Data and Code for: Finance, Managerial Inputs, and Misallocation
Principal Investigator(s): View help for Principal Investigator(s) Chaoran Chen, York University; Ashique Habib, International Monetary Fund; Xiaodong Zhu, University of Hong Kong
Version: View help for Version V1
| Name | File Type | Size | Last Modified |
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| Matlab-Files | 01/12/2023 08:17:PM | ||
| Stata-Files | 01/12/2023 08:34:PM | ||
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application/pdf | 178.3 KB | 01/12/2023 04:36:PM |
Project Citation:
Chen, Chaoran, Habib, Ashique, and Zhu, Xiaodong. Data and Code for: Finance, Managerial Inputs, and Misallocation. Nashville, TN: American Economic Association [publisher], 2023. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2023-08-17. https://doi.org/10.3886/E183144V1
Project Description
Summary:
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In standard macro-finance models, financial constraints mainly affect small or young firms but not large or old ones due to the self-financing mechanism, and the dispersion of marginal revenue product of capital (MRPK) of a firm cohort is less persistent than in the data. We extend a standard model by allowing firms to hire managers and large firms hire disproportionately more managers, consistent with data. In our model, financial constraints and the dispersion of MRPK persist, and even large firms are likely to be constrained. The productivity loss from financial frictions is also substantially amplified.
Scope of Project
JEL Classification:
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E13 General Aggregative Models: Neoclassical
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
L16 Industrial Organization and Macroeconomics: Industrial Structure and Structural Change; Industrial Price Indices
L26 Entrepreneurship
O16 Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
O41 One, Two, and Multisector Growth Models
E13 General Aggregative Models: Neoclassical
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
L16 Industrial Organization and Macroeconomics: Industrial Structure and Structural Change; Industrial Price Indices
L26 Entrepreneurship
O16 Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
O41 One, Two, and Multisector Growth Models
Geographic Coverage:
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China
Time Period(s):
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1998 – 2007
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