The 1990s has seen bargaining, and more specifically, enterprising bargaining supplant arbitration as the dominant industrial relations paradigm. In large part, this change reflects widespread belief that enterprise bargaining would stimulate greater levels of productivity. Evidence in support of this link between enterprise bargaining and productivity, however, is both scant and unconvincing. ...

recent studies have shown that firms that have adopted environmental standards and thosethat have obtained official quality certifications achieve higher labour productivity than firms that have notdone so. unlike previous studies, this paper analyzes the combined effect of implementing environmentalgood practices and obtaining quality certifications on apparent labour productivity using a samp...

In this paper, we propose a theoretical model in which a banking crisis (or bank distress) causes declines in aggregate productivity. When borrowing firms need additional bank loans to continue their businesses, a high probability of bank failure discourages ex ante investments (e.g., R&D investment) by firms that enhance their productivity. In a general equilibrium setting, we also show that t...

Patents are one of the important outputs of innovation processes within firms, and have been a topic of extensive research recently, spurred in no little part by the publication of the NBER patent data (Hall, Jaffe and Trajtenberg, 2001) and the availability of patent data online (e.g. the USPTO website). This study uses name-matching procedures to create a new dataset that links the NBER paten...

Matched employer-employee data exhibits both wage and productivity dispersion across firms and suggest that a linear relationship holds between the average wage paid and a firm productivity. The purpose of this paper is to demonstrate that these facts can be explained by a search and matching model when firms are heterogenous with respect to productivity, are composed of many workers, and face ...

This paper explores the effects of capital controls and policies regulating interest rates and the exchange rate in a model of economic transition applied to China. It builds on Song, Storesletten, and Zilibotti (2011) who construct a growth model consistent with salient features of the recent Chinese growth experience: high output growth, sustained returns on capital investment, extensive real...

This paper analyzes the relationship between investment in information and communication technologies (ICT), non–ICT–investment, labor productivity and workplace reorganization. Firms are assumed to reorganize workplaces if the productivity gains arising from workplace reorganization exceed the associated reorganization costs. Two different types of organizational change are considered: introdu...

This paper investigates a theoretical and empirical model to provide a new insight into the relationship between R&D subsidies and firmlevel productivity. The empirical analysis evaluates the productivity of firms involved in a European programme of public R&D subsidies called Eureka. The findings suggest that the Eureka firms experience on average productivity gains towards the end of the four...

for assessment of portfolio performance, it's crucial to adjust the return by the risk which is taken. so it seems undeniable that for measuring the risk-adjusted return of portfolio, we need an appropriate and developed model for risk and asset pricing. fama & french 3 factor model could explain several return anomalies. recent studies show that capital productivity effects on stock retur...

Working Papers are produced in order to bring the results of research in progress to a wider audience and to facilitate discussion. They will normally be published in a revised form subsequently and the agreement of the authors should be obtained before referring to its contents in other published works. Abstract In this paper we explore the factors which determine the profile of innovation by ...