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What's Missing in Environmental (Self-)Monitoring : Evidence from Strategic Shutdowns of Pollution Monitors
Mu, Yingfei; Rubin, Edward; Zou, Eric - National Bureau of Economic Research - 2021
Regulators often rely on self-reported data to determine compliance. Tolerance for missingness in self-monitoring data may create incentives for local agents to strategically decide when (not) to monitor regulated activities. This paper builds a framework to detect whether local governments skip...
Persistent link: https://www.econbiz.de/10012510614
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Effective Regulation and Firm Compliance : The Case of German Privacy Policies
Gambato, Jacopo; Ganglmair, Bernhard; Krämer, Julia K. - National Bureau of Economic Research - 2024
context of data regulation. We focus on the effect of the introduction of the GDPR and its transparency principle on the …
Persistent link: https://www.econbiz.de/10015072855
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Explaining Preferences for Control Rights in Strategic Alliances : A Property Rights and Capabilities Perspective Approach
Häussler, Carolin - 2012
Increases in alliance activity between research-intensive firms and incumbents is puzzling since it is challenging to contract upon highly uncertain R&D activities. Our paper extends prior research by exploring the relationship between firm capabilities and preferences for control rights. This...
Persistent link: https://www.econbiz.de/10012460296
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The Limitations of Stock Market Efficiency : Price Informativeness and CEO Turnover
Gorton, Gary B. - 2009
Stock prices are more informative when the information has less social value. Speculators with limited resources making costly (private) information production decisions must decide to produce information about some firms and not others. We show that producing and trading on private information...
Persistent link: https://www.econbiz.de/10012463704
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A Lobbying Approach to Evaluating the Sarbanes-Oxley Act of 2002
Hochberg, Yael V. - 2007
We evaluate the net benefits of the Sarbanes-Oxley Act (SOX) for shareholders by studying the lobbying behavior of investors and corporate insiders to affect the final implemented rules under the Act. Investors lobbied overwhelmingly in favor of strict implementation of SOX, while corporate...
Persistent link: https://www.econbiz.de/10012465704
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A Framework for Assessing Corporate Governance Reform
Hermalin, Benjamin E. - 2006
In light of recent corporate scandals, numerous proposals have been introduced for reforming corporate governance. This paper provides a theoretical framework through which to evaluate these reforms. Unlike various ad hoc arguments, this framework recognizes that governance structures arise...
Persistent link: https://www.econbiz.de/10012466619
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Financial Expertise of Directors
Güner, A. Burak - 2006
The composition and functioning of corporate boards is at the core of the academic and policy debate on optimal corporate governance. But does board composition matter for corporate decisions? In this paper, we analyze the role of financial experts on boards. In a novel panel data set on board...
Persistent link: https://www.econbiz.de/10012466757
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Private Politics and Public Regulation
Egorov, Georgy - 2013
We develop a dynamic game to explore the interaction between regulation and private policies, such as self-regulation … by firms and activism. Without a public regulator, the possibility of self-regulation is bad for the firm, but good for … activists who are willing to maintain a costly boycott to raise the likelihood of self-regulation. Results are reversed when the …
Persistent link: https://www.econbiz.de/10012458926
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A Fundamental Enforcement Cost Advantage of the Negligence Rule over Regulation
Shavell, Steven - 2012
Regulation and the negligence rule are both designed to obtain compliance with desired standards of behavior, but they … differ in a primary respect: compliance with regulation is ordinarily assessed independently of the occurrence of harm … use of the negligence rule is triggered by harm, the rule enjoys an intrinsic enforcement cost advantage over regulation …
Persistent link: https://www.econbiz.de/10012460242
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The Cost of Regulatory Compliance in the United States
Trebbi, Francesco - National Bureau of Economic Research - 2022
We quantify firms' compliance costs of regulation from 2002 to 2014 in terms of their labor input expenditure to comply …
Persistent link: https://www.econbiz.de/10013462739