Estimating Interdependence between Health and Education in a Dynamic Model
In: NBER Working Paper No. w12830
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In: NBER Working Paper No. w12830
SSRN
In: Research policy: policy, management and economic studies of science, technology and innovation, Band 32, Heft 6, S. 1055-1079
ISSN: 1873-7625
In: The Economic Journal, Band 128, Heft 613, S. 1879-1922
SSRN
In: The economic journal: the journal of the Royal Economic Society, Band 128, Heft 613, S. 1879-1922
ISSN: 1468-0297
In: The Rand journal of economics, Band 46, Heft 3, S. 577-610
ISSN: 1756-2171
This article studies dynamic labor demand by private and public manufacturing plants in China. The analysis uncovers the objectives of public and private enterprises and estimates labor adjustment costs by ownership. Public plants maximize the discounted present value of profits without a soft budget constraint. There is strong evidence of quadratic and linear firing costs at the plant level. The higher quadratic adjustment costs of the public plants may reflect their internalization of social costs of employment adjustment. Domestic private plants and collective plants have about the same discount factor, much lower than state‐controlled plants.
In: NBER Working Paper No. w19324
SSRN
In: NBER Working Paper No. w17948
SSRN
In: NBER Working Paper No. w16498
SSRN
Working paper
In: NBER Working Paper No. w28289
SSRN
Working paper
In: Review of Pacific Basin Financial Markets and Policies, Band 17, Heft 2, S. 1450012
ISSN: 1793-6705
The global financial crisis in 2008 increased the number of business failures in the U.S. as well as in China. The Chinese economy has also been affected by the recent global financial crisis given the fact that the Chinese economy depends heavily on international trade. Our study tries to find the determinants of bankruptcy in Chinese firms. Both logit and survival model analyses provide consistent results on the determinants in predicting distressed firms in China. Our results suggest that firms with liquidity problems and firms experiencing a decline in profits are more likely to file for bankruptcy. In addition, we find that, compared to state-owned enterprises (SOEs), collectively-owned enterprises, private-owned enterprises, and foreign-owned businesses are more likely to file for bankruptcy. This conclusion is robust after controlling for regional differences. The findings of this study show that the financial variables developed by Altman [Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. Journal of Finance, 23(3), 589–609] and Ohlson [Financial ratios and probabilistic prediction of bankruptcy. Journal of Accounting Research, 18(1), 109–131] perform reasonably well in determining business failures of Chinese firms even though SOEs and shadow financing exist in China.
In: ShanghaiTech SEM Working Paper No. 2021-005
SSRN