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Delegation and R&D Spending: Evidence from Italy

Kastl, Jakub; Martimort, David; Piccolo, Salvatore - Centro Studi di Economia e Finanza (CSEF) - 2008

We use data from the Italian manufacturing industry to document a positive relation- ship between delegation of … effects and to using different measures of R&D. We also investigate the determinants of delegation in our sample. We find a … positive correlation between ownership concentration and delegation, which goes against the findings of Shleifer and Vishny …

Persistent link: https://www.econbiz.de/10005839204

Vertical Separation with Private Contracts

Pagnozzi, Marco; Piccolo, Salvatore - Centro Studi di Economia e Finanza (CSEF) - 2010

We consider a manufacturer's incentive to sell through an independent retailer, rather than directly to final consumers, when contracts with retailers cannot be observed by competitors. If retailers conjecture that identical competing manufacturers always offer identical contracts (symmetry...

Persistent link: https://www.econbiz.de/10008540137

Commitment of Monetary Policy with Uncertain Central Bank Preferences

D'Amato, Marcello - Centro Studi di Economia e Finanza (CSEF) - 2004

In this paper we analyse the equilibrium degree of commitment in monetary policy to an independent central banker whose preferences are imperfectly observed by private agents. We characterize the incentive compatible strategies by a central bank in office for two periods with no restrictions on...

Persistent link: https://www.econbiz.de/10005626738