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Financial structure, managerial compensation and monitoring
Cerasi, Vittoria; Daltung, Sonja - London School of Economics (LSE) - 2006
When a firm has external debt and monitoring by shareholders is essential, managerial bonuses are shown to be an optimal solution. A small managerial bonus linked to firm's performance not only reduces moral hazard between managers and shareholders, but also between creditors and monitoring...
Persistent link: https://www.econbiz.de/10010746076
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Interoperability and market foreclosure in the European Microsoft case
Kuhn, Kai Uwe; Van Reenen, John - London School of Economics (LSE) - 2008
incentives and (b) innovation effects of the proposed remedy. We discuss the economic basis for the Commission’s claims that … and argue that the effects on innovation are not unambiguously negative as Microsoft claim. We conclude with some general … implications of the case for anti-trust enforcement in high innovation sectors. …
Persistent link: https://www.econbiz.de/10010746007
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Carbon taxes, path dependency and directed technical change: evidence from the auto industry
Aghion, Philippe; Dechezlepretre, Antoine; Hemous, David; … - London School of Economics (LSE) - 2012
innovation distinguishing between “dirty” (internal combustion engine) and “clean” (e.g. electric and hybrid) patents across 80 … tax-inclusive fuel prices. Furthermore, there is path dependence in the type of innovation both from aggregate spillovers … and from the firm's own innovation history. Using our model we simulate the increases in carbon taxes needed to allow …
Persistent link: https://www.econbiz.de/10011071158
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Product choice and product switching
Bernard, Andrew B.; Redding, Stephen; Schott, Peter K. - London School of Economics (LSE) - 2003
This paper develops a model of endogenous product selection by firms. The theory is motivated by new evidence we present on the importance of product switching by U.S. manufacturers. Two-thirds of continuing firms change their product mix every five years, and product switches involve more than...
Persistent link: https://www.econbiz.de/10010884551
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Multinationals and US productivity leadership: evidence from Great Britain
Criscuolo, Chiara; Martin, Ralf - London School of Economics (LSE) - 2005
We study the productivity of US owned plants in the UK. Using a new dataset that identifies foreign and domestic MNEs, we find that UK MNEs are less productive than US affiliates, but as productive as non US foreign affiliates. We investigate the source of the US and MNE advantage. We find...
Persistent link: https://www.econbiz.de/10010884622
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Multiple-product firms and product switching
Bernard, Andrew B.; Redding, Stephen; Schott, Peter K. - London School of Economics (LSE) - 2010
This paper examines the frequency, pervasiveness, and determinants of product switching by US manufacturing firms. We find that one-half of firms alter their mix of five-digit SIC products every five years, that product switching is correlated with both firm- and firm-product attributes, and...
Persistent link: https://www.econbiz.de/10010745219
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Multi-product firms and product switching
Bernard, Andrew B.; Redding, Stephen; Schott, Peter.K - London School of Economics (LSE) - 2006
This paper examines the frequency, pervasiveness and determinants of product switching among U.S. manufacturing firms. We find that two-thirds of firms alter their mix of five-digit SIC products every five years, that one-third of the increase in real U.S. manufacturing shipments between 1972...
Persistent link: https://www.econbiz.de/10010745234
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Foreign Ownership and Productivity: New Evidence from the Service Sector and the R&D Lab
Griffith, Rachel; Redding, Stephen; Simpson, Helen - London School of Economics (LSE) - 2004
This paper examines the relationship between foreign ownership and productivity, paying particular attention to two issues neglected in the existing literature – the role of multinationals in service sectors and the importance of R&D activity conducted by foreign multinationals. We review...
Persistent link: https://www.econbiz.de/10010745694
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Products and productivity
Bernard, Andrew B.; Redding, Stephen; Schott, Peter K. - London School of Economics (LSE) - 2005
Firms' decisions about which goods to produce are often made at a more disaggregate level than the data observed by empirical researchers. When products differ according to production technique or the way in which they enter demand, this data aggregation problem introduces a bias into standard...
Persistent link: https://www.econbiz.de/10010745843
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What is 'firm heterogeneity' in trade models? The role of quality, scope, markups and cost
Hottman, Colin; Redding, Stephen; Weinstein, David E. - London School of Economics (LSE) - 2014
We estimate a structural model of heterogeneous multiproduct firms to examine the sources of firm heterogeneity emphasized in the recent trade and macro literatures. Using Nielsen barcode data on prices and sales, we estimate elasticities of substitution within and between firms, and use the...
Persistent link: https://www.econbiz.de/10011125980