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  1. The Shift to Remote Work Lessens Wage-Growth Pressures
    Autor*in: Barrero, Jose Maria; Bloom, Nicholas; Davis, Steven J.; Meyer, Brent; Mihaylov, Emil; Altig, David
    Erschienen: July 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    The recent shift to remote work raised the amenity value of employment. As compensation adjusts to share the amenity-value gains with employers, wage-growth pressures moderate. We find empirical support for this mechanism in the wage-setting behavior... mehr

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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    The recent shift to remote work raised the amenity value of employment. As compensation adjusts to share the amenity-value gains with employers, wage-growth pressures moderate. We find empirical support for this mechanism in the wage-setting behavior of U.S. employers, and we develop novel survey data to quantify its force. Our data imply a cumulative wage-growth moderation of 2.0 percentage points over two years. This moderation offsets more than half the real-wage catchup effect that Blanchard (2022) highlights in his analysis of near-term inflation pressures. The amenity-values gains associated with the recent rise of remote work also lower labor's share of national income by 1.1 percentage points. In addition, the "unexpected compression" of wages since early 2020 (Autor and Dube, 2022) is partly explained by the same amenity-value effect, which operates differentially across the earnings distribution

     
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    Schriftenreihe: NBER working paper series ; no. w30197
    Schlagworte: Telearbeit; Lohnbildung; Lohnniveau; Lohnquote; USA; Firm Behavior: Empirical Analysis; Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity; Aggregate Factor Income Distribution; Price Level; Inflation; Deflation; General
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  2. Combating Cross-Border Externalities
    Autor*in: Shiyi, Chen; Zivin, Joshua S. Graff; Wang, Huanhuan; Xiong, Jiaxin
    Erschienen: July 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    This paper investigates the impact of a pioneering pollution reduction program, the Ecological Compensation Initiative (ECI) in China, which establishes side payments between upstream and downstream provinces along the same river. The program... mehr

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    This paper investigates the impact of a pioneering pollution reduction program, the Ecological Compensation Initiative (ECI) in China, which establishes side payments between upstream and downstream provinces along the same river. The program includes both Coasian and pay-for-performance elements. Instructed by a theoretical model, we employ a difference-in-differences empirical design and find strong evidence that the ECI mitigates the spillover effect of water pollution at the province boundary and brings about sharp reductions in water pollutant emissions from upstream firms, especially those in heavily polluting industries. This initiative also reduces upstream firms' output and pollution intensity relative to downstream firms. The impact is stronger for upstream firms closer to the river and the point at which it enters the downstream province. Further evidence shows a significant increase in the rate of firms' entry into neighboring prefectures, but no impact on firms' exit from that region due to the initiative. Evidence from similar programs, later established in other river systems, suggests that cross-jurisdictional negotiations can effectively mitigate cross-border pollution externalities

     
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  3. Intangible Marketing Capital
    Autor*in: Bronnenberg, Bart J.; Dubé, Jean-Pierre H.; Syverson, Chad
    Erschienen: June 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We present several empirical facts about trends in marketing investment in the US. We also present estimates of the private value of brands to firms and aggregate intangible brand capital stocks created by these investments. These investments include... mehr

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    We present several empirical facts about trends in marketing investment in the US. We also present estimates of the private value of brands to firms and aggregate intangible brand capital stocks created by these investments. These investments include the creation and maintenance of a brand name and all its corresponding brand elements (e.g., awareness, reputation, image, etc.), along with the investments in the labor force used to manage and oversee the branding. We then discuss the private benefits to firms from their advertising and the established academic wisdom for the striking magnitude of marketing outlays. Finally, we explore the welfare implications of investments in brand capital

     
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  4. Investing with the Government
    A Field Experiment in China
    Autor*in: Colonnelli, Emanuele; Li, Bo; Liu, Ernest
    Erschienen: June 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We study the demand for government participation in China's venture capital and private equity market. We conduct a large-scale, non-deceptive field experiment in collaboration with the leading industry service provider, through which we survey both... mehr

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    We study the demand for government participation in China's venture capital and private equity market. We conduct a large-scale, non-deceptive field experiment in collaboration with the leading industry service provider, through which we survey both sides of the market: the capital investors and the private firms managing the invested capital by deploying it to high-growth entrepreneurs. Our respondents together account for nearly $1 trillion in assets under management. Each respondent evaluates synthetic profiles of potential investment partners, whose characteristics we randomize, under the real-stakes incentive that they will be introduced to real partners matching their preferences. Our main result is that the average firm dislikes investors with government ties, indicating that the benefits of political connections are small compared to the cons of having the government as an investor. We show that such dislike is not present with government-owned firms, and this dislike is highest with best-performing firms. Additional results and follow-up surveys suggest political interference in decision-making is the leading mechanism why government capital is unattractive to private firms. We feed our experimental estimates and administrative data into a simple model of two-sided search to discuss the distributional effects of government participation. Overall, our findings point to a "grabbing hand" interpretation of state-firm relationships reflecting a desire by the government to keep control over the private sector

     
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  5. Politics At Work
    Autor*in: Colonnelli, Emanuele; Pinho Neto, Valdemar Rodrigues de; Teso, Edoardo
    Erschienen: June 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We study how individual political views shape firm behavior and labor market outcomes. Using new micro-data on the political affiliation of business owners and private-sector workers in Brazil over the 2002-2019 period, we first document the presence... mehr

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    We study how individual political views shape firm behavior and labor market outcomes. Using new micro-data on the political affiliation of business owners and private-sector workers in Brazil over the 2002-2019 period, we first document the presence of political assortative matching: business owners are significantly more likely to employ copartisan workers. Political assortative matching is larger in magnitude than assortative matching along gender and racial lines. We then provide three sets of results consistent with the presence of employers' political discrimination. First, several patterns in the micro-data and an event study are consistent with a discrimination channel. Second, we conduct an incentivized resume rating field experiment showing that owners have a direct preference for copartisan workers opposed to workers from a different party. Third, we conduct representative large- scale surveys of owners and workers revealing that labor market participants view employers' discrimination as the leading explanation behind our findings. We conclude by presenting evidence suggesting that political discrimination in the workplace has additional real consequences: copartisan workers are paid more and are promoted faster within the firm, despite being less qualified; firms displaying stronger degrees of political assortative matching grow less than comparable firms

     
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  6. Dynamic Price Competition
    Theory and Evidence from Airline Markets
    Autor*in: Hortaçsu, Ali; Oery, Aniko; Williams, Kevin R.
    Erschienen: August 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We introduce a model of oligopoly dynamic pricing where firms with limited capacity face a sales deadline. We establish conditions under which the equilibrium is unique and converges to a system of differential equations. Using unique and... mehr

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    We introduce a model of oligopoly dynamic pricing where firms with limited capacity face a sales deadline. We establish conditions under which the equilibrium is unique and converges to a system of differential equations. Using unique and comprehensive pricing and bookings data for competing U.S. airlines, we estimate our model and find that dynamic pricing results in higher output but lower welfare than under uniform pricing. Our theoretical and empirical findings run counter to standard results in single-firm settings due to the strategic role of competitor scarcity. Pricing heuristics commonly used by airlines increase welfare relative to estimated equilibrium predictions

     
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    Schriftenreihe: NBER working paper series ; no. w30347
    Schlagworte: Fluggesellschaft; Passagierluftverkehr; Luftverkehr; Preismanagement; Oligopol; Unvollkommener Markt; Schätzung; USA; General; Stochastic and Dynamic Games; Evolutionary Games; Repeated Games; Firm Behavior: Theory; Firm Behavior: Empirical Analysis; Oligopoly and Other Forms of Market Imperfection; General; Oligopoly and Other Imperfect Markets; Air Transportation
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  7. Does the Invisible Hand Efficiently Guide Entry and Exit? Evidence from a Vegetable Market Experiment in India
    Autor*in: Banerjee, Abhijit V.; Fischer, Greg; Karlan, Dean; Lowe, Matt; Roth, Benjamin N.
    Erschienen: August 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    What accounts for the ubiquity of small vendors operating side-by-side in the urban centers of developing countries? Why don't competitive forces drive some vendors out of the market? We ran an experiment in Kolkata vegetable markets in which we... mehr

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    What accounts for the ubiquity of small vendors operating side-by-side in the urban centers of developing countries? Why don't competitive forces drive some vendors out of the market? We ran an experiment in Kolkata vegetable markets in which we induced (via subsidizing) some vendors to sell additional produce. The vendors earned higher profits, even when excluding the value of the subsidy. Nevertheless, after the subsidies ended vendors largely stopped selling the additional produce. Our results are consistent with collusion and inertial business practices suppressing competition and efficient market exit

     
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    Schriftenreihe: NBER working paper series ; no. w30360
    Schlagworte: Gemüse; Ambulanter Handel; Experiment; Markteintritt; Marktaustritt; Indien; Firm Behavior: Empirical Analysis
    Umfang: 1 Online-Ressource, illustrations (black and white)
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  8. Working from Home Around the World
    Autor*in: Aksoy, Cevat Giray; Barrero, Jose Maria; Bloom, Nicholas; Davis, Steven J.; Dolls, Mathias; Zarate, Pablo
    Erschienen: September 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    The pandemic triggered a large, lasting shift to work from home (WFH). To study this shift, we survey full-time workers who finished primary school in 27 countries as of mid 2021 and early 2022. Our cross-country comparisons control for age, gender,... mehr

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    The pandemic triggered a large, lasting shift to work from home (WFH). To study this shift, we survey full-time workers who finished primary school in 27 countries as of mid 2021 and early 2022. Our cross-country comparisons control for age, gender, education, and industry and treat the U.S. mean as the baseline. We find, first, that WFH averages 1.5 days per week in our sample, ranging widely across countries. Second, employers plan an average of 0.7 WFH days per week after the pandemic, but workers want 1.7 days. Third, employees value the option to WFH 2-3 days per week at 5 percent of pay, on average, with higher valuations for women, people with children and those with longer commutes. Fourth, most employees were favorably surprised by their WFH productivity during the pandemic. Fifth, looking across individuals, employer plans for WFH levels after the pandemic rise strongly with WFH productivity surprises during the pandemic. Sixth, looking across countries, planned WFH levels rise with the cumulative stringency of government-mandated lockdowns during the pandemic. We draw on these results to explain the big shift to WFH and to consider some implications for workers, organization, cities, and the pace of innovation

     
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    Schriftenreihe: NBER working paper series ; no. w30446
    Schlagworte: Coronavirus; Telearbeit; Welt; Firm Behavior: Empirical Analysis; Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity; General; Organization of Production
    Umfang: 1 Online-Ressource, illustrations (black and white)
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  9. Firming up Price Inflation
    Autor*in: Bunn, Philip; Anayi, Lena S.; Bloom, Nicholas; Mizen, Paul; Thwaites, Gregory; Yotzov, Ivan
    Erschienen: September 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We use data from a large panel survey of UK firms to analyze the economic drivers of price setting since the start of the Covid pandemic. Inflation responded asymmetrically to movements in demand. This helps to explain why inflation did not fall much... mehr

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    We use data from a large panel survey of UK firms to analyze the economic drivers of price setting since the start of the Covid pandemic. Inflation responded asymmetrically to movements in demand. This helps to explain why inflation did not fall much during the negative initial pandemic demand shock. Energy prices and shortages of labor and materials account for most of the rise during the rebound. Inflation rates across firms have become more dispersed and skewed since the start of the pandemic. We find that average price inflation is positively correlated with the dispersion and skewness of the distribution. Finally, we also introduce a novel measure of subjective inflation uncertainty within firms and show how this has increased during the pandemic, continuing to rise in 2022 even as sales uncertainty dropped back

     
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    Schriftenreihe: NBER working paper series ; no. w30505
    Schlagworte: Inflation; Unternehmen; Inflationserwartung; Erhebungstechnik; Großbritannien; Survey Methods; Sampling Methods; Firm Behavior: Empirical Analysis; Expectations; Speculations; Price Level; Inflation; Deflation
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  10. The Effect of Low-Skill Immigration Restrictions on US Firms and Workers
    Evidence from a Randomized Lottery
    Autor*in: Clemens, Michael A.; Lewis, Ethan
    Erschienen: October 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    The U.S. limits work visas for low-skill jobs outside of agriculture, with a binding quota that firms access via a randomized lottery. We evaluate the marginal impact of the quota on firms entering the 2021 H-2B visa lottery using a novel survey and... mehr

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    The U.S. limits work visas for low-skill jobs outside of agriculture, with a binding quota that firms access via a randomized lottery. We evaluate the marginal impact of the quota on firms entering the 2021 H-2B visa lottery using a novel survey and pre-analysis plan. Firms exogenously authorized to employ more immigrants significantly increase production (elasticity +0.16) with no decrease or an increase in U.S. employment (elasticity +0.10, statistically imprecise) across several pre-registered subsamples. The results imply very low substitutability of native for foreign labor in the policy-relevant occupations. Forensic analysis suggests similarly low substitutability of black-market labor

     
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    Schriftenreihe: NBER working paper series ; no. w30589
    Schlagworte: Migrationspolitik; Einwanderung; Ungelernte Arbeitskräfte; Arbeitsmigranten; Beschäftigungseffekt; Schätzung; USA; Firm Behavior: Empirical Analysis; International Migration; Geographic Labor Mobility; Immigrant Workers
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  11. The shift to remote work lessens wage-growth pressures
    Autor*in: Barrero, Jose Maria; Bloom, Nicholas; Davis, Steven J.; Meyer, Brent; Mihaylov, Emil; Altig, David
    Erschienen: [2022]
    Verlag:  Stanford Institute for Economic Policy Research (SIEPR), Stanford, CA

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    Schriftenreihe: Auch erschienen als: NBER working paper series no. 30197
    Working paper / Stanford Institute for Economic Policy Research (SIEPR) ; no. 22, 24 (July, 2022)
    Schlagworte: Telearbeit; Lohnbildung; Lohnniveau; Lohnquote; USA; Firm Behavior: Empirical Analysis; Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity; Aggregate Factor Income Distribution; Price Level; Inflation; Deflation; General; remote work; amenity value; wage growth; inflation dynamics; recession risk; business expectations; labor's share of national income; wage compression
    Umfang: 1 Online-Ressource (circa 21 Seiten), Illustrationen
  12. The Simple Math of Royalties and Drug Competition During the 180-Day Generic Exclusivity Period
    Autor*in: Drake, Keith M.; McGuire, Thomas G.
    Erschienen: March 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    In agreements settling patent challenges in the drug industry, the plaintiff brand commonly licenses the defendant generic to sell prior to patent expiry. Some agreements require the generic to pay the brand royalties. Despite the superficial flow... mehr

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    In agreements settling patent challenges in the drug industry, the plaintiff brand commonly licenses the defendant generic to sell prior to patent expiry. Some agreements require the generic to pay the brand royalties. Despite the superficial flow of profits, royalty terms may function as part of an anticompetitive "reverse payment" made to the generic in exchange for delayed entry. Typically, the brand launches its own authorized generic (AG) during the first-to-file generic's 180-day exclusivity period so there are two initial generic competitors. A royalty structure that deters the brand's AG launch reduces the number of entrants to one, conveying net value to the generic and potentially inducing it to delay its entry. Our simple model shows that royalties usually have no place in a brand-generic agreement between rational actors. However, when royalties are conditioned on the brand's AG launch, a range of royalty rates exists that both conveys net value to the generic and deters the brand from rationally introducing an AG. Declining royalty terms in a brand's settlement with a first-to-file generic thus raise a red flag that the agreement is a pay-for-delay. Although the numbers are small, empirical analysis based on publicly available materials corroborates this conclusion

     
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    Schriftenreihe: NBER working paper series ; no. w31018
    Schlagworte: Arzneimittel; Generika; Patent; Gebühr; Pharmaindustrie; USA; Firm Behavior: Empirical Analysis; Oligopoly and Other Forms of Market Imperfection; Antitrust Law; Monopolization; Horizontal Anticompetitive Practices
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  13. Firm Investments in Artificial Intelligence Technologies and Changes in Workforce Composition
    Autor*in: Babina, Tania; Fedyk, Anastassia; He, Alex Xi; Hodson, James
    Erschienen: June 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We study the shifts in U.S. firms' workforce composition and organization associated with the use of AI technologies. To do so, we leverage a unique combination of worker resume and job postings datasets to measure firm-level AI investments and... mehr

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    We study the shifts in U.S. firms' workforce composition and organization associated with the use of AI technologies. To do so, we leverage a unique combination of worker resume and job postings datasets to measure firm-level AI investments and workforce composition variables, such as educational attainment, specialization, and hierarchy. We document that firms with higher initial shares of highly-educated workers and STEM workers invest more in AI. As firms invest in AI, they tend to transition to more educated workforces, with higher shares of workers with undergraduate and graduate degrees, and more specialization in STEM fields and IT skills. Furthermore, AI investments are associated with a flattening of the firms' hierarchical structure, with significant increases in the share of workers at the junior level and decreases in shares of workers in middle-management and senior roles. Overall, our results highlight that adoption of AI technologies is associated with significant reorganization of firms' workforces

     
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    Schriftenreihe: NBER working paper series ; no. w31325
    Schlagworte: Künstliche Intelligenz; Innovationsmanagement; Investitionsentscheidung; Arbeitskräfte; Qualifikation; Organisatorischer Wandel; USA; Künstliche Intelligenz; Innovationsmanagement; Investitionsentscheidung; Arbeitskräfte; Qualifikation; Organisatorischer Wandel; USA; Firm Behavior: Empirical Analysis; Investment; Capital; Intangible Capital; Capacity; Labor Economics: General; Labor Demand; Human Capital; Skills; Occupational Choice; Labor Productivity
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  14. Intuit QuickBooks Small Business Index
    A New Employment Series for the US, Canada, and the UK
    Autor*in: Akcigit, Ufuk; Chhina, Raman; Cilasun, Seyit Mümin; Miranda, Javier; Ocakverdi, Eren; Serrano-Velarde, Nicolas
    Erschienen: June 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Small and young businesses are essential for job creation, innovation, and economic growth. Even most of the superstar firms start their business life small and then grow over time. Small firms have less internal resources, which makes them more... mehr

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    Small and young businesses are essential for job creation, innovation, and economic growth. Even most of the superstar firms start their business life small and then grow over time. Small firms have less internal resources, which makes them more fragile and sensitive to macroeconomic conditions. This suggests the need for frequent and real-time monitoring of the small business sector's health. Previously this was difficult due to a lack of appropriate data. This paper fills this important gap by developing a new Intuit QuickBooks Small Business Index that focuses on the smallest of small businesses with at most 9 workers in the US and the UK and at most 19 workers in Canada. The Index aggregates a sample of anonymous QuickBooks Online Payroll subscriber data (QBO Payroll sample) from 333,000 businesses in the US, 66,000 in Canada, and 25,000 in the UK. After comparing the QBO Payroll sample data to the official statistics, we remove the seasonal components and use a Flexible Least Squares method to calibrate the QBO Payroll sample data against official statistics. Finally, we use the estimated model and the QBO Payroll sample data to generate a near real-time index of economic activity. We show that the estimated model performs well both in-sample and out-of-sample. Additionally, we use this analysis for different regions and industries

     
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    Schriftenreihe: NBER working paper series ; no. w31350
    Schlagworte: Kleinstunternehmen; KMU; Erwerbstätigkeit; Entrepreneurship; Index; Indexberechnung; Unternehmensstatistik; Großbritannien; Kanada; USA; Firm Behavior: Empirical Analysis; Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity; General; Labor Force and Employment, Size, and Structure; Human Capital; Skills; Occupational Choice; Labor Productivity
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  15. Screen Now, Save Later? The Trade-Off between Administrative Ordeals and Fraud
    Autor*in: Aman-Rana, Shan; Gingerich, Daniel W.; Sukhtankar, Sandip
    Erschienen: June 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Screening requirements are common features of fraud and corruption mitigation efforts around the world. Yet imposing these requirements involves trade-offs between higher administrative costs, delayed benefits, and exclusion of genuine beneficiaries... mehr

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    Screening requirements are common features of fraud and corruption mitigation efforts around the world. Yet imposing these requirements involves trade-offs between higher administrative costs, delayed benefits, and exclusion of genuine beneficiaries on one hand and lower fraud on the other. We examine these trade-offs in one of the largest economic relief programs in US history: the Paycheck Protection Program (PPP). Employing a database that includes nearly 11.5 million PPP loans, we assess the impact of screening by exploiting temporal variation in the documentation standards applied to loan applications for loans of different values. We find that screening significantly reduced the incidence and magnitude of various measures of loan irregularities that are indicative of fraud. Moreover, our analysis reveals that a subset of borrowers with a checkered history strategically reduced their loan application amounts in order to avoid being subjected to screening. Borrowers without a checkered history engaged in this behavior at a much lower rate, implying that the documentation requirement reduced fraud without imposing an undue administrative burden on legitimate firms. All told, our estimates imply that screening led to a reduction in losses due to fraud equal to at least $744 million

     
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    Schriftenreihe: NBER working paper series ; no. w31364
    Schlagworte: Wirtschaftspolitik; Bankgarantie; Subvention; Bürokratie; Rechtsdurchsetzung; Unternehmen; Betrug; Wirkungsanalyse; USA; Paycheck Protection Program; Firm Behavior: Empirical Analysis; Bureaucracy; Administrative Processes in Public Organizations; Corruption; Government Policy and Regulation; Business Taxes and Subsidies; Firm; Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts
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  16. M&A and Technological Expansion
    Autor*in: Jin, Ginger Zhe; Leccese, Mario; Wagman, Liad
    Erschienen: April 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We examine how public firms listed in North American stock exchanges acquire technology companies during 2010-2020. Combining data from S&P, Refinitiv, Compustat, and CRSP, and utilizing a unique S&P taxonomy that classifies tech M&As by tech... mehr

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    We examine how public firms listed in North American stock exchanges acquire technology companies during 2010-2020. Combining data from S&P, Refinitiv, Compustat, and CRSP, and utilizing a unique S&P taxonomy that classifies tech M&As by tech categories and business verticals, we show that 13.1% of public firms engage in any tech M&A in the S&P data, while only 6.75% of public firms make any (tech or non-tech) M&A in Refinitiv. In both datasets, the acquisitions are widespread across sectors of the economy, but tech acquirers in the S&P data are on average younger, more investment efficient, and more likely to engage in international acquisitions than general acquirers in Refinitiv. Within the S&P data, deals in each M&A-active tech category tend to be led by acquirers from a specific sector; the majority of target companies in tech M&As fall outside the acquirer's core area of business; and firms are, in part, driven to acquire tech companies because they face increased competition in their core areas

     
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    Schriftenreihe: NBER working paper series ; no. w31126
    Schlagworte: Aktiengesellschaft; Strategisches Management; Übernahme; Technologie; USA; Kanada; Microeconomic Policy: Formulation, Implementation, and Evaluation; Firm Behavior: Empirical Analysis; Market Structure, Firm Strategy, and Market Performance
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  17. Intuit QuickBooks Small Business Index: A New Employment Series for the US, Canada, and the UK
    Autor*in: Akcigit, Ufuk; Chhina, Raman; Cilasun, Seyit; Miranda, Javier; Ocakverdi, Eren; Serrano-Velarde, Nicolas
    Erschienen: 2023
    Verlag:  Leibniz-Institut für Wirtschaftsforschung Halle - IWH, Halle (Saale)

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  18. Credit Supply Shocks and Firm Dynamics
    Evidence from Brazil
    Autor*in: Bazzi, Samuel; Muendler, Marc-Andreas; Oliveira, Raquel F.; Rauch, James E.
    Erschienen: September 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We explore how financial constraints distort the entry decisions among otherwise productive entrepreneurs and limit growth of promising young firms. A model of liquidity-constrained entrepreneurs suggests that the easing of credit constraints can... mehr

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    We explore how financial constraints distort the entry decisions among otherwise productive entrepreneurs and limit growth of promising young firms. A model of liquidity-constrained entrepreneurs suggests that the easing of credit constraints can induce more entry of firms with greater long-run growth potential than the easing of conventional entry barriers would bring about. We explore this growth mechanism using a large-scale program to expand the supply of credit to small and medium enterprises in Brazil. Local credit supply shocks generate greater firm entry but also greater exit with no effect on short-run employment growth in the formal sector. However, credit expansions increase average capability among entering firms, which enter at larger size, survive longer, and grow faster. These firm dynamics are more pronounced in areas with weaker credit markets ex ante and consistent with local bank branches using cheap targeted credit lines to expand lending more broadly. Our findings provide new evidence on the general equilibrium effects of credit supply expansions

     
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    Schriftenreihe: NBER working paper series ; no. w31721
    Schlagworte: Unternehmenserfolg; Unternehmensgründung; Markteintritt; Kredit; KMU; Brasilien; Firm Behavior: Theory; Firm Behavior: Empirical Analysis; Intertemporal Firm Choice, Investment, Capacity, and Financing; Firm Performance: Size, Diversification, and Scope; Entrepreneurship; New Firms; Startups; Microeconomic Analyses of Economic Development
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  19. Organizational Responses to Product Cycles
    Autor*in: Adhvaryu, Achyuta; Bassi, Vittorio; Nyshadham, Anant; Tamayo, Jorge Andrés; Torres, Nicolas
    Erschienen: August 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We use daily administrative data from a leading automobile manufacturer to study the organizational impacts of introducing new models to the auto assembly line. We first show that costly defects per vehicle spike when new models are introduced. As a... mehr

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    We use daily administrative data from a leading automobile manufacturer to study the organizational impacts of introducing new models to the auto assembly line. We first show that costly defects per vehicle spike when new models are introduced. As a response, the firm trains in problem-solving skills and promotes lower- and mid-level employees to solve the more complex problems that arise, thus moving to a less pyramidal knowledge hierarchy with fewer layers. We develop an extension to the classic theory of knowledge-based hierarchies that reconciles our novel empirical results by allowing the firm to also invest in its training resources

     
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    Schriftenreihe: NBER working paper series ; no. w31582
    Schlagworte: Kfz-Industrie; Produktionsorganisation; Innovation; Produktlebenszyklus; Unternehmensorganisation; Weiterbildung; Betriebliches Bildungsmanagement; Firm Behavior: Empirical Analysis; Personnel Management; Executives; Executive Compensation; Training; Innovation; Research and Development; Technological Change; Intellectual Property Rights
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  20. CEO Gender Bias in the Formation of Firm-to-Firm Transactions
    Autor*in: Izumi, Yutaro; Shigeoka, Hitoshi; Yagasaki, Masayuki
    Erschienen: August 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    While female CEOs are under-represented, the barriers they face in the business environment remain poorly understood. This study investigates the influence of gender bias in forming CEOs' business networks. Using transaction data of 1 million... mehr

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    While female CEOs are under-represented, the barriers they face in the business environment remain poorly understood. This study investigates the influence of gender bias in forming CEOs' business networks. Using transaction data of 1 million Japanese firms, we find that CEOs of the same gender significantly trade more than those of the opposite gender, mostly driven by small- and medium-sized firms in which CEOs presumably have a strong involvement in transactions. As most CEOs are male, such same-gender bias reduces the trading opportunities for females relative to male CEOs. Regarding mechanisms, our survey reveals both the existence of barriers that impede male CEOs from becoming acquainted with female CEOs and the tendency for male CEOs to prefer interacting with male CEOs over female CEOs

     
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    Schriftenreihe: NBER working paper series ; no. w31616
    Schlagworte: Weibliche Führungskräfte; Geschlechterdiskriminierung; Führungskräfte; Unternehmensnetzwerk; Japan; Firm Behavior: Empirical Analysis; Economics of Gender; Non-labor Discrimination
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  21. Committing to Grow
    Privatizations and Firm Dynamics in East Germany
    Autor*in: Akcigit, Ufuk; Alp, Harun; Diegmann, André; Serrano-Velarde, Nicolas
    Erschienen: August 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    This paper investigates a unique policy designed to maintain employment during the privatization of East German firms after the fall of the Iron Curtain. The policy required new owners of the firms to commit to employment targets, with penalties for... mehr

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    This paper investigates a unique policy designed to maintain employment during the privatization of East German firms after the fall of the Iron Curtain. The policy required new owners of the firms to commit to employment targets, with penalties for non-compliance. Using a dynamic model, we highlight three channels through which employment targets impact firms: distorted employment decisions, increased productivity, and higher exit rates. Our empirical analysis, using a novel dataset and instrumental variable approach, confirms these findings. We estimate a 22% points higher annual employment growth rate, a 14% points higher annual productivity growth, and a 3.6% points higher probability of exit for firms with binding employment targets. Our calibrated model further demonstrates that without these targets, aggregate employment would have been 15% lower after 10 years. Additionally, an alternative policy of productivity investment subsidies proved costly and less effective in the short term

     
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    Schriftenreihe: NBER working paper series ; no. w31645
    Schlagworte: Nationale Einheit; Privatisierung; Industriepolitik; Arbeitsmarktpolitik; Wirkungsanalyse; Beschäftigungseffekt; Produktivitätsentwicklung; Unternehmenserfolg; Endogenes Wachstumsmodell; Ostdeutschland; Firm Behavior: Empirical Analysis; Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity; Labor Economics Policies; Economic Growth and Aggregate Productivity
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  22. Information and the Formation of Inflation Expectations by Firms
    Evidence from a Survey of Israeli Firms
    Autor*in: Gorodnichenko, Yuriy; Melnick, Rafi; Kutai, Ari
    Erschienen: July 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    This study analyzes how firms form their inflation expectations during a regime change in monetary policy and a transition to a low-inflation environment. Using the Bank of Israel survey of firms, we document the basic properties of firms' inflation... mehr

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    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    This study analyzes how firms form their inflation expectations during a regime change in monetary policy and a transition to a low-inflation environment. Using the Bank of Israel survey of firms, we document the basic properties of firms' inflation expectations and examine how Israeli firms update their inflation expectations after receiving new information about inflation or monetary policy. We find that even after successful de-dollarization and disinflation a positive inflation surprise leads to a sizable upward adjustment in inflation expectations for the next year and quarter. A surprise hike in the monetary interest rate leads to a downward adjustment in inflation expectations

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: NBER working paper series ; no. w31507
    Schlagworte: Inflationserwartung; Unternehmen; Frühindikator; Geldpolitik; Israel; Firm Behavior: Empirical Analysis; Price Level; Inflation; Deflation; Monetary Policy, Central Banking, and the Supply of Money and Credit
    Umfang: 1 Online-Ressource, illustrations (black and white)
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  23. The Role of Repugnance in Markets
    How the Jared Fogle Scandal Affected Patronage of Subway
    Autor*in: Cawley, John H.; Eddelbuettel, Julia; Cunningham, Scott; Eisenberg, Matthew; Mathios, Alan D.; Avery, Rosemary J.
    Erschienen: October 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Economics has long studied how consumers respond to the disclosure of information about firms. We study a case in which the disclosed information is unrelated to the product or firm leadership, but which could still potentially affect consumer... mehr

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    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Economics has long studied how consumers respond to the disclosure of information about firms. We study a case in which the disclosed information is unrelated to the product or firm leadership, but which could still potentially affect consumer patronage through the mechanism of repugnance, as described in Roth (2007). The information in this case concerns the arrest of Jared Fogle, the advertising pitchman for the Subway sandwich franchise, who was arrested in 2015 on charges of sex with a minor and child pornography. We study how the disclosure of this information, which was widely covered in the media, affected patronage of Subway. We estimate synthetic control models using data from a large nationwide survey of consumers regarding the restaurants they patronize. Despite the close and long-standing association of Jared Fogle with Subway, and heavy publicity of his crimes, we consistently fail to detect any effect of the Jared Fogle scandal on the probability of visiting a Subway restaurant. These results contrast with past studies of negative information disclosure, which tend to find negative impacts on sales, revenue, or stock price of the relevant companies. The absence of an effect in this case suggests that repugnance did not drive demand, and that consumers largely separated the offenses of a symbol of the firm from the products of the firm

     
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  24. Data, Privacy Laws and Firm Production
    Evidence from the GDPR
    Autor*in: Demirer, Mert; Jiménez Hernández, Diego; Li, Dean; Peng, Sida
    Erschienen: February 2024
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    By regulating how firms collect, store, and use data, privacy laws may change the role of data in production and alter firm demand for information technology inputs. We study how firms respond to privacy laws in the context of the EU's General Data... mehr

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    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    By regulating how firms collect, store, and use data, privacy laws may change the role of data in production and alter firm demand for information technology inputs. We study how firms respond to privacy laws in the context of the EU's General Data Protection Regulation (GDPR) by using seven years of data from a large global cloud-computing provider. Our difference-in-difference estimates indicate that, in response to the GDPR, EU firms decreased data storage by 26% and data processing by 15% relative to comparable US firms, becoming less "data-intensive." To estimate the costs of the GDPR for firms, we propose and estimate a production function where data and computation serve as inputs to the production of "information." We find that data and computation are strong complements in production and that firm responses are consistent with the GDPR, representing a 20% increase in the cost of data on average. Variation in the firm-level effects of the GDPR and industry-level exposure to data, however, drives significant heterogeneity in our estimates of the impact of the GDPR on production costs

     
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    Sprache: Englisch
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    Schriftenreihe: NBER working paper series ; no. w32146
    Schlagworte: Datenschutz; Unternehmen; Datensicherheit; Datenmanagement; Data Analytics; Produktionskosten; EU-Staaten; Firm Behavior: Empirical Analysis; Production, Pricing, and Market Structure; Size Distribution of Firms; Economics of Regulation; Information and Internet Services; Computer Software
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  25. Haste or Waste?$bThe Role of Presale in Residential Housing
    Autor*in: Chen, Ziyang; Hu, Maggie Rong; Jin, Ginger Zhe; Zhou, Qiyao
    Erschienen: January 2024
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    This paper provides the first theory and evidence on the role of presale policies in the residential housing market. We start with constructing a novel dataset of unfinished projects, presale policies, and land auction outcomes across 270 major... mehr

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    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    This paper provides the first theory and evidence on the role of presale policies in the residential housing market. We start with constructing a novel dataset of unfinished projects, presale policies, and land auction outcomes across 270 major cities in China. We then identify 2,330 unfinished residential projects from 2010 to 2017 on a citizen complaint website run by the central government. We find that both presale criterion and postsale supervision of construction costs relate to a lower probability of unfinished projects. But only presale criterion relates negatively to the pace of new housing development, measured by developers' multitasking and land auction outcomes. A back-of-the-envelope calculation suggests that the average bundle of presale policies is inferior to the Pareto frontier in our sampled cities. Tightening the regulation on postsale supervision by 2 standard deviations may lead to a 58% reduction in the occurrence of unfinished projects, while keeping the pace of new housing development unchanged. Eliminating unfinished projects would entail a drastic increase in both presale criterion and postsale supervision, with slower housing development

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
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    Schriftenreihe: NBER working paper series ; no. w32013
    Schlagworte: Wohnimmobilien; Wohnungsbau; Wohnungsmarkt; Wohnungspolitik; China; Firm Behavior: Empirical Analysis; Asymmetric and Private Information; Mechanism Design; State and Local Government; Intergovernmental Relations; Regulated Industries and Administrative Law; Industrial Policy; Sectoral Planning Methods; Government Policy
    Umfang: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers