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What Determines Firm Size?
Kumar, Krishna B; Rajan, Raghuram G; Zingales, Luigi - C.E.P.R. Discussion Papers - 1999
Motivated by theories of the firm, which we classify as "technological" or "organizational," we analyze the determinants of firm size across industries and across countries in a sample of 15 European countries. We find that, on average, firms facing larger markets are larger. At the industry...
Persistent link: https://www.econbiz.de/10005136531
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Law Enforcement under Incomplete Law: Theory and Evidence from Financial Market Regulation
Pistor, Katharina; Xu, Cheng-Gang - C.E.P.R. Discussion Papers - 2003
This Paper studies the design of lawmaking and law enforcement institutions based on the premise that law is inherently incomplete. Under incomplete law, law enforcement by courts may suffer from deterrence failure. As a potential remedy, a regulatory regime is introduced. The major functional...
Persistent link: https://www.econbiz.de/10005504579
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Trust and Bribery: The Role of the Quid Pro Quo and the Link With Crime
Hunt, Jennifer - C.E.P.R. Discussion Papers - 2004
bribe, which reduces corruption. Appropriate networks are more easily established in small towns, by long-term residents of … battle against corruption faced by policy-makers in rapidly urbanizing countries with high fertility. I show that victims of …
Persistent link: https://www.econbiz.de/10005667098
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Who Must Pay Bribes and How Much?
Svensson, Jakob - C.E.P.R. Discussion Papers - 2002
This Paper uses an unique data set on corruption containing quantitative information on estimated bribe payments of … that variation in policies/regulations (across industries) explain the incidence of corruption, while variation in …
Persistent link: https://www.econbiz.de/10005124226
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Political Connections and Firm Value: Evidence from the Regression Discontinuity Design of Close Gubernatorial Elections
Do, Quoc-Anh; Lee, Yen-Teik; Nguyen, Bang Dang - C.E.P.R. Discussion Papers - 2015
Using the regression discontinuity design of close gubernatorial elections in the U.S., we identify a significant and positive impact of the social networks of corporate directors and politicians on firm value. Firms connected to elected governors increase their value by 3.89%. Political...
Persistent link: https://www.econbiz.de/10011249372
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Corporate Governance and Collusive Behaviour
Buccirossi, Paolo; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2007
This chapter examines the relationship between corporate governance and competition, particularly with regard to cartel formation, and discusses how corporate governance and firm agency problems affect optimal law enforcement against cartels, both in terms of sanctions and leniency policies....
Persistent link: https://www.econbiz.de/10005498010
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Endogenous Information Flows and the Clustering of Announcements
Acharya, Viral V; DeMarzo, Peter; Kremer, Ilan - C.E.P.R. Discussion Papers - 2011
We consider the strategic timing of information releases in a dynamic disclosure model. Because investors don’t know whether or when the firm is informed, the firm will not necessarily disclose immediately. We show that bad market news can trigger the immediate release of information by firms....
Persistent link: https://www.econbiz.de/10009364996
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Guru Dreams and Competition: An Anatomy of the Economics of Blogs
Dong, Yi; Massa, Massimo; Zhang, Hong - C.E.P.R. Discussion Papers - 2015
The rise of social media has encouraged guru dreams because of the low entry barrier and highly skewed distribution of public attention that characterize social media. The pursuit of guru status, however, may be achieved through information provision or cheap talk, and competition inherent to...
Persistent link: https://www.econbiz.de/10011196033
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The Institutional Foundations of China’s Reforms and Development
Xu, Cheng-Gang - C.E.P.R. Discussion Papers - 2010
China’s economic reforms have resulted in spectacular growth and poverty reduction. However, China’s institutions look … ill-suited to achieve such a result, and they indeed suffer from serious shortcomings. To solve "China puzzle" this paper … analyses China’s institution - a regionally decentralized authoritarian system. The central government has control over …
Persistent link: https://www.econbiz.de/10008468688
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Assessing Racial Discrimination in Parole Release
Mechoulan, Stéphane; Sahuguet, Nicolas - C.E.P.R. Discussion Papers - 2011
We investigate possible racial discrimination in the context of discretionary parole release. We develop a rational choice model of release whereby a parole board must balance parolees' risk of violation with the cost of not releasing prisoners who may not violate their parole. A color-blind...
Persistent link: https://www.econbiz.de/10009209827