Entry and Exit in International Markets: Evidence from Chilean Data

Several studies examine the patterns and determinants of entry and exit in manufacturing industries. Not much work exists on entry and exit in international markets. This paper uses Chilean data to analyze the determinants of entry and exit in and out of export markets. We find that entry and exit rates differ across industries; vary over time; and are positively correlated. The econometric analysis shows that within-industry heterogeneity, measured by differences in productivity or other firm characteristics, has a significant effect on plant turnover in international markets. Our findings reveal that trade costs, factor intensities, and fluctuations in the real exchange rate play a minor role explaining entry and exit. This last result is consistent with hysteresis in international markets.Treatment Entry, Exit, International Markets, Chile

Is Exporting a Source of Productivity Spillovers?

This paper investigates whether exporting generates positive productivity spillover effects on other plants operating in the same industry and whether exporting affects productivity of plants in vertically related industries. Using plant-level data from Chile we find that exporters improve productivity of their local suppliers but not of plants that purchase intermediate inputs from them. We also find evidence of horizontal spillovers from exporting. Exporting by foreign-owned plants generates positive spillovers in all directions: to their suppliers, customers, and to other plants in the same industry. Domestic exporters increase productivity of their suppliers and, to a lesser extent, that of plants in the same sector.exporting, spillovers, productivity, vertical linkages, Chile

Trade Liberalization and Industry Dynamics: A Difference in Difference Approach

Recent models of trade with firm heterogeneity predict that opening to trade reduces the number of firms, increases the average size of firms, and decreases firms’ markups. This paper uses a large dataset for 28 manufacturing industries and 46 countries to test these predictions. The econometric analysis based on the treatment effects literature shows that on average, trade liberalizations do not decrease the number of firms nor increase the average size of firms. Markups appear to decrease during the three years after the liberalization. We also find that the number of firms and the average size of firms increase in comparative advantage industries.Trade Liberalization, Industry Dynamics, Treatment Effects

Coherence between values and successor socialization: Facilitating family business continuity

The problem of CEO succession is critically important yet unique and distinct from that of turnover at other levels. Research in management agrees with the findings in family business research regarding the preference for an insider as successor, more specifically a family insider. Successful family business continuity requires raising potential successors who will add value to the firm by seeking new opportunities and fostering entrepreneurship. Parties external to the firm are likely to view succession as a signal about the institution's future; this makes CEO succession a critical event for virtually every organization. In this paper the authors outline a model that presents the different coherent options for value transmission and successor socialization that facilitate family business continuity from first to second generation. The findings are grounded in combined qualitative and quantitative techniques applied to an extensive research project involving in-depth cross-case analysis. Based on the results, the authors identify issues that families and practitioners should take into account to maintain consistency during the succession process. Professionals can assist families in preparing for continuity by: 1) identifying family value systems; 2) analyzing the variables at play in the family-business system, and 3) proposing a coherent option of continuity that both family and business can pursue. The model presented in this paper is intended to help families and practitioners follow this path by pointing out coherent combinations of values and family business characteristics and different successor socialization processes.family business; succession; values; successors; socialization;

M3 muscarinic acetylcholine receptor facilitates the endocytosis of mu opioid receptor mediated by morphine independently of the formation of heteromeric complexes

Morphine inefficiency to induce the internalization of mu opioid (MOP) receptors observed in numerous experimental models constitutes a paradigm of G-protein coupled receptor (GPCR) functional selectivity. We recently described that activation of Gαq/11 proteins through 5-HT2A serotonin receptors co-expressed in the same cells facilitates MOP receptor endocytosis promoted by morphine. In order to explore whether a different Gαq/11 coupled GPCR would emulate this effect, a double stable Flp-In T-REx HEK293 cell line permanently expressing MOP-YFP receptors along with FLAG-M3-Cerulean receptors expressed in an inducible manner was generated. Fluorescence microscopy examination of these cells revealed a co-distribution of both receptors mainly compartmentalized in plasma membrane. Concurrent stimulation with carbachol and morphine promoted MOP receptor internalization, desensitization and down-regulation and this facilitation was not dependent on PKC activation. Co-immunoprecipitation experiments demonstrated that FLAG-M3-Cerulean/MOP-YFP receptors interact forming heteromeric complexes in a time depending manner, i.e. the strongest interaction was detected after 96h of FLAG-M3-Cerulean induced expression. Under these experimental conditions, treatment of cells with carbachol plus morphine resulted in the internalization of both receptors within separated endocytic vesicles as visualized by confocal microscopy. This trafficking segregation observed for FLAG-M3-Cerulean and MOP-YFP receptors upon agonist stimulation suggests that this protein-protein interaction presents temporal and dynamic properties. Moreover, MOP-YFP receptor internalization facilitated by FLAG-M3-Cerulean receptors is independent of the constitution of heteromeric complexes. [Abstract copyright: Copyright © 2017. Published by Elsevier Inc.