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This Paper studies a model where individuals have imperfect self-knowledge and learning is costly. It shows that the endogenous decision to collect information before taking an action creates a systematic and testable bias in the aggregate behaviour of agents in the economy. More precisely,...
Persistent link: https://www.econbiz.de/10005792500
In this Paper we introduce flexibility as an economic concept and apply it to the firm’s security-issuance decisions and capital structure choice. Flexibility is the ability to make decisions that one thinks are best even when others disagree. Firms value flexibility because it allows...
Persistent link: https://www.econbiz.de/10005666532
The German potable water supply industry is regarded as being highly fragmented, thus inhibiting high potentials for efficiency improvements through consolidation. Focusing on a hypothetical restructuring of the industry, we apply Data Envelopment Analysis (DEA) to analyze the potential...
Persistent link: https://www.econbiz.de/10011083827
results also indicate that privatisation has positive effects on firm performance. In particular, domestic private firms and …
Persistent link: https://www.econbiz.de/10005504242
This Paper uses a survey of 3,300 firms in 25 transition countries to shed light on the factors that influence restructuring by firms and their subsequent performance as measured by growth in sales and in sales per employee over a three-year period. We begin by surveying what a decade of...
Persistent link: https://www.econbiz.de/10005114471
In their privatization programs, transition governments have frequently given away shares (so-called `mass … privatization'), while maintaining significant minority ownership. We explain the rationality of these policies for an expected net … constraint both raises prices that would otherwise be negative to zero, and has an indirect effect: mass privatization and …
Persistent link: https://www.econbiz.de/10005666469
This paper uses the sequencing of privatisation to infer the objective pursued by the Polish government in the … privatisation of its large manufacturing firms in the second half of the 1990's. We construct a model of mixed oligopoly, and use it … to evaluate the privatisation process; our analysis is based on the assumption that firms which furthered the government …
Persistent link: https://www.econbiz.de/10005661699
privatization on airport charges in a panel data setting where fixed effects can be employed to mitigate endogeneity concerns. Our …
Persistent link: https://www.econbiz.de/10009351519
This paper offers a unique quantitative evaluation of the distribution of the welfare of a water privatization … intermediate suppliers and investors have also clearly benefited during the short privatization duration. However the paper also …
Persistent link: https://www.econbiz.de/10009399719
examines the impact of the privatization of kibbutzim on fertility behavior among members. We find that fertility declined by 6 …-15 percent following the shift to privatization. In light of the massive change in financial costs associated with childbearing … due to privatization, our results suggest that financial considerations may be a more modest factor in fertility decisions …
Persistent link: https://www.econbiz.de/10009367434