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on Project, Program and Portfolio Management |
| By: | Satyajit Chatterjee; Esteban Rossi-Hansberg |
| Abstract: | We propose a theory of firm dynamics in which workers have ideas for new projects that can be sold in a market to existing firms or implemented in new firms: spin-offs. Workers have private information about the quality of their ideas. Because of an adverse selection problem, workers can sell their ideas to existing firms only at a price that is not contingent on their information. We show that the option to spin off in the future is valuable so only workers with very good ideas decide to spin off and set up a new firm. Since entrepreneurs of existing firms pay a price for the ideas sold in the market that implies zero expected profits for them, firms' project selection is independent of their size, which, under some assumptions, leads to scale-independent growth. The entry and growth process of firms in this economy leads to an invariant distribution that resembles the one in the US economy. |
| JEL: | E10 E23 L22 L23 L25 L26 |
| Date: | 2007–06 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:13198&r=ppm |
| By: | Johannes Fuhr (Workgroup for Infrastructure Policy (WIP), Technische Universität Berlin) |
| Abstract: | In contrast to the privatization and regulatory reforms currently underway at European airports, airports in the US remain publicly owned. There, airports negotiate legally binding contracts with airlines and finance large investment projects with revenue bonds. Applying insights from transaction cost economics, we argue that the observed variation in contractual and financing arrangements at US airports corresponds to the parties’ needs for safeguarding and coordination. The case evidence presented reveals that public owners set the framework for private investments and contracting. Airline contracts and capital market control result in efficient investment and act as a check on the cost inefficiency typically linked to public ownership. |
| Keywords: | Transaction Cost Economics, Contract, Public Ownership, Air Transport |
| JEL: | L93 D23 L33 |
| Date: | 2007 |
| URL: | http://d.repec.org/n?u=RePEc:cni:wpaper:2007-02&r=ppm |
| By: | Tommy Clausen (Centre for Technology, Innovation and Culture, University of Oslo) |
| Abstract: | The main aim in this paper is to analyze whether “research” and “development” subsidies influence private R&D activity. The results show that “research” subsidies stimulate private R&D activity while “development” subsidies substitute private R&D activity. |
| Date: | 2007–07 |
| URL: | http://d.repec.org/n?u=RePEc:tik:inowpp:20070615&r=ppm |
| By: | Martin Biewen (University of Mainz, DIW Berlin and IZA); Bernd Fitzenberger (University of Freiburg, ZEW, IFS and IZA); Aderonke Osikominu (University of Freiburg); Marie Waller (University of Freiburg and CDSE, University of Mannheim) |
| Abstract: | We use a new and exceptionally rich administrative data set for Germany to evaluate the employment effects of a variety of public sponsored training programs in the early 2000s. Building on the work of Sianesi (2003, 2004), we employ propensity score matching methods in a dynamic, multiple treatment framework in order to address program heterogeneity and dynamic selection into programs. Our results suggest that in West Germany both short-term and medium-term programs show considerable employment effects for certain population subgroups but in some cases the effects are zero in the medium run. Short-term programs are surprisingly effective when compared to the traditional and more expensive longer-term programs. With a few exceptions, we find little evidence for significant positive treatment effects in East Germany. There is some evidence that the employment effects decline for older workers and for low-skilled workers. |
| Keywords: | evaluation, multiple treatments, dynamic treatment effects, local linear matching, active labor market programs, administrative data |
| JEL: | C14 J68 H43 |
| Date: | 2007–06 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp2885&r=ppm |
| By: | Tommy Clausen (Centre for Technology, Innovation and Culture, University of Oslo) |
| Abstract: | In this paper we focus on the participation stage and analyze what kinds of firms that are granted access to the 5 most important technology programs in Norway. Based upon a combination of logistic regression and factor analysis we find that the public support system for R&D in Norway is built around export oriented, innovative and larger firms. Technology programs support these firms with “research” and “development” subsidies in order to support the development of national champions. |
| Date: | 2007–07 |
| URL: | http://d.repec.org/n?u=RePEc:tik:inowpp:20070612&r=ppm |