Firm - Specific Human Capital , Sunk Costs and Macroeconomic Adjustment in Japan : Who
نویسندگان
چکیده
Preliminary Version: Comments are most welcome. JEL classification codes: E24, J2, J4, O53
منابع مشابه
Asymmetric Labor Adjustment, Organizational Capital and Aggregate Job Flows
This paper illustrates how the destruction of firm-specific organizational capital associated with changes in firm-level employment can influence the behavior of aggregate job flows, even in the presence of heterogeneity across firms and even in the absence of aggregate shocks. Our analysis highlights the potential importance of the distinction between adjustment costs that are associated with ...
متن کاملIndustrial Network Dynamics & the Role of Sunk Costs
Although the notion of costs is a major mechanism in economic theory explaining the industrial organization, costs associated with various forms of inter-firm relationships have been largely neglected in the literature. This paper deals with the notion of sunk costs related to networks of inter-firm relationships with a focus on the dynamics of the network structures. Two perspectives of sunk c...
متن کاملThe impact of industrial policy on capital structure with financial flexibility, macroeconomic conditions and economic growth and development taken into account: evidence from Taiwan
This paper examines the impact of industrial policy on capital structure based on a partial adjustment model of capital structure that incorporates financial flexibility, macroeconomic conditions, economic development as well as firm-level factors. The issue is investigated in the context of Taiwan where industrial policy is widely considered to have played a strategic role in its economic succ...
متن کاملThe Structure of Export Entry Costs
Heterogeneous firm models of international trade include a country specific sunk cost that firms pay to enter a foreign market. Despite the important role these costs play in determining firm participation, we understand little about their structure. In particular, we do not know if there are country complementarities or general exporting experience components in entry costs. Characterizing the...
متن کاملMIT Sloan School of Management Working Paper 4369 - 01 December 2001 ADJUSTMENT COSTS , LEARNING - BY - DOING , AND TECHNOLOGY ADOPTION UNDER UNCERTAINTY Anna
We consider a variety of vintage capital models of a firm’s choice of technology under uncertainty in the presence of adjustment costs and technology-specific learning. Similar models have been studied in a deterministic setting. Part of our objective is to examine the robustness of the implications of the certainty models to uncertainty. We find that the answer crucially depends on the specifi...
متن کامل