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Rights offerings, trading, and regulation: a global perspective

Massa, Massimo; Vermaelen, Theo; Xu, Moqi - London School of Economics (LSE) - 2013

We study rights offerings using a sample of 8,238 rights offers announced during 1995-2008 in 69 countries. Although shareholders prefer having the option to trade rights, issuers deliberately restrict tradability in 38% of the offerings. We argue that firms restrict rights trading to avoid the...

Persistent link: https://www.econbiz.de/10010884755

Privatization, entry regulation and the decline of labor's share of GDP: a cross-country analysis of the network industries

Azmat, Ghazala; Manning, Alan; Van Reenen, John - London School of Economics (LSE) - 2007

-experiment in the OECD: the privatization of many network industries (e.g. telecommunications and utilities). We present a model … labor share, employment and wages respond to privatization and other regulatory changes. We exploit cross-country panel data … on several network industries and find that privatization can account for a significant proportion of the fall of labor …

Persistent link: https://www.econbiz.de/10010746486

Corporate ownership structure and performance in Europe

Grant, Jeremy; Kirchmaier, Thomas - London School of Economics (LSE) - 2004

In this paper, we show that ownership structures vary considerably across Europe, and that the dominant form of ownership is not necessarily the most efficient one. These findings are in contradiction to similar research based on US samples. The results also demonstrate that firms without a...

Persistent link: https://www.econbiz.de/10010884735

A theory of supervision with endogenous transaction costs

Faure-Grimaud, Antoine; Laffont, Jean-Jacques; … - London School of Economics (LSE) - 1998

We propose a theory of supervision with endogenous transaction costs. A principal delegates part of his authority to a supervisor who can acquire soft information about an agent's productivity. If the supervisor were risk-neutral, the principal would simply make the better informed supervisor...

Persistent link: https://www.econbiz.de/10010928775

Profit share and returns on capital stock in Italy: the role of privatisations behind the rise of the 1990s

Torrini, Roberto - London School of Economics (LSE) - 2005

Profit share in Italy has been growing between the mid-1970s and the mid-1990s, remaining stable at historically high levels since than. After dropping in the first half of the 1070s, owing to an unprecedented rapid rise in wages, profit share started to recover. The rise during the 1980s...

Persistent link: https://www.econbiz.de/10010745192

Competition and incentives with motivated agents

Besley, Timothy; Ghatak, Maitreesh - London School of Economics (LSE) - 2003

A unifying theme in the literature on organizations such as public bureaucracies and private non-profits is the importance of missions, as opposed to profit, as an organizational goal. Such mission-oriented organizations are frequently staffed by motivated agents who subscribe to the mission....

Persistent link: https://www.econbiz.de/10010745867

Changes in wage inequality

Machin, Stephen; Van Reenen, John - London School of Economics (LSE) - 2007

We examine trends in wage inequality in the US and other countries over the past four decades. We show that there has been a secular increase in the 90-50 wage differential in the US and the UK since the late 1970s. By contrast the 50-10 differential rose mainly in the 1980s and flattened or...

Persistent link: https://www.econbiz.de/10010746032

Public and private welfare activity in the United Kingdom, 1979 to 1999

Smithies, Rachel - London School of Economics (LSE) - 2005

This paper analyses the shifting balance between public sector and private sector welfare provision in the United Kingdom over the past two decades. Five sectors – education, health, personal social services, housing, and income maintenance and social security – are examined over three time...

Persistent link: https://www.econbiz.de/10011126016

The determinants of vertical integration in export processing: theory and evidence from China

Fernandes, Ana; Tang, Heiwai - London School of Economics (LSE) - 2010

Using detailed product-level export data for China and a variant of the Antràs and Helpman (2004) model that includes investments in component search, we examine the sectoral determinants of foreign direct investment (FDI) versus foreign outsourcing in export processing trade. We exploit the...

Persistent link: https://www.econbiz.de/10011071204

Being the New York Times: the political behaviour of a newspaper

Puglisi, Riccardo - London School of Economics (LSE) - 2006

I analyze a dataset of news from the New York Times, from 1946 to 1997. Controlling for the incumbent President's activity across issues, I find that during the presidential campaign the New York Times gives more emphasis to topics that are owned by the Democratic party (civil rights, health...

Persistent link: https://www.econbiz.de/10010928712

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