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4 edition of Creative destruction and firm-specific performance heterogeneity found in the catalog.

Creative destruction and firm-specific performance heterogeneity

Hyunbae Chun

Creative destruction and firm-specific performance heterogeneity

by Hyunbae Chun

  • 226 Want to read
  • 39 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English


Edition Notes

StatementHyunbae Chun, Jung-Wook Kim, Randall Morck, Bernard Yeung.
SeriesNBER working paper series -- working paper 13011, Working paper series (National Bureau of Economic Research : Online) -- working paper no. 13011.
ContributionsKim, Jung-Wook., Morck, Randall., Yeung, Bernard., National Bureau of Economic Research.
Classifications
LC ClassificationsHB1
The Physical Object
FormatElectronic resource
ID Numbers
Open LibraryOL16323188M
LC Control Number2007615161

  Further analysis reveals the importance of firm specific factors like its strategies and structure for variation in output efficiency. Howitt P () A model of growth through creative destruction. Econometrica 60(2)– CrossRef Google The Sources of Heterogeneity in the Efficiency of Indian Pharmaceutical Firms. In: Performance Cited by: 4. Extremer performance, for better and for worse, is more common among small companies”. [Page ] But a 10 percent difference in performance doesn’t say anything about what will happen at my company – the impact could be more or less or nothing at all. There’s no guarantee, no promise that inspires me to take action. Books, which.

  It is an intuitive specification at the plant level, but should also be appropriate for the particular sample of firms we work with. While several of the observations in our data set belong to a single ultimate owner, most of the firms only operate a single large generation unit. 14 In , almost three quarters of the total thermal generation capacity, and even more of the actual generation Cited by: Information Technology Effects on Firm Performance as Measured by Tobin's q. Anandhi S. Bharadwaj, Sundar G. Bharadwaj, after controlling for a variety of industry factors and firm-specific variables. The Economics of Creative by:

Creative Destruction & Firm-Specific Perform ance Heterogeneity, with Hyunbae Chun, Jung-Wook Kim, & Bernard Yeung. Journal of Financial Economics 89(1) , Perspectives on China’s outward foreign direct investment, with Bernard Yeung and Minyuan Zhao. Journal of International Business Studies 39 –, File Size: 35KB. Unformatted text preview: Firm specific assets Dynamic capabilities Sunk cost effect Switching costs Capabilities Shock Creative destruction Chapter 12 Herding degree peer review Performance measure Pay for performance contract Management by objectives system Organizational structure Risk neutral Implicit incentive contract Chapter 13 Task interdependence Coordination Accountability Matrix.


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Creative destruction and firm-specific performance heterogeneity by Hyunbae Chun Download PDF EPUB FB2

Creative destruction is usually envisioned as creative innovators destroying laggards utterly; however, in practice, the laggards may only be beaten back for a while. Firm-specific performance heterogeneity may thus be a finer and more nuanced metric of the intensity of creative destruction than firm exit rates.

The paper is structured as by: Request PDF | Creative Destruction and Firm-Specific Performance Heterogeneity | Traditional U.S. industries with higher firm-specific stock return and fundamentals performance heterogeneity use.

Get this from a library. Creative destruction and firm-specific performance heterogeneity. [Hyunbae Chun; National Bureau of Economic Research.;] -- Traditional U.S.

industries with higher firm-specific stock return and fundamentals performance heterogeneity use information technology (IT) more intensively and post faster productivity growth in. Downloadable. Traditional U.S. industries with higher firm-specific stock return and fundamentals performance heterogeneity use information technology (IT) more intensively and post faster productivity growth in the late 20th century.

We argue that elevated firm performance heterogeneity mechanically reflects a wave of Schumpeter's () creative destruction disrupting a wide swath of U.S. Downloadable (with restrictions).

Traditional U.S. industries with higher firm-specific stock return and fundamentals performance heterogeneity use information technology (IT) more intensively and post faster productivity growth in the late 20th century.

We argue that this mechanically reflects a wave of Schumpeter's creative destruction disrupting a wide swath of industries, with successful. Creative destruction and firm-specific performance heterogeneity Creative destruction and firm-specific performance heterogeneity Chun, Hyunbae; Kim, Jung-Wook; Morck, Randall; Yeung, Bernard A wave of innovation across a broad range of technologies, combined with considerable deregulation and a further lowering of barriers to trade, fostered a pronounced.

Measuring firm heterogeneity using stock return data. We will now establish the link between theory and empirics. We want to show that as firm heterogeneity or firms' technological diversity m – or M given N – increases, our measure of firm heterogeneity that will be derived from the financial market also increases.

Our measure of firm heterogeneity is the variance of stock returns Cited by: Creative Destruction and Firm-Specific Performance Heterogeneity that firm-specific performance heterogeneity (i.e., idiosyncratic risk) may be a "finer and more nuanced metric" of the. What do innovative new firms in our dynamic economy do to the value of existing firms.

Using Schumpeter’s creative destruction idea, we expand the valuation model to incorporate these dynamics. Our model shows that these dynamics should have a greater effect on smaller firms, those in closer to perfect product market competition and those with less financial market following, as they get Cited by: 1.

Durnev, Artyom, Morck, Randall and Yeung, Yin, Bernard (), "Value Enhancing Capital Budgeting and Firm-Specific Stock Returns Variation", Journal of Finance, 59 (1), Huang, Yasheng, Morck, Randall and Yeung, Yin, Bernard (), " ASEAN countries, external threat, FTAA and internal institutional weaknesses ", Business and Politics.

Business Groups and the Incorporation of Firm-specific Shocks into Stock Prices NBER Working Papers, National Bureau of Economic Research, Inc ; East Asian Financial and Economic Development Working Papers, eSocialSciences Also in NBER Working Papers, National Bureau of Economic Research, Inc () Governance and Stakeholders.

Tripsas, M. [] Unraveling the process of creative destruction: Complementary assets and incumbent survival in the typesetter industry. Strategic Management Journal, 18, S1: – Crossref, Google Scholar; Tushman, M.

and Anderson, P. [] Technological Cited by: 1. 4 First, our study identifies an underlying factor behind the recent increase in firm-specific volatility in the U.S. stock market found in Morck et al. () and Campbell et al. ().Schumpeter () argues that innovation is a process of creative destruction.

Alternatively, our idiosyncratic risk findings could be viewed as in line with the argument made in Chun et al. () that firm-specific performance heterogeneity (i.e., idiosyncratic risk) may be a "finer and more nuanced metric" of the intensity of creative destruction that economic growth theorists envision as the process wherein creative innovators dominate laggards.

Bernard Y. Yeung. Jun, 1 Washington Sq. Village Abraham Krasnoff Professor in Global. Apt 11 O, Manhattan Business, Economics, and Strategy/ Management. Specifically, following prior work that shows that aggressive competitive moves are linked to higher performance, Ferrier () proposed that both internal forces (TMT heterogeneity, Past performance, slack) and external forces (Competition) were linked to characteristics of the attack, such as volume, duration, complexity, and unpredictability.

“Creative Destruction and Firm-Specific Performance Heterogeneity,” Hyunbae Chun, Jung-Wook Kim, Randall Morck, Bernard Yeung, forthcoming, Journal of Financial Economics, “History in Perspective,” with Randall Morck, Journal of International Business Studies, Vol.

38,pp. Innovation and creative destruction disrupt the transient order and create market circumstances inconsistent with even Nelson’s conception of supply and demand analysis. We argue firms in disrupted markets use administrative rules and routines in setting prices, such as those specified in full-cost, normal-cost, target-rate-of-return, and Cited by: 8.

A 2-factor model that accounts for creative-destruction risk effectively explains the cross-sectional return variation of size- and book-to-market-sorted portfolios. The estimated risk compensations associated with creative destruction are substantial and statistically significant, indicating their relevance for asset pricing.

The characterization of firm-specific return volatility as the intensity with which firm-specific events occur reconciles many seemingly discordant results. A functionally efficient stock market allocates capital to its highest value uses, which often amounts to financing Schumpeterian creative destruction, wherein creative winner firms outpace destroyed losers, who could be the previous year Cited by: 7.

1. Introduction. Modern economic growth is often characterized as a process of creative destruction propelled by the forces of innovation and diffusion of technology (Schumpeter, ; Aghion and Howitt, ; Baumol, ).In this tradition, many studies focus on the impact of innovation on growth, employment, investment, and productivity at the macro- meso- and by: 6.Seventh Annual Missouri Economics Conference March“Creative Destruction and Firm-specific Volatility around the World” "Habit Formation, Heterogeneity and Housing Wealth" Jack K.

Strauss (Saint Louis University) 2.Based on a large sample of French firms, this article examines the contribution of resource reallocation and of the learning effect to changes in total factor productivity (TFP) before () and after (/) the crisis.

First, we show that there was very little TFP growth before the crisis and that a fall occurred between and Author: Haithem Ben Hassine.