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Gathering Information before Signing a Contract: Experimental Evidence
Hoppe, Eva I; Schmitz, Patrick W - C.E.P.R. Discussion Papers - 2009
A central insight of agency theory is that when a principal offers a contract to a privately informed agent, the principal trades off ex post efficiency in the bad state of nature against a larger profit in the good state of nature. We report about an experiment with 508 participants designed to...
Persistent link: https://www.econbiz.de/10005789080
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The Internal Governance of Firms
Acharya, Viral V; Myers, Stewart C; Rajan, Raghuram G - C.E.P.R. Discussion Papers - 2009
We develop a model of internal governance where the self-serving actions of top management are limited by the potential reaction of subordinates. We find that internal governance can mitigate agency problems and ensure firms have substantial value, even without any external governance. Internal...
Persistent link: https://www.econbiz.de/10004980207
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Active Agents, Passive Principals: Does High-Powered CEO Compensation Really Improve Incentives
Dow, James; Raposo, Clara - C.E.P.R. Discussion Papers - 2002
In this Paper we use agency theory to study the active role of the CEO in the formulation of corporate strategy. We allow the agent (CEO) to play a role in defining the parameters of the agency problem, in an incomplete contracting model in which the agent can be rewarded based only on financial...
Persistent link: https://www.econbiz.de/10005504388
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Contracting under Incomplete Information and Social Preferences: An Experimental Study
Hoppe, Eva I; Schmitz, Patrick W - C.E.P.R. Discussion Papers - 2013
Principal-agent models in which the agent has access to private information before a contract is signed are a cornerstone of contract theory. We have conducted an experiment with 720 participants to explore whether the theoretical insights are reflected by the behavior of subjects in the...
Persistent link: https://www.econbiz.de/10011084433
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Regulation, Privatization, and Airport Charges: Panel Data Evidence from European Airports
Bilotkach, Volodymyr; Clougherty, Joseph A.; Mueller, … - C.E.P.R. Discussion Papers - 2011
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
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Assessing the impact of Mali’s water privatization across stakeholders
Estache, Antonio; Grifell-Tatjé, Emili - C.E.P.R. Discussion Papers - 2011
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
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Raising the Financial Costs of Children and Fertility Responses: Evidence from the Kibbutz
Ebenstein, Avraham; Hazan, Moshe; Simhon, Avi - C.E.P.R. Discussion Papers - 2011
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
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Defensive and Strategic Restructuring in Central European Enterprises
Grosfeld, Irena; Roland, Gérard - C.E.P.R. Discussion Papers - 1995
This paper interprets the existing evidence on enterprise restructuring in Poland, Hungary and the Czech Republic. Despite differences in restructuring policies, the pattern of observed restructuring appears similar in the three countries. Contrary to initial expectations, managers of SOEs have...
Persistent link: https://www.econbiz.de/10005662184
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Privatization, Political Risk and Stock Market Development
Perotti, Enrico C; van Oijen, Pieter - C.E.P.R. Discussion Papers - 1999
This paper investigates whether privatization in emerging economies has a significant indirect effect on local stock … market development through the resolution of political risk. We argue that a sustained privatization program represents a … to regulatory and private property rights. We present evidence suggesting that progress in privatization is correlated …
Persistent link: https://www.econbiz.de/10005662345
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Who Wants To Revise Privatization? The Complementarity of Market Skills and Institutions
Denisova, Irina; Eller, Markus; Frye, Timothy; … - C.E.P.R. Discussion Papers - 2009
autocracy and weak governance institutions there is no significant difference in support for revising privatization between high … level of support for revising privatization between the high and low skilled grows dramatically. This finding contributes to …
Persistent link: https://www.econbiz.de/10005666546