Senior Fellows/Fellows

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Senior Fellows/Fellows

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Feb 2017

Economy-wide institutional deficiencies causing factor misallocation have been emphasized as essential determinants of aggregate TFP differences. This paper argues that production flexibility at the micro-level is an economic characteristic that should be given priority in TFP aggregation exercises....
Keywords: Total factor productivity, production flexibility, factor misallocation
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Annual Conference

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Economic Transformation of Asia

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May 2017

In this paper, we attempt to understand whether business group affiliation continues to create value with improvements in institutional environment, especially with increased product market competition. This question comes at a time when there is growing awareness that business groups dominate produ...
Keywords: business groups, Horizontal and Vertical Integration, Deep Pockets and Indian Competition Act, 2002
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2014

We examine the effect of competition shocks induced by major industry-level tariff cuts on forced CEO turnover. Both the likelihood of forced CEO turnover and its sensitivity to performance increase. These effects are stronger for firms exposed to greater predation risk and with products more simila...
Keywords: Product Market Competition, Forced CEO Turnover, Corporate governance
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Annual Conference

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Economic Transformation of Asia

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May 2016

We examine the effects of shocks to aggregate productivity, foreign output demand, government expenditures, and demand for foreign liquidity on dynamics of products and exports of heterogeneous firms. The framework is motivated by open economy general equilibrium models of Bilbie, Ghironi and Melitz...
Keywords: Product Adding, Product Dropping, Aggregate and Idiosyncratic Productivity Shocks, Foreign Demand Shocks, Exports, Real Exchange Rates
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2019

We show how the standard PE compensation contract is used to create incentives for GPs to utilize leverage so that LP investors can meet their return targets. A theory of fund capital structure is developed in which investors trade off alpha with costs of financial distress. We then show how carried...
Keywords: private equity, Investment, pension fund, carried interest
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