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Curb Your Innovation: Corporate Conservatism in the Presence of Imperfect Intellectual Property Rights
Baccara, Mariagiovanna; Razin, Ronny - C.E.P.R. Discussion Papers - 2004
firm’s size on the incentives and behaviour of firms towards innovation. In particular we highlight the following findings … incentives to promote innovation in firms. (iii) Firm shareholders may have incentives to curtail innovation even if these …
Persistent link: https://www.econbiz.de/10005124054
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Innovation and Trade in the Presence of Credit Constraints
Foellmi, Reto; Legge, Stefan; Tiemann, Alexa - C.E.P.R. Discussion Papers - 2015
This paper examines how trade liberalization affects investments in R&D at the firm level. In a model where entrepreneurs are heterogeneous in their wealth endowment, they rely differently on external funds. In the presence of capital market imperfections, this implies heterogeneous access to...
Persistent link: https://www.econbiz.de/10011165666
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Financial Dependence and Innovation: The Case of Public versus Private Firms
Acharya, Viral V; Xu, Zhaoxia - C.E.P.R. Discussion Papers - 2014
This paper examines the relationship between innovation and firms' dependence on external capital by analyzing the … innovation activities of privately-held and publicly-traded firms We find that public firms in external finance dependent … in internal finance dependent industries do not have a significantly better innovation profile than matched private firms …
Persistent link: https://www.econbiz.de/10011084508
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Anatomy of Cartel Contracts
Hyytinen, Ari; Steen, Frode; Toivanen, Otto - C.E.P.R. Discussion Papers - 2013
We study cartel contracts using data on 18 contract clauses of 109 legal Finnish manufacturing cartels. One third of the clauses relate to raising profits; the others deal with instability through incentive compatibility, cartel organization, or external threats. Cartels use three main...
Persistent link: https://www.econbiz.de/10011084010
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Ambiguity, Disagreement, and Allocation of Control in Firms
Dicks, David L.; Fulghieri, Paolo - C.E.P.R. Discussion Papers - 2015
We present a novel source of disagreement grounded in decision theory: ambiguity aversion. We show that ambiguity aversion generates endogenous disagreement between a firm's insider and outside shareholders, creating a new rationale for corporate governance systems. In our paper, optimal...
Persistent link: https://www.econbiz.de/10011213312
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Managerial Incentives and Stock Price Manipulation
Peng, Lin; Röell, Ailsa A - C.E.P.R. Discussion Papers - 2009
This paper presents a rational expectations model of optimal executive compensation in a setting where managers are in a position to manipulate short-term stock prices, and managers' propensity to manipulate is uncertain. Stock-based incentives elicit not only productive effort, but also costly...
Persistent link: https://www.econbiz.de/10005014567
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Delegated Activism and Disclosure
Dasgupta, Amil; Zachariadis, Konstantinos - C.E.P.R. Discussion Papers - 2011
Mutual funds are significant blockholders in many corporations. Concerns that funds vote in a pro-management manner to garner lucrative pensions contracts led the SEC to mandate the disclosure of proxy votes. We present a model of mutual fund voting in the presence of potential business ties. We...
Persistent link: https://www.econbiz.de/10009321841
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Large powerful shareholders and cash holding
Anderson, Ronald W.; Hamadi, Malika - C.E.P.R. Discussion Papers - 2009
We study the relationship between liquid asset holding and the pattern of share ownership and control structures within the firm. We explore these issues using a data set of Belgian firms that is particularly well suited to studying the institutions of control oriented finance. The data include...
Persistent link: https://www.econbiz.de/10005041096
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Institutional Investors as Minority Shareholders: Do They Matter When Ownership Is Concentrated?
Hamdani, Assaf; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2010
We shed new light on the corporate governance role of institutional investors in markets where concentrated ownership and business groups are prevalent. When companies have controlling shareholders, institutional investors, as minority shareholders, can play only a limited role in corporate...
Persistent link: https://www.econbiz.de/10008554240
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Monitoring Managers: Does it Matter?
Cornelli, Francesca; Kominek, Zbigniew; Ljungqvist, … - C.E.P.R. Discussion Papers - 2009
We test under what circumstances boards discipline managers and whether such interventions improve performance. We exploit exogenous variation due to the staggered adoption of corporate governance laws in formerly Communist countries coupled with detailed ‘hard’ information about the...
Persistent link: https://www.econbiz.de/10008491717