a model in which facilities can produce output at a privately known cost up to a previously-determined capacity level …. In such a model, the amount of slack in the firm is shown to be pro-cyclical. Indeed, as capacity constraints become … capacity. …

We develop a theoretical model of long-run investment decisions on capacity in the context of a liberalized electricity … the level of capacity that maximizes social welfare, and compare it to a decentralized outcome. We show that in the … absence of any regulation, private investment decisions on capacity unambiguously lead to a socially sub-optimal outcome, and …

evaluating the response of regional government’s expenditures to changes in the size of the GRP (gross regional product) and to … changes in the region’s tax collections. While the results related to regional shares of tax revenues and expenditures are … than for tax revenues but greater than for budget expenditures, which stresses the effectiveness of budget equalization …

This Paper analyses the effects of ownership structure on corporate environmental performance and examines the link … from financial performance to environmental performance in a transition economy. In particular, it analyses these ownership … ownership and various types of private ownership, while contrasting concentrated and diffuse forms of private ownership …

In the first half of the twentieth century, the UK capital markets were marked by an absence of investor protection; by … corporations. We investigate this question by tracing the ownership and board composition of firms incorporated in around 1900 over … the subsequent 100 years, and comparing the pattern of ownership and control with a sample incorporated around 1960. We …

trading of ownership and control in a private information setting. The model provides a novel explanation for the prevalence … and persistence of the separation of ownership from control in modern corporations: efficiency in the market for corporate … control is more easily achieved when ownership is not concentrated in the hands of the manager. The central reason is that low …

change after the Initial Public Offering (IPO), re-balancing their capital structure, increasing their debt and investment … equity capital at IPO. Third, the adoption of US GAAP accounting standards substantially increases firms’ ability to raise … capital. While Europe’s ‘new’ markets have provided high-growth companies with an unprecedented opportunity to finance their …

We discuss the relative merits of public and private ownership. Our starting point is the analysis of Hart, Schleifer … and Vishny (HSV), who apply an incomplete contract framework to study the difference between private and public ownership … important, public ownership is still preferable to private ownership. …

We study the determinants of net capital income flows within the United States. We analyze a simple multi …-state neoclassical model in which total factor productivity varies across states and over time and capital flows freely across state … borders. The model predicts that capital will flow to states with relatively high output growth. Since relative growth …

We analyse the effect of ownership on post-privatization performance in a virtually complete population of medium and … ownership improves economic performance, but domestic private ownership does not, relative to state-owned firms. Foreign firms … increasing profit. Ownership concentration is associated with superior performance, thus providing support to the agency theory …