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Business Groups and the Big Push: Meiji Japan's Mass Privatization and Subsequent Growth

Morck, Randall; Nakamura, Masao - National Bureau of Economic Research (NBER) - 2007

Rosenstein-Rodan (1943) and others posit that rapid development requires a 'big push' -- the coordinated rapid growth of diverse complementary industries, and suggests a role for government in providing such coordination. We argue that Japan's zaibatsu, or pyramidal business groups, provided...

Persistent link: https://www.econbiz.de/10005579952

Finance and Governance in Developing Economies

Morck, Randall - National Bureau of Economic Research (NBER) - 2011

Classic Big Push industrialization envisions state planners coordinating economic activity to internalize a range of externalities that otherwise lock in a low-income equilibrium, but runs afoul of well-known government failure problems. Successful Big Push coordination may occur instead when a...

Persistent link: https://www.econbiz.de/10008869241

Finance and Governance in Developing Economies

Morck, Randall - In: Annual Review of Financial Economics 3 (2011) 1, pp. 375-406

Persistent link: https://www.econbiz.de/10010603954

Powerful Independent Directors

Morck, Randall; Fogel, Kathy; Ma, Liping - National Bureau of Economic Research (NBER) - 2014

compensation and accountability for poor performance, and less earnings management. We posit that more powerful independent …

Persistent link: https://www.econbiz.de/10010951070

Chapter 9. Governance and Stakeholders

Mehrotra, Vikas; Morck, Randall - 2017

Economic models routinely assume firms maximize shareholder wealth; however common law legal systems only require that officers and directors pursue the interests of the corporation, leaving this ill-defined. Economic arguments for shareholder wealth maximization derived from shareholders'...

Persistent link: https://www.econbiz.de/10014023372

Investors meet dynamic strategy

Morck, Randall; Yeung, Bernard; Zhang, Lu - In: Strategy Science 7 (2022) 2, pp. 120-129

Persistent link: https://www.econbiz.de/10013352741

<italic>R</italic><sup>2</sup> and the Economy

Morck, Randall; Yeung, Bernard; Yu, Wayne - In: Annual Review of Financial Economics 5 (2013) 1, pp. 143-166

The characterization of firm-specific return volatility as the intensity with which firm-specific events occur reconciles many seemingly discordant results. A functionally efficient stock market allocates capital to its highest value uses, which often amounts to financing Schumpeterian creative...

Persistent link: https://www.econbiz.de/10011004682

R-squared and the Economy

Morck, Randall; Yeung, Bernard; Yu, Wayne - National Bureau of Economic Research (NBER) - 2013

Many seemingly discordant results are reconciled if firm-specific return volatility is characterized as the intensity with which firm-specific events occur. A functionally efficient stock market allocates capital to its highest value uses, which often amounts to financing Schumpeterian creative...

Persistent link: https://www.econbiz.de/10010951344

Creative Destruction and Firm-Specific Performance Heterogeneity

Chun, Hyunbae; Morck, Randall; Kim, Jung-Wook; Yeung, … - National Bureau of Economic Research (NBER) - 2007

Traditional U.S. industries with higher firm-specific stock return and fundamentals performance heterogeneity use … firm performance heterogeneity mechanically reflects a wave of Schumpeter's (1912) creative destruction disrupting a wide … findings of more elevated firm-specific performance variation in richer, faster growing countries with more transparent …

Persistent link: https://www.econbiz.de/10005084574

Patterns of Comovement: The Role of Information Technology in the U.S. Economy

Chun, Hyunbae; Morck, Randall; Kim, Jung-Wook; Lee, Jason - National Bureau of Economic Research (NBER) - 2004

Firm-specific variation in stock returns and fundamental performance measures is significantly higher in industries … destruction or product differentiation, either of which can widen the performance difference between winner and loser firms. Thus …

Persistent link: https://www.econbiz.de/10005710316