Replication data for: The Sources of Capital Misallocation
Principal Investigator(s): View help for Principal Investigator(s) Joel M. David; Venky Venkateswaran
Version: View help for Version V1
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Project Citation:
David, Joel M., and Venkateswaran, Venky. Replication data for: The Sources of Capital Misallocation. Nashville, TN: American Economic Association [publisher], 2019. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-07. https://doi.org/10.3886/E116209V1
Project Description
Summary:
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We develop a methodology to disentangle sources of capital "misallocation," i.e., dispersion in value-added/capital. It measures the contributions of technological/informational frictions and a rich class of firm-specific factors. An application to Chinese manufacturing firms reveals that adjustment costs and uncertainty, while significant, explain only a modest fraction of the dispersion, which stems largely from other factors: a component correlated with productivity and a fixed effect. Adjustment costs are more salient for large US firms, though other factors still account for the bulk of the dispersion. Technological/markup heterogeneity explains a limited fraction in China, but a potentially large share in the United States.
Scope of Project
JEL Classification:
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D22 Firm Behavior: Empirical Analysis
D24 Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
D25 Intertemporal Firm Choice: Investment, Capacity, and Financing
E22 Investment; Capital; Intangible Capital; Capacity
G31 Capital Budgeting; Fixed Investment and Inventory Studies; Capacity
L60 Industry Studies: Manufacturing: General
O11 Macroeconomic Analyses of Economic Development
D22 Firm Behavior: Empirical Analysis
D24 Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
D25 Intertemporal Firm Choice: Investment, Capacity, and Financing
E22 Investment; Capital; Intangible Capital; Capacity
G31 Capital Budgeting; Fixed Investment and Inventory Studies; Capacity
L60 Industry Studies: Manufacturing: General
O11 Macroeconomic Analyses of Economic Development
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