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Creditor-on-Creditor Violence and Secured Debt Dynamics

Antill, Samuel - 2024

matches recent empirical evidence. Introducing the recent creditor-conflict trend in this model endogenously increases secured …

Persistent link: https://www.econbiz.de/10015056182

Discouraging Rivals : Managerial Rent-Seeking and Economic Inefficiencies

Stiglitz, Joseph E. - 1992

We argue here for a broader view of the biases in managers' decisions: In general, managerial rent-seeking affects not only the level of investment, but also the form. Our basic hypothesis is simple: given the now well-established scope for managerial discretion, managers have an incentive to...

Persistent link: https://www.econbiz.de/10012474825

Measuring the Tolerance of the State : Theory and Application to Protest

Andirin, Veli; Neggers, Yusuf; Shadmehr, Mehdi; … - National Bureau of Economic Research - 2022

We develop a measure of a regime's tolerance for an action by its citizens. We ground our measure in an economic model and apply it to the setting of political protest. In the model, a regime anticipating a protest can take a costly action to repress it. We define the regime's tolerance as the...

Persistent link: https://www.econbiz.de/10013334386

Mistrust, Misperception, and Misunderstanding : Imperfect Information and Conflict Dynamics

Acemoglu, Daron; Wolitzky, Alexander - National Bureau of Economic Research - 2023

-degenerate higher-order beliefs) can lead to conflict and drive its dynamics. We develop our analysis in the context of three classic … learning about the opponent's type, as well as the possibility of conflict spirals, traps, and cycles; and a deterrence model …. We relate these models to the empirical literature and to current and historical episodes of conflict …

Persistent link: https://www.econbiz.de/10014372438

On the Governance of Corrupt Exchange : How Citizens and Officials Build Social Ties to Reduce Corruption's Transaction Costs

Lameke, Aimable Amani; Nkuku, Albert Malukisa; Sanchez … - National Bureau of Economic Research - 2023

This article provides evidence from the Congo that social relationships with state officials can decrease one social cost of corruption, in the context of public transport. We first document that police stops can lead to long bribe negotiations. In response, some drivers and officers have built...

Persistent link: https://www.econbiz.de/10014287387

Voting Choice

Malenko, Andrey; Malenko, Nadya - National Bureau of Economic Research - 2023

Traditionally, fund managers cast votes on behalf of investors whose capital they manage. Recently, this system has come under intense debate given the growing concentration of voting power among a few asset managers and disagreements over environmental and social issues. Major fund managers now...

Persistent link: https://www.econbiz.de/10014337868

The Voting Premium

Levit, Doron Y.; Malenko, Nadya; Maug, Ernst G. - National Bureau of Economic Research - 2023

This paper develops a unified theory of blockholder governance and the voting premium, in a setting without takeovers and controlling shareholders. A voting premium emerges when a minority blockholder tries to influence the composition of the shareholder base by accumulating votes and buying...

Persistent link: https://www.econbiz.de/10014437023

Information Flows, Organizational Structure, and Corporate Governance

Malenko, Nadya - National Bureau of Economic Research - 2023

This survey provides an overview of theoretical and empirical research on information flows in corporations. It highlights key frictions preventing effective information flows and discusses how organizational structure and corporate governance can alleviate these frictions, focusing on three...

Persistent link: https://www.econbiz.de/10014287310

A Shared Interest : Do Bonds Strengthen Equity Monitoring?

Gormley, Todd A.; Jha, Manish - National Bureau of Economic Research - 2024

Institutional investors conduct more governance research and are less likely to follow proxy advisor vote recommendations when a company's bonds comprise a larger share of their assets. These findings are driven by bond holdings, shareholder proposals, and companies where fixed-income managers...

Persistent link: https://www.econbiz.de/10014544807

Modeling Managers As EPS Maximizers

Ben-David, Itzhak; Chinco, Alexander M. - National Bureau of Economic Research - 2023

Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them, real-world firm managers consistently say that they are maximizing something else entirely: earnings per share (EPS). Perhaps this is a mistake. No matter. We take firm managers...

Persistent link: https://www.econbiz.de/10014250143

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