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Vojislav Maksimovic
University of Maryland, College Park
95Publications
44H-index
12.3kCitations
Publications 95
Newest
#1Ming-Hui Huang (NTU: National Taiwan University)H-Index: 10
#2Roland T. Rust (UMD: University of Maryland, College Park)H-Index: 55
Last.Vojislav Maksimovic (UMD: University of Maryland, College Park)H-Index: 44
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#1Meghana AyyagariH-Index: 14
#2Asli Demirguc-KuntH-Index: 94
Last.Vojislav MaksimovicH-Index: 44
view all 3 authors...
There is a divergence in the returns of top-performing firms and the rest of the economy, especially in industries that rely on a skilled labor force, raising concerns about their market power. This paper shows that the divergence is explained by the mismeasurement of intangible capital. Compared with other firms, star firms produce more per dollar of invested capital, have higher growth, innovation, and productivity and are not differentially affected by exogenous competitive shocks. Their pric...
#1Vojislav Maksimovic (UMD: University of Maryland, College Park)H-Index: 44
#2Gordon M. Phillips (NBER: National Bureau of Economic Research)H-Index: 26
Last.Liu Yang (UMD: University of Maryland, College Park)H-Index: 7
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Using U.S. Census data, we track firms at birth and compare the growth pattern of IPO firms and their matched always-private counterparts over their life cycle. Firms that are larger at birth with faster initial growth are more likely to attain a larger size and to subsequently go public. We estimate a model to predict the propensity to become public (“public quality”) using initial conditions. Firms in the top percentile of public quality grow 29 times larger than the remaining firms fifteen ye...
#1Tanakorn Makaew (U.S. Securities and Exchange Commission)H-Index: 4
#2Vojislav Maksimovic (UMD: University of Maryland, College Park)H-Index: 44
Although developing economies are more volatile, firms in developed countries hold more cash and less debt. We show that despite greater aggregate and industry stability, the performance and balance sheets of individual firms in developed countries are more volatile. In developing countries, market imperfections insulate incumbent firms from competitive risk. Cross-country differences in firm rivalry and cash flow risk are greater in technology-intensive, external-finance-dependent, and large-fi...
#1Meghana AyyagariH-Index: 14
#2Asli Demirguc-KuntH-Index: 94
Last.Vojislav MaksimovicH-Index: 44
view all 3 authors...
#1Meghana AyyagariH-Index: 14
#2Asli Demirguc-KuntH-Index: 94
Last.Vojislav MaksimovicH-Index: 44
view all 3 authors...
There is wide spread concern about a growing gap between top-performing publicly listed firms and the rest of the economy and the implications of this for rising inequality in the U.S. Using conventional return calculations, there is indeed a widening gap between star firms (defined as those in top 10 percent of return on invested capital in any year) and the rest of the economy over time, especially in industries that rely on a skilled labor force. However, once measurement error in intangible ...
#1Vojislav Maksimovic (UMD: University of Maryland, College Park)H-Index: 44
#2T. Mandy Tham (NTU: Nanyang Technological University)H-Index: 2
Last.Youngsuk YookH-Index: 2
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We examine the transmission of liquidity across the supply chain during the 2007-09 financial crisis, a period of financial market illiquidity, for a sample of unrated public firms with differential demand shocks. We measure differential demand by comparing firms that primarily supply to government customers with those that primarily supply to corporate customers. A difference-in-difference analysis shows little evidence that relatively high demand firms provide more or less liquidity to their o...
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