvard and NBER May 2016 A Data Construction
Measuring competition IFC Conference Basel. 8 September, 2016
Measuring IFC Conference Basel 8 September, 2016 Measuring Competition in the UK deposit-taking sector Sebastian J A de-ramon and Michael R Straughan Bank of England PPD and Research Hub The Data We have
Web Appendix For "Consumer Inertia and Firm Pricing in the Medicare Part D Prescription Drug Insurance Exchange" Keith M Marzilli Ericson
Web Appendix For "Consumer Inertia and Firm Pricing in the Medicare Part D Prescription Drug Insurance Exchange" Keith M Marzilli Ericson A.1 Theory Appendix A.1.1 Optimal Pricing for Multiproduct Firms
The relation between bank losses & loan supply an analysis using panel data
The relation between bank losses & loan supply an analysis using panel data Monika Turyna & Thomas Hrdina Department of Economics, University of Vienna June 2009 Topic IMF Working Paper 232 (2008) by Erlend
Economics 689 Texas A&M University
Horizontal FDI Economics 689 Texas A&M University Horizontal FDI Foreign direct investments are investments in which a firm acquires a controlling interest in a foreign firm. called portfolio investments
The Dark Side of Technological Progress? Impact of E-Commerce on Employees at Brick-and-Mortar Retailers
The Dark Side of Technological Progress? Impact of E-Commerce on Employees at Brick-and-Mortar Retailers Sudheer Chava Alexander Oettl Manpreet Singh Linghang Zeng Georgia Tech ABFER 6 th Annual Conference
ABSTRACT. Three essays consider alternatives to agency theory explanations for the
ABSTRACT Three essays consider alternatives to agency theory explanations for the diversification discount, as discussed in the introduction (chapter one). The two empirical studies use extensive data
The Fall of the Labor Share and the Rise of Superstar Firms
The Fall of the Labor Share and the Rise of Superstar Firms David Autor, MIT and NBER David Dorn, University of Zurich and CEPR Lawrence Katz, Harvard and NBER Christina Patterson, MIT John Van Reenen,
Private Leverage and Sovereign Default
Private Leverage and Sovereign Default Cristina Arellano Yan Bai Luigi Bocola FRB Minneapolis University of Rochester Northwestern University Economic Policy and Financial Frictions November 2015 1 / 37
The Aggregate Implications of Regional Business Cycles
The Aggregate Implications of Regional Business Cycles Martin Beraja Erik Hurst Juan Ospina University of Chicago University of Chicago University of Chicago Fall 2017 This Paper Can we use cross-sectional
Foreign acquisition and internal organization
Foreign acquisition and internal organization Paulo Bastos, Natália P. Monteiro and Odd Rune Straume UM, NIPE and World Bank Budapest, 26/27 June 2017 BMS (UM, NIPE and World Bank) Foreign acquisition
Who Feeds the Trolls?
Who Feeds the Trolls? Patent Trolls and the Patent Examination Process Josh Feng 1 and Xavier Jaravel 2 1 Harvard University 2 Stanford University NBER Summer Institute 2016 Feng, Jaravel (Harvard/Stanford)
Why are real interest rates so low? Secular stagnation and the relative price of capital goods
The facts Why are real interest rates so low? Secular stagnation and the relative price of capital goods Bank of England and LSE June 2015 The facts This does not reflect the views of the Bank of England
GT CREST-LMA. Pricing-to-Market, Trade Costs, and International Relative Prices
: Pricing-to-Market, Trade Costs, and International Relative Prices (2008, AER) December 5 th, 2008 Empirical motivation US PPI-based RER is highly volatile Under PPP, this should induce a high volatility
Options for Fiscal Consolidation in the United Kingdom
WP//8 Options for Fiscal Consolidation in the United Kingdom Dennis Botman and Keiko Honjo International Monetary Fund WP//8 IMF Working Paper European Department and Fiscal Affairs Department Options
Bank Capital, Agency Costs, and Monetary Policy. Césaire Meh Kevin Moran Department of Monetary and Financial Analysis Bank of Canada
Bank Capital, Agency Costs, and Monetary Policy Césaire Meh Kevin Moran Department of Monetary and Financial Analysis Bank of Canada Motivation A large literature quantitatively studies the role of financial
TABLE I SUMMARY STATISTICS Panel A: Loan-level Variables (22,176 loans) Variable Mean S.D. Pre-nuclear Test Total Lending (000) 16,479 60,768 Change in Log Lending -0.0028 1.23 Post-nuclear Test Default
PATENT INFORMATION AND CORPORATE CREDIT RATINGS: AN EMPIRICAL STUDY OF PATENT VALUATION BY CREDIT RATING AGENCIES
PATENT INFORMATION AND CORPORATE CREDIT RATINGS: AN EMPIRICAL STUDY OF PATENT VALUATION BY CREDIT RATING AGENCIES Peter Neuhaeusler, Carl Benedikt Frey, Knut Blind Patent Statistics for Decision Makers
A Rising Tide Lifts All Boats? IT growth in the US over the last 30 years
A Rising Tide Lifts All Boats? IT growth in the US over the last 30 years Nicholas Bloom (Stanford) and Nicola Pierri (Stanford)1 March 25 th 2017 1) Executive Summary Using a new survey of IT usage from
The Structure of Adjustment Costs in Information Technology Investment. Abstract
The Structure of Adjustment Costs in Information Technology Investment Hyunbae Chun Queens College, Cy Universy of New York Sung Bae Mun Korea Information Strategy Development Instute Abstract We examine
Investment Financing and Financial Development: Evidence from Viet Nam
Investment Financing and Financial Development: Evidence from Viet Nam Conference on Understanding Banks in Emerging Markets (CEPR, EBRD, EBC, RoF) Conor M. O Toole 1 Carol Newman 2 1 Economic Analysis
UNLOCKING INVESTMENT IN INTANGIBLE ASSETS IN EUROPE
UNLOCKING INVESTMENT IN INTANGIBLE ASSETS IN EUROPE EUROPEAN COMMISSION Anna Thum-Thysen, Peter Voigt, and Christoph Maier (DG ECFIN), Beñat Bilbao-Osorio and Diana Ognyanova (DG RTD) sels, 17 March 2017
The Distributive Impact of Reforms in Credit Enforcement: Evidence from Indian Debt Recovery Tribunals
The Distributive Impact of Reforms in Credit Enforcement: Evidence from Indian Debt Recovery Tribunals Stockholm School of Economics Dilip Mookherjee Boston University Sujata Visaria Boston University
Rents, Technical Change, and Risk Premia
Rents, Technical Change, and Risk Premia Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares By Ricardo J. Caballero, Emmanuel Farhi, and Pierre-Olivier
Credit Constraints and Search Frictions in Consumer Credit Markets
in Consumer Credit Markets Bronson Argyle Taylor Nadauld Christopher Palmer BYU BYU Berkeley-Haas CFPB 2016 1 / 20 What we ask in this paper: Introduction 1. Do credit constraints exist in the auto loan
Firm Volatility in Granular Networks
Firm Volatility in Granular Networks Bryan Kelly 1 Hanno Lustig 2 Stijn Van Nieuwerburgh 3 1 Chicago Booth and NBER 2 UCLA Anderson and NBER 3 NYU Stern, NBER, and CEPR Introduction Size, Networks, and
Labor-Technology Substitution: Implications for Asset Pricing. Miao Ben Zhang University of Southern California
Labor-Technology Substitution: Implications for Asset Pricing Miao Ben Zhang University of Southern California Background Routine-task labor: workers performing procedural and rule-based tasks. Tax preparers
Sources and Mechanisms of Stagnation and Impaired Growth in Advanced Economies
Sources and Mechanisms of Stagnation and Impaired Growth in Advanced Economies By Robert E. Hall Abstract Advanced economies generally grew in real terms from 2000 until they stumbled badly after the financial
ONLINE APPENDIX (NOT FOR PUBLICATION) Appendix A: Appendix Figures and Tables
ONLINE APPENDIX (NOT FOR PUBLICATION) Appendix A: Appendix Figures and Tables 34 Figure A.1: First Page of the Standard Layout 35 Figure A.2: Second Page of the Credit Card Statement 36 Figure A.3: First
Effects of Increased Elderly Employment on Other Workers Employment and Elderly s Earnings in Japan. Ayako Kondo Yokohama National University
Effects of Increased Elderly Employment on Other Workers Employment and Elderly s Earnings in Japan Ayako Kondo Yokohama National University Overview Starting from April 2006, employers in Japan have to
Investment-Specific Technological Change, Taxation and Inequality in the U.S.
Investment-Specific Technological Change, Taxation and Inequality in the U.S. Pedro Brinca 1 João B. Duarte 2 João G. Oliveira 2 ASSA Annual Meeting January 2019 1 Nova SBE and Center for Economics and
Online Appendix to R&D and the Incentives from Merger and Acquisition Activity *
Online Appendix to R&D and the Incentives from Merger and Acquisition Activity * Index Section 1: High bargaining power of the small firm Page 1 Section 2: Analysis of Multiple Small Firms and 1 Large
Household Debt, Financial Intermediation, and Monetary Policy
Household Debt, Financial Intermediation, and Monetary Policy Shutao Cao 1 Yahong Zhang 2 1 Bank of Canada 2 Western University October 21, 2014 Motivation The US experience suggests that the collapse
Explaining Consumption Excess Sensitivity with Near-Rationality:
Explaining Consumption Excess Sensitivity with Near-Rationality: Evidence from Large Predetermined Payments Lorenz Kueng Northwestern University and NBER Motivation: understanding consumption is important
Political Connections, Incentives and Innovation: Evidence from Contract-Level Data *
Political Connections, Incentives and Innovation: Evidence from Contract-Level Data * Jonathan Brogaard, Matthew Denes and Ran Duchin April 2015 Abstract This paper studies the relation between corporate