Results

Journal article

International Journal of Industrial Organization:

Firm markups and the economic value of innovation

We examine the relationship between firms' markups and the economic value of their innovation, including both the private value captured by the innovating firm and the knowledge spillovers that benefit other firms. Using...Read more...

CentrePiece article

in brief... How the Trump tariffs affect UK firms

How should UK exporters react to the tariffs imposed by President Trump? While some may start planning to increase production in the United States to avoid the tax, others whose US customers are less price-sensitive may ...Read more...

Journal article

American Economic Review:

Who benefits from online gig economy platforms?

Online labor platforms for short-term remote work have many more job seekers than available jobs. Despite their relative abundance, workers capture a substantial share of the surplus from transactions. We draw this concl...Read more...

Blog

LSE Business Review:

How the Trump tariffs affect UK firms

How should UK exporters react to the tariffs imposed by President Trump? Some manufacturers may decide to increase production in the US, but those with loyal US consumers who are relatively insensitive to price changes m...Read more...

CEP discussion paper

Multinational networks and trade participation

We provide a novel explanation for the dominance of multinational corporations (MNCs) in international trade: MNC affiliates face lower trade frictions in countries that belong to their parental network. Combining rich a...Read more...

CEP discussion paper

The perfect match: assortative matching in mergers and acquisitions

We interpret M&A deals in Western Europe during the 2010s as the equilibrium of a matching model. Merger surplus arises from complementarities between multiple firm pre-merger characteristics. Large, productive firms pre...Read more...

Blog

Vox EU:

The economics of organisational strategy

Many of today's global problems, such as sustainability, technology, skills, and diversity can only be solved by organisations. This column argues that more work is needed to understand strategic management by firms, how...Read more...

Blog

LSE Politics and Policy:

Stop performative Brexit and do what works for the British economy

Brexit has left its mark on UK international trade, although, so far, the effect has been smaller than economists expected. Dennis Novy, Thomas Sampson and Catherine Thomas review recent UK trade performance and argue th...Read more...

CEP election analysis

Brexit and UK trade

This briefing summarises the evidence about how leaving the European Union (EU) has affected UK trade. Overall, Brexit has had a negative effect on UK trade. But, so far, this effect has been smaller than economists expe...Read more...

Journal article

Management Science:

Information spillovers in experience goods competition

Trialing an experience good allows consumers to learn their value for the sampled good and also informs beliefs about their value for similar products. These demand-side information spillovers across products create a re...Read more...

Journal article

82nd Annual Meeting of the Academy of Management:

Efficient industrial policy for innovation: standing on the shoulders of hidden giants

Knowledge spillovers drive a wedge between private and social returns to R&D. Efficient innovation policy assigns subsidies to fields where spillovers are relatively important. We develop new measures for the private and...Read more...

Journal article

Strategy Science:

Local value chains in European MNEs

Ghemawat's work in international business strategy demonstrates that Multinational Enterprises (MNEs) create value both by overcoming and by exploiting the price differences that exist at country borders. This paper eval...Read more...

Blog

VoxEU:

The value of online gig economy platforms

The gig economy and online labour platforms often trade off increased flexibility for lower employment security. Christopher Stanton and Catherine Thomas show how traditional labour market regulations, such as minimum wa...Read more...

CEP discussion paper

Efficient industrial policy for innovation: Standing on the shoulders of hidden giants

We quantify the efficiency gains from targeting R&D subsidies to fields with the highest knowledge spillover externalities. By combining new measures of spillovers and private returns with field-specific structural estim...Read more...

Journal article

The Journal of Law, Economics, and Organization:

In-house and arms length: productivity heterogeneity and variation in organizational form

This paper analyzes firm boundaries in the US hotel industry. Hotel properties of a given brand are often managed either by a chain employee or by a franchisee. We document that brand properties with the lowest and the h...Read more...

CEP discussion paper

Missing trade in tasks: employer outsourcing in the gig economy

Only a small share of employers in high-wage locations procure services from abroad. We document heterogeneous employer adoption of an online labor market that facilitates trade in tasks with global workers. Job vacancie...Read more...

CEP discussion paper

In-house and arms length: productivity heterogeneity and variation in organizational form

This paper analyzes how firms are organized in the U.S. hotel management industry. For most hotel brands, properties with intermediate room occupancy rates are relatively more likely to be managed by company employees ra...Read more...

Journal article

Papers in Regional Science:

UK trade and FDI: a post-Brexit perspective

Leaving the EU will reshape the UK's economic relations with the rest of the world. This paper summarizes the findings of recent research studying the UK's role in the global economy, and the consequences of Brexit for U...Read more...

CEP discussion paper

UK trade and FDI: a post-Brexit perspective

Leaving the EU will change the UK?s economic relations with the rest of the world. This paper discusses the UK?s role in the global economy and the consequences of Brexit for the UK?s trade, investment and living standar...Read more...

Journal article

Journal of Economics and Management Strategy:

Capacity investment under demand uncertainty: the role of imports in the US cement industry

Demand uncertainty is thought to influence irreversible capacity decisions. Suppose that local demand can be sourced from domestic (rigid) production or from (flexible) imports. This paper shows that the optimal domestic...Read more...

Journal article

The Review of Economic Studies:

Landing the first job: the value of intermediaries in online hiring

Online markets for remote labour services allow workers and firms to contract with each other directly. Despite this, intermediaries-called outsourcing agencies-have emerged in these markets. This article shows that agen...Read more...

CentrePiece article

Online hiring of offshore workers: the value of intermediaries

`Old boy networks? have not been rendered obsolete by modern communications technology. That is one of the conclusions of a study of global online labour markets by Christopher Stanton and Catherine Thomas. Their researc...Read more...

CEP discussion paper

Landing the first job: the value of intermediaries in online hiring

Online markets for remote labor services allow workers and firms to contract with each other directly. Despite this, intermediaries - called outsourcing agencies - have emerged in these markets. This paper shows that age...Read more...