Internal vs. External Markets

本项目从理论和实证两个方面研究内部和外部产品、资本和劳动力市场交易之间的差异，以及这些差异对企业行为的影响。 第一个项目试图了解为什么一些新的企业是由老牌公司进行的，而另一些则是由初创公司进行的。 该模型提出了一个答案的基础上的内部和外部劳动力市场的功能，即内部劳动力市场的能力，重新部署工人在公司的其他项目，如果新的合资企业失败。 然后，利用该模型分析新企业的形成水平和效率、新企业和老企业的员工特征以及员工在两种企业中从事的工作类型。第二个项目（与麻省理工学院经济系的Sendhil Mullainathan合作）旨在了解纵向一体化的效果。 如果一体化没有真实的效果，一体化和非一体化企业应对外部市场冲击的方式应该相同。 本研究通过分析综合和非综合石化生产商的投资行为，使用超过4000个美国石化工厂的综合25年数据库来检验是否确实如此。 初步结果表明，整合企业的能力投资不像非整合企业对市场冲击那么敏感。 该项目考虑了这些发现的几个相互竞争的解释，并概述了区分它们的经验策略。

This project is a theoretical and empirical investigation of the differences between internal and external product, capital and labor market transactions and the implications of these differences for firm behavior. The first project seeks to understand why some new business ventures are undertaken by established firms, while others are undertaken by start-up firms. The model presents an answer based on a key difference in the functioning of internal and external labor markets, namely the ability of internal labor markets to redeploy workers in the firm to other projects in the firm if the new venture fails. The model will then be used to analyze the level and efficiency of new firm formation; the characteristics of employees at new and established firms; and the type of work employees undertake at the two types of firms.The second project (joint with Sendhil Mullainathan, Department of Economics, MIT) seeks to understand the effects of vertical integration. If integration has no real effects, integrated and non-integrated firms should respond in the same way to external market shocks. This study examines whether this is indeed the case by analyzing the investment behavior of integrated and non-integrated petrochemical producers using a comprehensive 25-year database of over 4000 U.S. petrochemical plants. The preliminary results suggest that capacity investments by integrated firms are less sensitive than non-integrated firms to market shocks. The project considers several competing explanations of these findings, and outlines an empirical strategy for distinguishing among them.