Caselli, Francesco; Gennaioli, Nicola - London School of Economics (LSE) - 2007
constraints on entry, but in addition it facilitates transfers of control of incumbent firms, from untalented to talented managers … deregulation, as it preserves incumbents’ rents, while at the same time allowing the less efficient among them to transfer control … supporting future deregulations. Generally speaking, our model suggests that “Coasian” reforms improving the scope of private …