Results

Journal article

Journal of Law, Economics, and Organization:

Business groups as knowledge-based hierarchies of firms

We provide the first worldwide overview of the patterns of hierarchical differentiation across Business Groups (BGs), highlighting the coexistence of different hierarchical shapes. We show how the different shapes can ar...Read more...

Journal article

Oxford Bulletin of Economics and Statistics :

Intangibles and industry concentration: a cross-country analysis

This paper presents new evidence on the growing scale of large businesses in the United States, Japan and 11 European countries. It documents a broad increase in industry concentration across the majority of countries an...Read more...

Journal article

The Review of Economics and Statistics:

Reservation wages and the wage flexibility puzzle

Using micro data for the UK and Germany, we provide novel evidence on the cyclical properties of reservation wages and estimate that wages and reservation wages are characterised by moderate and very similar degrees of c...Read more...

CEP discussion paper

Business groups, strategic acquisitions and innovation

We build a novel worldwide database merging information on patent-citations of firms paired with information on firms' affiliation to Business Groups (BGs). We exploit these data to document how BGs appropriate knowledge...Read more...

Journal article

Comparative Economic Studies:

Political connections, business groups and innovation in Asia

It is acknowledged that Asia?s remarkable economic achievements of the past 50 years build on institutional arrangements very different from the West, including the central role of business groups (BGs) as an organisatio...Read more...

Blog

LSE Business Review:

Why business groups (think Samsung or Tata Group) have an export advantage in emerging markets

With their superior access to capital, knowledge and labour, business groups offer many advantages to their affiliated firms. Daniel Shapiro, Saul Estrin, Michael Carney and Zhixiang (Steven) Liang write that these advan...Read more...

Journal article

Journal of Management Studies:

Business groups and export performance: the role of coordination failures and institutional configurations

We explore the nature of business groups (BGs) and their affiliates in emerging markets through the lens of the coordination failures associated with economic development. We propose that BGs develop distinct economic an...Read more...

Journal article

Japanese Economic Review:

The Joneses in Japan: income comparisons and financial satisfaction

This paper uses relatively large-scale internet survey data from Japan to analyse income comparisons and income satisfaction. In contrast to the vast majority of empirical work in the area of subjective well-being, we ar...Read more...

CEP discussion paper

Business groups as knowledge-based hierarchies of firms

Hierarchical differentiation is a cornerstone of the organizing process. In this paper, we do three things. First, exploiting a newly assembled dataset, we provide the first worldwide overview of the patterns of hierarch...Read more...

Journal article

Journal of Cross-Cultural Psychology:

Life satisfaction and the Human Development Index across the world

We use annual data on over 150 countries between 2005 and 2018 to look at the relationship between subjective well-being (both cognitive and affective) and the Human Development Index (HDI). The HDI appears to be more cl...Read more...

CEP discussion paper

History dependence in the housing market

Using data on the universe of housing transactions in England and Wales over a twenty-year period, we document a robust pattern of history dependence in housing markets. Sale prices and selling propensities are affected ...Read more...

Journal article

Journal of Behavioral and Experimental Economics:

When experienced and decision utility concur: the case of income comparisons

While there is now something of a consensus in the economics of happiness literature that income comparisons to others help determine subjective well-being, debate continues over the relative importance of own and refere...Read more...

CEP discussion paper

Reservation wages and the wage flexibility puzzle

Wages are only mildly cyclical, implying that shocks to labour demand have a larger short-run impact on unemployment rather than wages, at odds with the quantitative predictions of the canonical search model ? even if wa...Read more...

CEP discussion paper

Priors and Desires

This paper offers a simple but powerful model of wishful thinking, cognitive dissonance, and related biases. Choices maximize subjective expected utility, but beliefs depend on the decision maker's interests as well as o...Read more...

Journal article

Journal of Public Economics:

The marginal utility of income

In normative public economics it is crucial to know how fast the marginal utility of income declines as income increases. One needs this parameter for cost-benefit analysis, for optimal taxation and for the (Atkinson) me...Read more...

CEP discussion paper

Innovation in Business Groups

Using novel data on European firms, this paper examines the effect of business group affiliation on innovation. We find that business groups foster the scale and novelty of corporate innovation. Group affiliation is part...Read more...

CEP discussion paper

The Marginal Utility of Income

In normative public economics it is crucial to know how fast the marginal utility of income declines as income increases. One needs this parameter for cost-benefit analysis, for optimal taxation and for the (Atkinson) me...Read more...