| 39751. |
- Giannetti, Mariassunta
(författare)
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Skill Complementarities and Migration Decisions
- 2001
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Ingår i: Labour (Rome, Italy). - : Blackwell Publishers Ltd. - 1467-9914 .- 1121-7081. ; 15:1, s. 1-31
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Tidskriftsartikel (refereegranskat)abstract
- This paper offers an explanation of the high mobility of skilled workers based on human capital complementarities. If the skill premium is increasing in the average level of human capital of a location, and there exist fixed migration costs, in equilibrium the more skilled the workers are, the stronger the economic incentives to migrate towards the richest regions will be. Moreover, endogenously generated differences in productivity due to migration affect occupational choices and regional specialization. Empirical evidence consistent with the proposed explanation is provided using data on Italian regions. It emerges that, even after controlling for economic conditions, a high population share of individuals who completed college or high-school in a region seems to be a relevant pull factor for the most educated migrants. In contrast, the importance of this variable, which measures the average level of human capital of a location, drops when unskilled migrants are considered. Finally, the effects of migration on the evolution of regional disparities are taken into account.
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| 39752. |
- Giannetti, Mariassunta, et al.
(författare)
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The Brain Gain of Corporate Boards: Evidence from China
- 2015
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Ingår i: Journal of Finance. - : Wiley: No OnlineOpen. - 1540-6261 .- 0022-1082. ; 70:4, s. 1629-1982
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Tidskriftsartikel (refereegranskat)abstract
- We study the impact of directors with foreign experience on firm performance in emerging markets. Using a unique data set from China, we exploit the introduction of policies to attract talented emigrants and increase the supply of individuals with foreign experience in different provinces at different times. We document that performance increases after firms hire directors with foreign experience and identify the channels through which the emigration of talent may lead to a brain gain. Our findings provide evidence on how directors transmit knowledge about management practices and corporate governance to firms in emerging markets.
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| 39753. |
- Giannetti, Mariassunta, et al.
(författare)
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The Costs and Benefits of Shareholder Democracy: Gadflies and Low-Cost Activism
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- We show that there is cross-sectional variation in the quality of shareholder proposals. On average, the proposals submitted by the most active individual sponsors are less likely to be supported by a majority of votes, but they may pass if shareholders mistakenly support them and may even be implemented due to directors’ career concerns. While gadflies’ proposals destroy shareholder value if they pass, shareholder proposals on average are value-enhancing in firms with more informed shareholders. Our results suggest that the voting process should be reformed, but that shareholders’ ability to submit proposals should not necessarily be restricted.
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| 39754. |
- Giannetti, Mariassunta
(författare)
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The effects of integration on regional disparities : Convergence, divergence or both?
- 2002
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Ingår i: European economic review. - : Elsevier B.V. - 1873-572X .- 0014-2921. ; 46:3, s. 539-567
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Tidskriftsartikel (refereegranskat)abstract
- This paper offers an explanation for the coexistence of convergence across countries and the lack thereof at the regional level in the European Union. The model shows that, even if it accelerates growth and brings convergence across countries, the intensification of international knowledge spillovers due to more cross-country interaction may exacerbate within-country regional disparities, if regions with different specialization do not benefit evenly from the exchange of knowledge. The empirical evidence supports the implications of the model. In particular, the data show that regions specialized in advanced sectors at the beginning of the sample period became more similar in terms of per capita income, while regions specialized in traditional sectors lagged.
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| 39755. |
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| 39756. |
- Giannetti, Mariassunta, et al.
(författare)
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The Externalities of Corruption: Evidence from Entrepreneurial Activity in China
- 2017
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- We show that corruption affects negatively the performance of small entrepreneurial firms, which compete with corrupted industry peers. We exploit the Chinese anti-corruption campaign to establish causality and identify the channels through which corruption causes negative externalities. Small firms have lower sales growth in industries with high corruption, arguably because demand is diverted to the largest firms in their industries, which spend more in corrupting officials. Small firms also have higher financing costs in industries with high corruption and therefore invest less. Furthermore, corruption decreases the efficiency of labor and capital allocation and deters firm entry.
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| 39757. |
- Gibaud, Sylvain, et al.
(författare)
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Accumulation of individual fitness or wealth as a population game
- 2021
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- The accumulation of individual fitness or wealth is modelled as a population game in which pairs of individuals are recurrently and randomly matched to play a game over a resource. In addition, all individuals have random access to a constant background resource, and their fitness or wealth depreciates over time. For brevity we focus on the well-known Hawk-Dove game. In the base-line model, the probability of winning a fight (that is, when both play Hawk) is the same for both parties. In an extended version, the individual with higher current fitness or wealth has a higher probability of winning. Analytical results are given for the fitness/wealth distribution at any given time, for the evolution of average fitness/wealth over time, and for the asymptotics with respect to time and population size. Long-run average fitness/wealth is non-monotonic in the value of the resource, thus providing a potential explanation of the curse of the riches.
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| 39758. |
- Gibaud, Sylvain, et al.
(författare)
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The dynamics of fitness and wealth distributions - a stochastic game-theoretic model
- 2022
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Ingår i: Journal of Dynamics and Games. - : American Institute of Mathematical Sciences. - 2164-6074 .- 2164-6066. ; 9:4, s. 405-432
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Tidskriftsartikel (refereegranskat)abstract
- A model of the dynamics of distributions of individual wealth, or of individual Darwinian fitness, is here developed. Pairs of individuals are recurrently and randomly matched to play a game over a resource. In addition, all individuals have random access to a constant background source, and their fitness or wealth depreciates over time. For brevity, we focus on the wellknown Hawk-Dove game. In the base-line model, the probability of winning a fight over a resource is the same for both parties. In an extended version, the individual with higher current fitness or wealth has a higher probability of winning. Analytical results are given for the fitness/wealth distribution at any given time, for the evolution of average fitness/wealth over time, and for the asymptotics with respect to both time and population size. Long-run average fitness/wealth is non-monotonic in the value of the resource, thus providing a potential explanation of the so-called curse of the riches.
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| 39759. |
- Gidehag, Anton Nyrenström, 1990-
(författare)
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Understanding Firm Behavior : The Role of Recruitments and Institutional Reforms
- 2020
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- The topic of this thesis is firm behavior and how it is shaped by institutional changes and firms’ recruitment decisions.The first essay studies how the recruitment decisions made by small and medium-sized enterprises (SMEs) affect their subsequent productivity development. Previous studies have shown that being able to recruit employees with complementary skills is associated with skill improvement among incumbent personnel, suggesting that new recruits promote productivity through knowledge spillovers. Using matched employer-employee data, we find that recruiting personnel from large multinational firms can be instrumental for the performance of SMEs.In the second essay, we evaluate the labor market effects of the 2007 Swedish youth payroll reform. This reform generated considerable labor cost savings for firms, related to their pre-reform number of young employees. We study the effects of these savings on firms’ subsequent employment growth and wage development. Our findings suggest that a total of 18,100 jobs were created over the period 2006-2008 and that the savings were partially used to increase the total wages for incumbent employees.The third essay utilizes the 2007 Swedish youth payroll reform to analyze whether general labor cost reductions enhance labor market opportunities for non-western immigrants. In contrast to targeted and time-limited wage subsidies for immigrants, which have frequently been used in the past, these savings were not tied to a specific group or to a certain time period. A strong and positive link between the amount of firms’ labor cost savings and the employment of first-generation non-western immigrants is found.The fourth essay evaluates the efficiency of a staff register reform introduced within the Swedish restaurant and hairdresser industries in 2007. The aim of this reform was to prevent firms from deliberately understating their wage payments and, thereby, evading taxes. We estimate the effect of the staff register reform on wages per employee and find wage increases of 2.17-10.2 percent per incumbent employee at restaurant firms during the four years following the introduction of the reform. Through a revenue-cost comparison, we compare the estimated gain in tax revenues to the total costs borne by firms and the tax authority. Our findings imply that the total costs exceed the tax revenues, suggesting that this reform is unlikely to be economically justified.
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| 39760. |
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