Department of Economics
2001 Sheridan Road
Evanston, IL 60208
Ph.D., Economics, Northwestern University, 2017 (expected).
M.A.: Economics, Northwestern University, 2013.
M.A.: Economics, Universidad Nacional de La Plata, La Plata, Argentina, 2011.
B.A.: Economics, Universidad Nacional de La Plata, La Plata, Argentina, 2005.
Primary Field of Specialization
Secondary Fields of Specialization
Econometrics, Development Economics
Job Market Paper
“The Productivity Effects of Corporate Diversification“. (PDF)
Abstract. Production by diversified firms, defined as firms that operate in different industries, represents more than 50% of production in the United States. It is therefore important to understand the costs and benefits of this form of organization. This paper studies the productivity effects of corporate diversification, where productivity is understood as a measure of sales per input at the productive unit level. I develop and estimate a dynamic structural model that allows current diversification level and research and development expenditures to affect future productivity. I then apply this model to a panel of U.S. manufacturing firms to measure the impact of diversification on productivity. My estimates suggest that diversification plays a key role in explaining the differences in productivity across firms and time. The average return to diversification is estimated at around 4% at the productive unit level, though there is considerable variation across industries and firms. Moreover, the effect of current diversification on future productivity depends crucially on already attained productivity. This non-linearity typically takes the form of complementarities between current productivity and diversification, where current productivity tends to reinforce the effect of diversification on future productivity. Finally, I use the estimates from the model to test two different hypotheses related to firm diversification. First, I test the hypothesis that diversification is most likely to produce economies of scope in research and development. Second, I study the relationship between firm diversification and the misallocation of inputs. I find that the gross rate of return to research and development is 3.5 times higher in diversified firms than in non-diversified firms. Finally, my results support the hypothesis that diversified firms are more efficient in the allocation of inputs.
Other Research Papers and Work in Progress