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Essays on Finance and Resource Allocation.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Essays on Finance and Resource Allocation./
Author:	Lenzu, Simone.
Description:	1 online resource (307 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 79-11(E), Section: A.
Contained By:	Dissertation Abstracts International79-11A(E).
Subject:	Economics. -
Online resource:	click for full text (PQDT)
ISBN:	9780438084049

Essays on Finance and Resource Allocation.
Lenzu, Simone.

Essays on Finance and Resource Allocation. - 1 online resource (307 pages)

Source: Dissertation Abstracts International, Volume: 79-11(E), Section: A.

Thesis (Ph.D.)--The University of Chicago, 2018.

Includes bibliographical references

In this dissertation, I combine two papers that study the extent and implications of resource misallocation across firms. In the first chapter, written with Francesco Manaresi, we rely on first principles of economic theory to measure capital and labor misallocation at the firm level. Using a novel micro-database on firm-specific borrowing costs and wages, we demonstrate that distortions in firms' employment and investment policies can be empirically measured using firm-level gaps between marginal revenue products and user costs (MRP-cost gaps). We estimate MRP-cost gaps for 4 million firm-year observations in Italy between 1997 and 2013, showing that the variation in these measures is closely related to the extent of credit market frictions and to the degree of labor market rigidities individual firms face. Using the estimated MRP-cost gaps, we propose a reallocation algorithm that helps us assess the scope of capital and labor misallocation in Italy, and its impact on aggregate output and total factor productivity (TFP). We calculate that holding constant the aggregate capital and labor endowments in the economy, the Italian corporate sector could produce between 3% to 4% more output by reallocating resources from over-endowed producers to higher-value users. The output losses from misallocation are larger during episodes of macro-financial instability, in non-manufacturing industries, and in geographical regions with less developed socio-economic institutions.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780438084049Subjects--Topical Terms:

555568
Economics.
Index Terms--Genre/Form:

554714
Electronic books.

Essays on Finance and Resource Allocation.
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100 1 $a Lenzu, Simone. $3 1192498
245 1 0 $a Essays on Finance and Resource Allocation.
264 0 $c 2018
300 $a 1 online resource (307 pages)
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500 $a Source: Dissertation Abstracts International, Volume: 79-11(E), Section: A.
500 $a Advisers: Michael Greenstone; Amir Sufi.
502 $a Thesis (Ph.D.)--The University of Chicago, 2018.
504 $a Includes bibliographical references
520 $a In this dissertation, I combine two papers that study the extent and implications of resource misallocation across firms. In the first chapter, written with Francesco Manaresi, we rely on first principles of economic theory to measure capital and labor misallocation at the firm level. Using a novel micro-database on firm-specific borrowing costs and wages, we demonstrate that distortions in firms' employment and investment policies can be empirically measured using firm-level gaps between marginal revenue products and user costs (MRP-cost gaps). We estimate MRP-cost gaps for 4 million firm-year observations in Italy between 1997 and 2013, showing that the variation in these measures is closely related to the extent of credit market frictions and to the degree of labor market rigidities individual firms face. Using the estimated MRP-cost gaps, we propose a reallocation algorithm that helps us assess the scope of capital and labor misallocation in Italy, and its impact on aggregate output and total factor productivity (TFP). We calculate that holding constant the aggregate capital and labor endowments in the economy, the Italian corporate sector could produce between 3% to 4% more output by reallocating resources from over-endowed producers to higher-value users. The output losses from misallocation are larger during episodes of macro-financial instability, in non-manufacturing industries, and in geographical regions with less developed socio-economic institutions.
520 $a In the second chapter, I focus on the fundamental role played by financial intermediaries in enhancing economic growth, lending to firms and households and reallocating capital to the highest-value use. In this paper, joint work with Margherita Bottero and Filippo Mezzanotti, we study the role played by banks' security portfolio in the propagation of macro-financial shocks originated outside national borders. We document that swings in the price and riskiness of securities assets may lead to adjustments in banks' credit supply, with potential adverse effects on the real economy. In particular, in the context of the European crisis, we show that the shock to the banks' sovereign portfolio caused by the 2010 Greek bailout was passed on to Italian firms through a credit contraction. This was particularly the case for banks with a weaker balance sheet. The contraction in credit was similar for both large and small firms, but it only negatively affected the investment and employment decisions of smaller firms.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Economics. $3 555568
650 4 $a Finance. $3 559073
650 4 $a Banking. $2 bicssc $3 810653
655 7 $a Electronic books. $2 local $3 554714
690 $a 0501
690 $a 0508
690 $a 0770
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a The University of Chicago. $b Economics. $3 1180755
773 0 $t Dissertation Abstracts International $g 79-11A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10791229 $z click for full text (PQDT)