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Hanousek, Jan; Kocenda, Evzen; Shamshur, Anastasiya - C.E.P.R. Discussion Papers - 2015

Using a stochastic frontier model and a comprehensive dataset, we study factors that affect corporate efficiency in … efficiency, and (iii) high competition is less conductive to efficiency than moderate or low competition. In terms of ownership …, we find that (iv) efficiency increases when a majority owner must deal with minority shareholders and that (v) domestic …

Persistent link: https://www.econbiz.de/10011213309

An impure public good model with lotteries in large groups

Cabrales, Antonio; Lugo, Haydée - C.E.P.R. Discussion Papers - 2011

We analyze the effect of a large group on an impure public goods model with lotteries. We show that as populations get large, and with selfish preferences, the level of contributions converges to the one given by voluntary contributions. With altruistic preferences (of the warm glow type), the...

Persistent link: https://www.econbiz.de/10008921774

Legal Investor Protection and Takeovers

Burkart, Mike; Gromb, Denis; Mueller, Holger M; … - C.E.P.R. Discussion Papers - 2011

We study the role of legal investor protection for the efficiency of the market for corporate control. Stronger legal … ability to create value. Accordingly, stronger legal investor protection can improve the efficiency of the takeover outcome …

Persistent link: https://www.econbiz.de/10009024489

Inattention to Rare Events

Mackowiak, Bartosz Adam; Wiederholt, Mirko - C.E.P.R. Discussion Papers - 2011

Why were people so unprepared for the global financial crisis, the European debt crisis, and the Fukushima nuclear accident? To address this question, we study a model in which agents make state-contingent plans - think about actions in different contingencies - subject to the constraint that...

Persistent link: https://www.econbiz.de/10009351517

The Output Gap, the Labor Wedge, and the Dynamic Behavior of Hours

Sala, Luca; Söderström, Ulf; Trigari, Antonella - C.E.P.R. Discussion Papers - 2010

concerning the efficiency of business cycle fluctuations, and it provides an unsatisfactory explanation of labor market and …

Persistent link: https://www.econbiz.de/10008642884

Simultaneous Search and Network Efficiency

Gautier, Pieter A; Holzner, Christian - C.E.P.R. Discussion Papers - 2011

When workers send applications to vacancies they create a network. Frictions arise if workers do not know where other workers apply to (this affects network creation) and firms do not know which candidates other firms consider (this affects network clearing). We show that those frictions and the...

Persistent link: https://www.econbiz.de/10009246606

Productivity Spillovers Through Labor Mobility

Heggedal, Tom-Reiel; Moen, Espen R; Preugschat, Edgar - C.E.P.R. Discussion Papers - 2014

Do firms have the right incentives to innovate in the presence of productivity spillovers? This paper proposes an explicit model of spillovers through labor flows in a framework with search frictions. Firms can choose to innovate or to imitate by hiring a worker from a firm that has already...

Persistent link: https://www.econbiz.de/10011171780

Competitive on-the-job search

Garibaldi, Pietro; Moen, Espen R; Sommervoll, Dag Einar - C.E.P.R. Discussion Papers - 2014

The paper proposes a model of on-the-job search and industry dynamics in which search is directed. Firms permanently differ in productivity levels, their production function features constant returns to scale, and search costs are convex in search intensity. Wages are determined in a competitive...

Persistent link: https://www.econbiz.de/10011084581

Urban Accounting and Welfare

Desmet, Klaus; Rossi-Hansberg, Esteban - C.E.P.R. Discussion Papers - 2010

distribution into three main components: efficiency, amenities, and frictions. Higher efficiency and better amenities lead to … MSAs in the United States, we parametrize the model and empirically estimate efficiency, amenities and frictions …

Persistent link: https://www.econbiz.de/10008784710

Flat Tax Reforms: Investment Expensing and Progressivity

Díaz-Giménez, Javier; Pijoan-Mas, Josep - C.E.P.R. Discussion Papers - 2011

In this article we quantify the aggregate, distributional and welfare consequences of investment expensing and progressivity in flat-tax reforms of the United States economy. We find that investment expensing as in the Hall and Rabushka type of reform brings about sizable output gains and a...

Persistent link: https://www.econbiz.de/10008854542