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On the design of hierarchies: coordination versus specialization

Hart, Oliver; Moore, John - London School of Economics (LSE) - 1999

We develop a model of hierarchies based on the allocation of authority. A firm's owners have ultimate authority over a firm's decisions, but they have limited time or capacity to exercise this authority. Hence owners must delegate authority to subordinates. However, these subordinates also have...

Persistent link: https://www.econbiz.de/10010744898

Diversification and delegation in firms

Cerasi, Vittoria; Daltung, Sonja - London School of Economics (LSE) - 2002

This paper shows how separation of ownership and control may arise as a response to overload costs, despite agency costs, and how conglomerates arise as solution to information asymmetries in capital markets. In a context where entrepreneurs have the ability to run projects and improve their...

Persistent link: https://www.econbiz.de/10010745110

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

Agreeing now to agree later: contracts that rule out but do not rule in

Hart, Oliver; Moore, John - London School of Economics (LSE) - 2004

We view a contract as a list of outcomes. Ex ante, the parties commit not to consider outcomes not on the list, i.e., these are "ruled out". Ex post, they freely bargain over outcomes on the list, i.e., the contract specifies no mechanism to structure their choice; in this sense outcomes on the...

Persistent link: https://www.econbiz.de/10010746644

Cooperatives vs. outside ownership

Hart, Oliver; Moore, John - London School of Economics (LSE) - 1998

We are concerned with the design of a constitution for a firm - an ex ante contract which assigns residual rights of control (and possibly residual income rights) without reference to the issue to be decided. We focus attention on two polar constitutions: non-profit cooperatives and outside...

Persistent link: https://www.econbiz.de/10010928786

Recovering the sunk costs of R&D: the moulds industry case

Santos, Carlos Daniel - London School of Economics (LSE) - 2009

using a Markov equilibrium framework. The contribution is twofold. First, a model of industry dynamics which accounts for … selection into R&D, capital accumulation and entry/exit is proposed. The industry state is summarized by an aggregate state with … moulds industry are shown to be important (3.4 million Euros). They become particularly relevant since the industry is mostly …

Persistent link: https://www.econbiz.de/10010745785

Multiple-product firms and product switching

Bernard, Andrew B.; Redding, Stephen; Schott, Peter K. - London School of Economics (LSE) - 2010

. The behavior we observe is consistent with a natural generalization of existing theories of industry dynamics that …

Persistent link: https://www.econbiz.de/10010745219

Volatility and development

Koren, Miklos; Tenreyro, Silvana - London School of Economics (LSE) - 2005

Why is GDP growth so much more volatile in poor countries than in rich ones? We identify four possible reasons: (i) poor countries specialize in more volatile sectors; (ii) poor countries specialize in fewer sectors; (iii) poor countries experience more frequent and more severe aggregate shocks...

Persistent link: https://www.econbiz.de/10010744831

When foreign direct investment is good for development: Bulgaria’s accession, industrial restructuring and regional FDI

Bozhilova, Diana - London School of Economics (LSE) - 2010

major source of strategic regional investments in Bulgaria’s industry highlighting the significance of regional trade and …

Persistent link: https://www.econbiz.de/10010744962

Outsourcing and the rise in services

Berlingieri, Giuseppe - London School of Economics (LSE) - 2013

business services. This is an unusual industry as more than 90% of its output is an intermediate input to other firms, and it …

Persistent link: https://www.econbiz.de/10010744978

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