caa a22 4500 467896151 CHVBK 20180406152804.0 cr unu---uuuuu 170328e20060901xx s 000 0 eng 10.1007/s00181-005-0046-1 doi (NATIONALLICENCE)springer-10.1007/s00181-005-0046-1 The distributional effects of selection and capital accumulation on firm productivity under imperfect capital markets [Elektronische Daten] [Elliott Parker, Mark Pingle] In this evolutionary model, random shocks create differences in the rate of return on capital, while individual saving and investment behavior can reduce these differences over time. Firms with either low total factor productivity (TFP) or a low average return on capital are selected for exit, and new firms enter to take their place. As would be expected, a higher turnover rate improves TFP and reduces its variation. While we show that a higher turnover rate would result in a more positively skewed TFP distribution if exit selection is based directly upon TFP, we find that when we select firms for exit based on their average product of capital, the marginal impact of a higher turnover rate is to more negatively skew the TFP distribution. Overall, our simulations highlight the importance of considering the role selection may play in shaping the distribution of productivity when econometricians seek estimates of firm inefficiency. Springer-Verlag, 2006 Firm evolution nationallicence Selection nationallicence Total factor productivity nationallicence Productivity distribution nationallicence Parker Elliott Department of Economics /030, University of Nevada, 89557-0207, Reno, NV, USA aut Pingle Mark Department of Economics /030, University of Nevada, 89557-0207, Reno, NV, USA aut Empirical Economics Physica-Verlag 31/3(2006-09-01), 677-697 0377-7332 31:3<677 2006 31 181 https://doi.org/10.1007/s00181-005-0046-1 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s00181-005-0046-1 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Parker Elliott Department of Economics /030, University of Nevada, 89557-0207, Reno, NV, USA aut NATIONALLICENCE 700 1- Pingle Mark Department of Economics /030, University of Nevada, 89557-0207, Reno, NV, USA aut NATIONALLICENCE 773 0- Empirical Economics Physica-Verlag 31/3(2006-09-01), 677-697 0377-7332 31:3<677 2006 31 181 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer