Papers Containing Keywords(s): 'asset'
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Viewing papers 11 through 13 of 13
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Working PaperPlant-Level Productivity and the Market Value of a Firm
June 2001
Working Paper Number:
CES-01-03
Some plants are more productive than others ' at least in terms of how productivity is conventionally measured. Do these differences represent an intangible asset? Does the stock market place a higher value on firms with highly productive plants? This paper tests this hypothesis with a new data set. We merge plant-level fundamental variables with firm-level financial variables. We find that firms with highly productive plants have higher market valuations as measured by Tobin's q ' productivity does indeed have a price.View Full Paper PDF
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Working PaperCapital-Energy Substitution Revisted: New Evidence From Micro Data
April 1997
Working Paper Number:
CES-97-04
We use new micro data for 11,520 plants taken from the Census Bureau=s 1991 Manufacturing Energy Consumption Survey (MECS) and 1991 Annual Survey of Manufactures (ASM) to estimate elasticities of substitution between energy and capital. We found that energy and capital are substitutes. We also found that estimates of Allen elasticities of substitution -- which have been used as a standard measure of substitution -- are sensitive to varying data sets and levels of aggregation. In contrast, estimates of Morishima elasticities of substitution -- which are theoretically superior to the Allen elasticities -- are more robust (except when two-digit level data are used). The results support the views that (i) the Morishima elasticity is a better measure of factor substitution and (ii) micro data provide more accurate elasticity estimates than those obtained from aggregate data. Our findings appear to resolve the long-standing conflict among the estimates reported in the many previous studies regarding energy-capital substitution/complementarity.View Full Paper PDF
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Working PaperEfficiency of Bankrupt Firms and Industry Conditions: Theory and Evidence
October 1996
Working Paper Number:
CES-96-12
We show that the incentives to reorganize inefficient firms and redeploy their assets depend on the change in industry output and industry characteristics. We use plant-level data to investigate the productivity of Chapter 11 bankrupt firms and asset-sale and closure decisions. We find no evidence of bankruptcy costs in industries with declining output growth, where most bankruptcies occur. In declining industries, bankrupt firms' plants are not less productive than industry averages and do not decline in productivity while in Chapter 11. In these industries, Chapter 11 appears to be a mechanism for fostering exit of capacity. In high-growth industries, there is some limited evidence of productivity declines while in Chapter 11 for a subsample of firms that remain in Chapter 11 for four or more years. Examining asset sales and closures by bankrupt firms and their competitors, we find that Chapter 11 status is of limited importance in predicting these decisions once industry and plant characteristics are taken into account. More generally, the findings imply that Chapter 11 may involve few real economic costs, and that industry effects and sample selection issues are very important in evaluating the performance of bankrupt firms.View Full Paper PDF
