BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//jEvents 2.0 for Joomla//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
BEGIN:VEVENT
UID:601639fba6da9e51585a69d2ca1d90f2
CATEGORIES:Seminars
CREATED:20150211T150651
SUMMARY:Lunch Seminar: Rafaella Sadun - Harvard Business School
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><strong>Never Waste a Good Crisis? Growth a
 nd Decentralization in the Great Recession</strong></p><p style="text-align
 : justify;">Abstract:</p><p style="text-align: justify;">We argue that dece
 ntralization is particularly beneficial to firm performance in “bad times”.
  We present a model where bad times increase the importance of rapid action
 , and improve the alignment of incentives of managers within firms. We test
  this idea exploiting the 2008-2009 Great Recession using firm-level cross 
 country panel data combined with our survey data on firm organization. Firm
 s who decentralized more decisions to local managers prior to the (industry
 - country specific) recession shock had better sales growth and TFP growth 
 than their more centralized peers. Firms that scored one standard deviation
  above the mean on our decentralization measure shrank half as slowly in in
 dustries hit by a crisis. This relationship is particularly strong in envir
 onments where uncertainty increased most severely and where pre-existing ag
 ency problems were greatest.</p>
DTSTAMP:20260421T181933Z
DTSTART:20141013T130000Z
DTEND:20141013T140000Z
SEQUENCE:0
TRANSP:OPAQUE
END:VEVENT
END:VCALENDAR