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A principal should hire one agent to perform two sequential tasks when the tasks are conflicting (i.e., a first-stage success makes second-stage effort less effective), while she should hire two different agents when the tasks are synergistic.
Persistent link: https://www.econbiz.de/10008611012
This paper studies multi-agent optimal contracting with cost synergies. We model synergies as the extent to which … effort by one agent reduces his colleague's marginal cost of effort. An agent's pay and effort depend on the synergies he … exerts, the synergies his colleagues exert on him and, surprisingly, the synergies his colleagues exert on each other. It may …
Persistent link: https://www.econbiz.de/10011083428
This paper studies multi-agent optimal contracting with cost synergies. We model synergies as the extent to which … effort by one agent reduces his colleague's marginal cost of effort. An agent's pay and effort depend on the synergies he … exerts, the synergies his colleagues exert on him and, surprisingly, the synergies his colleagues exert on each other. It may …
Persistent link: https://www.econbiz.de/10011083625
synergies generated by a merger may vary substantially depending on the identity of the participating firms. The model …
Persistent link: https://www.econbiz.de/10011084187
Most research on firm financing studies the choice between debt and equity. We model an alternative source -- non-core asset sales -- and identify three new factors that drive a firm's choice between selling assets and equity. First, equity investors own a claim to the cash raised. Since cash is...
Persistent link: https://www.econbiz.de/10011084569
individual level, examining the relationship between religiosity and a broad set of pro- or anti-innovation attitudes in all five … waves of the World Values Survey (1980 to 2005). We thus relate eleven indicators of individual openness to innovation … innovation. …
Persistent link: https://www.econbiz.de/10011213308
This paper studies the effect of top tax rates on inventors' mobility since 1977. We put special emphasis on "superstar" inventors, those with the most and most valuable patents. We use panel data on inventors from the United States and European Patent Offices to track inventors' locations over...
Persistent link: https://www.econbiz.de/10011272707
We analyze the joint dynamics of religious beliefs, scientific progress and coalitional politics along both religious and economic lines. History offers many examples of the recurring tensions between science and organized religion, but as part of the paper’s motivating evidence we also...
Persistent link: https://www.econbiz.de/10011262883
Analysing 474 cases of firms going public in the German capital between 1892 and 1913, we show that innovative firms could rely on the Berlin stock market as a source of financing. The data also reveal that initial public offerings (IPO) of innovative firms were characterized by particularly low...
Persistent link: https://www.econbiz.de/10011266534
This paper examines the sources of firm product and process innovation in Norway. It uses a purpose-built survey of ….’s (2007) contention that firm innovation is both the result of ‘science, technology and innovation’ (STI) and ‘doing, using … innovation and that both STI and DUI-modes of interaction matter. However, it also shows that DUI modes of interaction outside …
Persistent link: https://www.econbiz.de/10009225958