| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3596 |
| DP3596 Vintage Capital as an Origin of Inequalities | |
| Giovanni L. Violante; Andreas Hornstein | |
| 发表日期 | 2002-10-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | In the nineties, average firm size decreased, organizations decentralized, and workers preferences shifted from large to small firms. Our model identifies the economic forces behind this trend. Small firms with little capital risk are subject to risk shifting. They realize more of their workers? risky ideas, helping small firms to poach creative workers from better-capitalized firms. This advantage increases if a) workers receive easier credit access, and b) technological progress raises the payoff from new ideas, provided that it remains very difficult to distinguish good ideas from bad ideas. As small firms take excessive risk, average enterprise profitability decreases, while bankruptcy increases. Moreover, large firms react through inefficient organizational changes. |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Financial development Spin-offs Sorting Organizations Markets |
| URL | https://cepr.org/publications/dp3596 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532603 |
| 推荐引用方式 GB/T 7714 | Giovanni L. Violante,Andreas Hornstein. DP3596 Vintage Capital as an Origin of Inequalities. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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