| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28971 |
| 来源ID | Working Paper 28971 |
| Delayed Creative Destruction: How Uncertainty Shapes Corporate Assets | |
| Murillo Campello; Gaurav Kankanhalli; Hyunseob Kim | |
| 发表日期 | 2021-06-28 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We show how uncertainty shapes the asset allocation, composition, productivity, and value of capital-intensive firms. We do so using detailed, near-universal data on shipping firms’ new orders, secondary-market transactions, and demolition of ships. Firms curtail both the acquisition and disposal of vessels in response to heightened uncertainty. The mechanism operates primarily through cuts in new ship orders and demolition of older ships — decisions that are costlier to reverse vis-à-vis deals in the used ship market. These dynamics are more pronounced when secondary ship markets are illiquid, as firms face stronger incentives to delay their decisions. The rise of Somali pirate attacks in 2009–2011 is used as a shock to well-defined shipping sectors to corroborate our findings. Critically, uncertainty prompts firms to concentrate their fleets into narrower, less productive portfolios, leading to value losses. Our work is novel in showing that uncertainty hampers "creative destruction," slowing both the adoption of innovation embodied in new capital and the disposal of old capital. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w28971 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586645 |
| 推荐引用方式 GB/T 7714 | Murillo Campello,Gaurav Kankanhalli,Hyunseob Kim. Delayed Creative Destruction: How Uncertainty Shapes Corporate Assets. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28971.pdf（1017KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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