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Privatization in Eastern Europe: Irreversibility and Critical Mass Effects

Roland, Gérard; Verdier, Thierry - C.E.P.R. Discussion Papers - 1992

This paper proposes a model to shed light on two important policy features of privatization in Central and Eastern … Europe: the idea of a necessary critical mass of privatization on the one hand, and the difficulties encountered in the … actual privatization process on the other, related to the government's inability to precommit to announced policies. The main …

Persistent link: https://www.econbiz.de/10005497782

Money Illusion and Coordination Failure

Fehr, Ernst; Tyran, Jean-Robert - C.E.P.R. Discussion Papers - 2004

Economists long considered money illusion to be largely irrelevant. Here we show, however, that money illusion has powerful effects on equilibrium selection. If we represent pay-offs in nominal terms, choices converge to the Pareto inefficient equilibrium; however, if we lift the veil of money...

Persistent link: https://www.econbiz.de/10005791766

Financial Reform in Eastern Europe: Progress With the Wrong Model

Corbett, Jennifer; Mayer, Colin - C.E.P.R. Discussion Papers - 1991

Eastern Europe is engaged in a massive programme of financial reform. This paper argues that while this programme has many desirable features, it has failed to address some of the most basic issues. These concern the relationship between the financial system and the enterprise sector, and the...

Persistent link: https://www.econbiz.de/10005791741

The Economics of Enterprise Restructuring in Central and Eastern Europe

Aghion, Philippe; Blanchard, Olivier J; Carlin, Wendy - C.E.P.R. Discussion Papers - 1994

This paper begins from the twin observation that on the one hand, privatization which leaves control in the hands of … restructuring even in the absence of a clear prospect of privatization. It situates enterprise restructuring at the heart of the …

Persistent link: https://www.econbiz.de/10005123917

Restructuring Enterprises in Eastern Europe

Carlin, Wendy; Mayer, Colin - C.E.P.R. Discussion Papers - 1992

some countries, restructuring is being undertaken by the state before privatization; in some, restructuring is delegated to … and private firms and the complementarity between the assets of state and firms. The slow pace of privatization is due to … privatization process in East Germany. It notes that five parties have been central to the reform process: the state, the …

Persistent link: https://www.econbiz.de/10005136772

Privatization, Risk-Taking, and the Communist Firm

Demougin, Dominique; Sinn, Hans-Werner - C.E.P.R. Discussion Papers - 1993

This paper studies alternative methods of privatizing a formerly communist firm in the presence of imperfect risk markets. The methods include cash sales, a give-away scheme, and a participation contract where the government retains a sleeping fractional ownership in the firm. It is shown that...

Persistent link: https://www.econbiz.de/10005497803

Privatization in Hungary, Poland and Czechoslovakia

Grosfeld, Irena; Hare, Paul G - C.E.P.R. Discussion Papers - 1991

experience of Hungary, Poland and Czechoslovakia in these areas, and reviews in detail their privatization plans for the three … extremely rapid rate of ownership change. While all countries will use a mixture of privatization methods, Hungary intends to … practice requires some important institutional developments such as the creation of Privatization Funds (as suggested in Poland …

Persistent link: https://www.econbiz.de/10005281407

Quantifying Confidence

Angeletos, George-Marios; Collard, Fabrice; Dellas, Harris - C.E.P.R. Discussion Papers - 2015

We enrich workhorse macroeconomic models with a mechanism that proxies strategic uncertainty and that manifests itself as waves of optimism and pessimism about the short-term economic outlook. We interpret this mechanism as variation in "confidence" and show that it helps account for many...

Persistent link: https://www.econbiz.de/10011186619

Executive Compensation as an Agency Problem

Bebchuk, Lucian Arye; Fried, Jesse - C.E.P.R. Discussion Papers - 2003

This Paper provides an overview of the main theoretical elements and empirical underpinnings of a ‘managerial power’ approach to executive compensation. Under this approach, the design of executive compensation is viewed not only as an instrument for addressing the agency problem between...

Persistent link: https://www.econbiz.de/10005662270

Headline Underpricing and Entrepreneurial Wealth Losses in IPOs: Theory and Evidence

Habib, Michel Antoine; Ljungqvist, Alexander P. - C.E.P.R. Discussion Papers - 1998

We develop the implications of the observation that entrepreneurs can affect, to some extent at least, the level of underpricing in their firms’ Initial Public Offerings (IPOs) by, for example, choosing highly reputable investment bankers as underwriters. We argue that entrepreneurs can, and...

Persistent link: https://www.econbiz.de/10005662326

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