全球智库信息集成服务系统(G2TT): DP14478 Mis-allocation Within Firms: Internal Finance and International Trade

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP14478
	DP14478 Mis-allocation Within Firms: Internal Finance and International Trade
	Sebastian Doerr; Dalia Marin; Davide Suverato; Thierry Verdier
发表日期	2020-03-11
出版年	2020
语种	英语
摘要	We develop a novel theory of mis-allocation within firms (rather than between firms) due to managers' empire building. We introduce an internal capital market into a two-factor model of multi-segment firms. We show that more open markets impose discipline on competition for capital within firms, which explains why exporters exhibit a lower conglomerate discount than non-exporters (a fact that we establish). Testing our model with data on US companies, we establish that import competition reduces mis-allocation within firms. A one standard deviation increase in Chinese imports lowers the conglomerate discount by 32% and over-reporting of costs by up to 15%.
主题	Financial Economics ; International Trade and Regional Economics
关键词	Multi-product firms Trade and organization Internal capital markets Conglomerate discount China shock
URL	https://cepr.org/publications/dp14478
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/543377
推荐引用方式 GB/T 7714	Sebastian Doerr,Dalia Marin,Davide Suverato,et al. DP14478 Mis-allocation Within Firms: Internal Finance and International Trade. 2020.