| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6870 |
| DP6870 Relative Factor Endowments and International Portfolio Choice | |
| Alejandro Cuñat; Christian Fons-Rosen | |
| 发表日期 | 2008-06-13 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | After deregulation in 1980, competitive pressures forced the large U.S. freight railroads to restructure. Much attention has focused on defensive (cost-cutting) restructuring: until 2004 employment was reduced by 60%, and railroads abandoned many of their lines. Less attention has been given to strategic restructuring: many firms changed the skill structure of employment and their output mix. We investigate the effects of defensive and strategic restructuring on financial performance between 1984 and 2004. In a simple regression, line abandonments (reduction of network size) have positive effects on performance but employment reductions do not. Controlling for the interaction between defensive and strategic restructuring, however, changes the picture significantly. Employment reductions then do have positive performance effects. There are also significant complementarities between defensive restructuring and strategic changes in skill and output mix. We provide the first in-depth analysis of the anatomy of restructuring in this important industry. Our analysis re-enforces the view that downsizing works best when accompanied by strategic restructuring. |
| 主题 | Industrial Organization |
| 关键词 | Downsizing Defensive and strategic restructuring Labour effects of deregulation Panel data |
| URL | https://cepr.org/publications/dp6870 |
| 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/535694 |
| 推荐引用方式 GB/T 7714 | Alejandro Cuñat,Christian Fons-Rosen. DP6870 Relative Factor Endowments and International Portfolio Choice. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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