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Working Paper
If you try, you’ll get by: Chinese private firms’ efficiency gains from overcoming financial constraints
It appears to be common knowledge that external financing in China is mostly limited to state-owned firms and is hard to obtain for smaller private firms. In this paper we first confirm this pattern for more recent data and then investigate ways in which private firms overcome their financing constraints. We find that private firms reduce their need for external funds through more efficient management of inventory levels and accounts receivable. We further show that the low levels of inventories and accounts receivable in Chinese private firms are not below efficient levels and are unlikely ...
Journal Article
Reservists deployed : businesses hold own - fill voids
Report
The firm and the plant in general equilibrium theory
The general equilibrium formulations are developed for two important economic environments. The first environment is the Lucas managerial span-of-control theory of the firm. It is shown that, in the spirit of McKenzie, the aggregate production set can be characterized by a convex cone. The second environment permits both the number of hours plants are operated and the number of workers operating them to be varied. For empirically reasonable elasticities of substitution, equilibrium is characterized by employment-consumption lotteries.
Journal Article
Franchisors R Us
Every Ninth District state is home base to some franchisors, but Minnesota leads the district pack.
Working Paper
Research and development with asymmetric firm sizes
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
Franchising like rabbits
We see them, we patronize them, we don't know much about them: Franchises in the Ninth District.
Journal Article
The cost of capital for securities firms in the United States and Japan
The authors use stock market valuations to construct estimates of the cost of capital for five U.S. and four Japanese securities firms in 1982-91. They seek explanations for the observed capital cost differences in macroeconomic, risk, policy, and industrial organization factors. Their analysis also contrasts the gap in capital costs between U.S. and Japanese securities firms with the corresponding gap for industrial firms and banks.