Showing 1 - 10 of 24
We present a model of efficient contracting with endogenous matching and limited monitoring in which firms compete for CEOs. The model explains the association between limited monitoring and CEO pay practices such as pay-for-luck, high salaries, a low pay-performance sensitivity, and a more...
Persistent link: https://www.econbiz.de/10010746551
Many governance reform proposals are based on the view that boards have been too friendly to executives, for example, by awarding them excessive pay. Although boards are often on friendly terms with executives, it is less clear that they have systematically failed to function in the interests of...
Persistent link: https://www.econbiz.de/10011126080
This paper analyzes the interaction between legal shareholder protection, managerial incentives, and outside ownership concentration. Legal protection a¤ects both the expropriation of shareholders and the blockholder's incentives to monitor. Because of this latter e¤ect and its repercussion on...
Persistent link: https://www.econbiz.de/10011071555
stems from more intensive competition, manifested through external economies of scale and longer production runs. We finish …
Persistent link: https://www.econbiz.de/10010884525
This paper examines whether or not hospital competition in a market with fixed reimbursement prices can prompt … improved) for patients living in more competitive markets after the introduction of hospital competition in January 2006. Our … results suggest that hospital competition in markets with fixed prices can lead to improvements in clinical quality. …
Persistent link: https://www.econbiz.de/10010884675
integration emerges whether there is Cournot or Bertrand competition in the input market. The degree of integration in the …
Persistent link: https://www.econbiz.de/10010928628
This paper centres around the question of ownership of firms and managerial competition and how these affect managers … affected by both ownership and competition since both ownership structure and competition provide bargaining chips to employees … fierce market competition and no lock-in the allocation of ownership does not play a role (as one might expect), provided …
Persistent link: https://www.econbiz.de/10010928689
competition for matches may solve hold-up and coordination problems generated by the absence of complete contingent contracts. In … particular, this paper shows that when matching is assortative and sellers’ investments precede market competition then … coordination failures. Different types of efficiency arise when buyers undertake investment before market competition. These …
Persistent link: https://www.econbiz.de/10010928710
This paper presents a model of competition between operators on urban local bus routes in which passengers always board … predictions are consistent with observed features of the on-the-road competition on urban local bus routes. On express coach … competition in practice. …
Persistent link: https://www.econbiz.de/10010928764
competition is weak and/or when (b) family-owned firms pass management control down to the eldest sons (primo geniture). European … firms report lower levels of competition, while French and British firms also report substantially higher levels of primo … market competition and family firms account for about half of the long tail of badly managed firms and up to two thirds of …
Persistent link: https://www.econbiz.de/10010928804