While private equity (PE) is expanding rapidly in developing countries, there is little academic research on this subject. In this paper I exploit two new data sources and employ two distinct empirical strategies to identify the impact of PE on Indian firms. I compare the investments made by one of India’s largest PE firms to the investments that just missed (deals that made it to the final rou...

Mobile technologies are generating new business models for urban transport systems, as is evident from recent startups cropping up from the private sector. Public transport systems can make more use of mobile technologies than just for measuring system performance, improving boarding times, or for analyzing travel patterns. A new transaction model is proposed for public transport systems where ...

This paper explores the role of pooled-producer, e.g. private label, trade intermediation in shaping the range and diversity of exports. Direct sales maintain a firm’s unique product characteristics (‘brand equity’), whereas trade through an intermediary can take two forms – either a wholesaling arrangement that (also) maintains the exporter’s unique brand but imposes a higher marginal cost (vi...

Private ownership should generally be preferred to public ownership when the incentives to innovate and to contain costs must be strong. In essence, this is the case for capitalism over socialism, explaining the "dynamic vitality" of free enterprise. The great economists of the 1930s and 1940s failed to see the dangers of socialism in part because they focused on the role of prices under social...

In this paper, I ask whether family firms provide stability to their stakeholders at the expense of economic growth. I build a model where current owners of dynastic firms derive private benefits from keeping the control of the firm within the family over the generations. Because these preferences limit the recourse to external finance, they induce family-minded entrepreneurs to invest in small...

James Miller imagines a public firm whose product is an artificial intelligence (AI). While this AI device is assumed to become the central component of a vast new economy, this firm does not sell one small part of such a system, nor does it attempt to make a small improvement to a prior version. Miller instead imagines a single public firm developing the entire system in one go. Furthermore, i...

Purchasing by private large corporations put forth significant environmental impact in their investments of supplies and services. An increasing number of private large firms are adopting and implementing CSR (social responsibility) framework and a number of underlying policies and principles, such as SHE (safety, health, and environment). The purpose of this thesis is to examine how private mu...

Cumulative abnormal return (CAR) is estimated as long-term shareholder wealth of private placement, and we propose empirical evidence of the effect of private placement on long-term shareholder wealth. Private placement of listed firms has significantly positive effect on long-term shareholder wealth. Cumulative abnormal return are positively related with offer type of private placement at the ...

This Essay formulates a positive model that predicts when commercial parties will employ private ordering to enforce their agreements. The typical enforcement mechanism associated with private ordering is the reputation mechanism, in which a merchant community punishes parties in breach of contract by denying them future business. The growing private ordering literature argues that these privat...

We model a War of Attrition with N +K firms competing for N prizes. If firms must pay their full costs until the whole game ends, even after dropping out themselves (as in a standard-setting context), each firm’s exit time is independent both of K and of other players’ actions. If, instead, firms pay no costs after dropping out (as in a natural oligopoly), the field is immediately reduced to N ...