Showing 1 - 10 of 151
Because sell-side analysts are dependent on institutional investors for performance ratings and trading commissions, we argue that analysts are less likely to succumb to investment banking or brokerage pressure in stocks highly visible to institutional investors. Examining a comprehensive sample...
Persistent link: https://www.econbiz.de/10005114250
Recent human capital theories predict that labor market frictions and product market competition influence firm …, product market competition does not have an effect on firm-sponsored training. We conclude that increasing competition through …
Persistent link: https://www.econbiz.de/10008468623
This paper studies the effect of changes in foreign competition on the incentives faced by U.S. managers in the form of … wage structures, promotion profiles, and job turnover. We use a panel of executives and measure foreign competition as … globalization on the labour market outcomes of these workers. We find that higher foreign competition leads to more incentive …
Persistent link: https://www.econbiz.de/10005124375
consistent with the general notion that competition mitigates managerial agency problems, our results are, in particular … competitive industries. When we examine which agency problem competition mitigates, we find evidence consistent with a “quiet …
Persistent link: https://www.econbiz.de/10005067660
In this study we derive a structural econometric model of learning by doing with multiproduct competition from a …
Persistent link: https://www.econbiz.de/10005497705
This paper analyses the interaction of financing and output market decisions in an oligopolistic setting. We integrate two ideas that have been analysed separately in previous work: some authors argue that due to risk-shifting, debt (leverage) makes a firm 'aggressive' in its output market;...
Persistent link: https://www.econbiz.de/10005504397
This paper studies the impact that capital market imperfections have on the natural selection of the most efficient firms by estimating the effect of the pre-deregulation level of leverage on the survival of trucking firms after the Carter deregulation. Highly leveraged carriers are less likely...
Persistent link: https://www.econbiz.de/10005504576
reform is associated with increased firm entry and competition within industries and regions. The returns to a university …
Persistent link: https://www.econbiz.de/10011083872
This paper studies the effect of competition on executive compensation. We estimate the effect of increased product … market competition on the performance-pay sensitivity of CEOs, and contrast it with the effect for department managers and … employer-employee data for the universe of workers and firms, we show that increased product market competition, following the …
Persistent link: https://www.econbiz.de/10011084265
The literature on research joint ventures (RJVs) has emphasized internalizing spillovers and cost-sharing as motives for RJV formation. In this paper we develop two additional explanations: product market complementarities and firm heterogeneity. We analyse a model of RJVs with asymmetric firms...
Persistent link: https://www.econbiz.de/10005662169