| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6953 |
| DP6953 Investment Banks as Insiders and the Market for Corporate Control | |
| Massimo Massa; Andrei Simonov; Andriy Bodnaruk | |
| 发表日期 | 2008-09-23 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We develop a theory of multiproduct firms to analyze the effects of globalization on the distributions of firm size, scope, and productivity. In the model, firms are heterogeneous in how well they cope with expanding their product range. The model generates a negative relationship between firm size and market-to-book ratio, thus explaining the "size-discount puzzle" found in the data. Globalization induces a merger wave that leads to an improvement in average productivity. This improvement is not due to selection effects but rather due to product-level productivity effects. The model predicts that globalization leads to a flattening of the size distribution of firms. |
| 主题 | International Trade and Regional Economics |
| 关键词 | Firm heterogeneity Firm size distribution Merger wave Multiproduct firms Productivity Size discount Trade liberalization |
| URL | https://cepr.org/publications/dp6953 |
| 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/535790 |
| 推荐引用方式 GB/T 7714 | Massimo Massa,Andrei Simonov,Andriy Bodnaruk. DP6953 Investment Banks as Insiders and the Market for Corporate Control. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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