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Performance Pay, CEO Dismissal, and the Dual Role of Takeovers
Burkart, Mike; Raff, Konrad - C.E.P.R. Discussion Papers - 2012
We propose that an active takeover market provides incentives by offering acquisition opportunities to successful … performance-based pay are non-monotonic in the intensity of the takeover threat. In firms with weak boards, turnover (performance …-based pay) increases (decreases) with the intensity of the takeover threat. When choosing its acquisition policy and the quality …
Persistent link: https://www.econbiz.de/10011083799
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Domestic and Trade Policy for Central and East European Agriculture
Karp, Larry; Stefanou, Spiro - C.E.P.R. Discussion Papers - 1993
After a brief period of liberal agricultural policies, Central and East European (CEE) countries have begun to rely increasingly on price subsidies and trade restrictions. We outline the situation of CEE agriculture and describe current policies. Scarce government funds could be better used to...
Persistent link: https://www.econbiz.de/10005791494
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Redistributive Policy in a Transition Economy: The Case of Hungary
Jarvis, Sarah; Pudney, Stephen - C.E.P.R. Discussion Papers - 1995
This study examines the scope for redistributive government policies based on progressive income taxation and direct income transfers. We concentrate on the case of Hungary. We first survey recent developments in the economic circumstances of the household sector and changes in the Hungarian...
Persistent link: https://www.econbiz.de/10005792118
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An Exercise in Futility: East German Economic Growth and Decline, 1945-89
Ritschl, Albrecht - C.E.P.R. Discussion Papers - 1994
This paper assembles and reviews data on growth performance for East Germany. Conclusions are only tentative, as data reliability is still poor. Examining factor growth and total factor productivity performance, the paper arrives at three main conclusions. First, large-scale dismantling of...
Persistent link: https://www.econbiz.de/10005792463
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The Output Decline in Central and Eastern Europe: A Classical Explanation
Bofinger, Peter - C.E.P.R. Discussion Papers - 1993
puzzling observation that the former CSFR, Hungary and Poland experienced a relatively similar decline in output in spite of … evidence for a `credit crunch' in Poland is not very strong. The paper also discusses the `Soviet trade shock' as a possible … cause for the output drop. It shows that Hungary and Poland -- and to some extent the CSFR -- were able to compensate their …
Persistent link: https://www.econbiz.de/10005123537
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The Great Divide and Beyond - Financial Architecture in Transition
Berglöf, Erik; Bolton, Patrick - C.E.P.R. Discussion Papers - 2003
the “right” side of the divide (Hungary, Poland, Slovenia, the Baltic States) have pursued a remarkable diversity of …
Persistent link: https://www.econbiz.de/10005123951
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Regional Decentralization and the Soft Budget Constraint: The Case of China
Qian, Yingyi; Roland, Gérard - C.E.P.R. Discussion Papers - 1994
The majority of enterprises in China are controlled by local governments at the provincial, city, county, township and village levels. We study the effect of regional decentralization on soft budget constraints in these enterprises. We show that fiscal competition under (foreign) capital...
Persistent link: https://www.econbiz.de/10005124311
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Government Distributional Concerns and Economic Policy During the Transition from Socialism
Gordon, Roger H; Li, David Daokui - C.E.P.R. Discussion Papers - 1997
Before the transition governments had strong distributional objectives, which they pursued mainly by direct controls over state enterprise wage rates and hiring decisions, yielding a highly compressed wage distribution. During the reform they maintained similar controls over state enterprises,...
Persistent link: https://www.econbiz.de/10005114146
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Economic Transition and Private-Sector Labor Demand: Evidence from Urban China
Iyer, Lakshmi; Meng, Xin; Qian, Nancy; Zhao, Xiaoxue - C.E.P.R. Discussion Papers - 2014
This paper studies the policy determinants of economic transition and estimates the demand for labor in the infant private sector in urban China. We show that a reform that untied access to housing in urban areas from working for the state sector accounts for more than a quarter of the overall...
Persistent link: https://www.econbiz.de/10011084427
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A Multilateral Payments Union for the Commonwealth of Independent States: Why and How?
Bofinger, Peter; Gros, Daniel - C.E.P.R. Discussion Papers - 1992
The paper discusses the institutional arrangements of a multilateral payments union for the Commonwealth of Independent States. It starts with an analysis of the risks of a non-cooperative solution, which would lead to serious liquidity and solvency problems and thus curtail inter-republican...
Persistent link: https://www.econbiz.de/10005661562