Search Results
Working Paper
Concentrated shareholdings and the number of outside analysts
Assuming some fixed cost to information acquisition, diffuse shareholders in publicly held firms have little incentive to produce information that can substitute for the services of financial analysts. However, we argue that concentrated shareholdings, either by outsiders like institutions or by inside managers, reduce the demand for analyst services. The former group finds it worthwhile to produce its own information and avoid any moral hazard problems associated with analyst forecasts, while the concentration of shareholdings by insiders reduces the moral hazard problem associated with ...
Working Paper
Interest rate expectations and the demand for short-term business credit
Short-term credit plays an essential part in the business financing process. In view of its importance in the nation's credit structure, the market for short-term business credit receives a great deal of attention from financial analysts.
Working Paper
Research and development with asymmetric firm sizes
Conference Paper
Business-to-business: challenges and opportunities
Journal Article
\\"We control the vertical\\": three theories of the firm
The author discusses three broad approaches to vertical integration. He then uses each approach, in turn, to examine the pros and cons of a firm's decision to integrate forward.
Working Paper
Wage rigidity: a look inside the firm
This paper tests for nominal salary rigidity using panel data from two large service-sector firms. Distributions of the firms' salary changes exhibit nominal rigidity: few nominal pay cuts, a pile-up of observations at zero, and positive skewness and asymmetry. In addition, these characteristics become more pronounced in periods of low inflation. These results are much stronger than those found in the previous literature. Further analysis shows that the sizable measurement error in the PSID and the fact that establishment surveys typically follow average wages within jobs may bias the results ...
Journal Article
Evidence on entrepreneurs in the United States: data from the 1989–2004 survey of consumer finances
Using data from the Federal Reserve Board?s Survey of Consumer Finances, the authors examine characteristics of entrepreneurs and the businesses they run. Their analysis confirms that business owners are important sources of saving and wealth creation in the U.S. and that they are less risk averse than other wealthy households. This discounts the notion that the wealth of entrepreneurs disproportionately reflects a buildup of precautionary balances to guard against financial risk.
Journal Article
Reservists deployed : businesses hold own - fill voids
Journal Article
News flash: Small-market papers prosper
In small cities and towns in the district, the demise of newspapers has been greatly exaggerated.