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Keywords:Business enterprises 

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.
Business Review , Issue Q3 , Pages 13-22

Working Paper
Do firms differ much?

Finance and Economics Discussion Series , Paper 87

Working Paper
Dynamic price competition, briefly sunk costs, and entry deterrence

Finance and Economics Discussion Series , Paper 103

Working Paper
A theory of credit rationing and the maturity structure of debt

Finance and Economics Discussion Series , Paper 27

Working Paper
Dynamic price competition and the theory of contestable markets

Finance and Economics Discussion Series , Paper 26

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 ...
Working Paper Series , Paper 2010-21

Working Paper
Research and development with asymmetric firm sizes

Finance and Economics Discussion Series , Paper 17

Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics

We solve equilibrium models of lumpy investment wherein establishments face persistent shocks to common and plant-specific productivity. Nonconvex adjustment costs lead plants to pursue generalized (S, s) rules with respect to capital; thus, their investments are lumpy. In partial equilibrium, this yields substantial skewness and kurtosis in aggregate investment, though, with differences in plant-level productivity, these nonlinearities are far less pronounced. Moreover, nonconvex costs, like quadratic adjustment costs, increase the persistence of aggregate investment, yielding a better match ...
Staff Report , Paper 352

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.
Staff Report , Paper 126

Working Paper
Entrepreneurship and the policy environment

This paper uses a spatial panel approach to examine the effect of the government-policy environment on the level of entrepreneurship. Specifically, we investigate whether marginal income tax rates and bankruptcy exemptions influence rates of entrepreneurship. Whereas previous work in the literature finds that both policies are positively related to entrepreneurship, we find non-monotonic relationships: a U-shaped relationship between marginal tax rates and entrepreneurship and an S-shaped relationship between bankruptcy exemptions and entrepreneurship.
Working Papers , Paper 2002-019


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