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data from New York City, which assigns accountability grades to schools based on student achievement, I perform a … find that a lower accountability grade decreases teacher turnover and increases joining teachers' quality. A likely channel … is that accountability pressures induce increases in principal effort at lower-graded schools, especially among high …
Persistent link: https://www.econbiz.de/10012453062
transparency in fiscal transfer systems can increase accountability and reduce corruption in the implementation of a workfare …
Persistent link: https://www.econbiz.de/10012455877
more accountable than others. The relationship between elite identity and political accountability is complex and non … the British Crown. Consistent with the theory, we find evidence linking this to rising accountability of the islands …
Persistent link: https://www.econbiz.de/10012455903
In this paper I argue that corporate finance theory, empirical research, practical applications, and policy recommendations are deeply rooted in an underlying theory of the firm. I also argue that while the existing theories have delivered very important and useful insights, they seem to be...
Persistent link: https://www.econbiz.de/10012471055
We investigate how the contractibility of actions affecting the value of an asset affects asset ownership. We examine this by testing how on-board computer (OBC) adoption affects truck ownership. We develop and test the proposition that adoption should lead to less ownership by drivers,...
Persistent link: https://www.econbiz.de/10012471133
Both managerial ownership and performance are endogenously determined by exogenous (and only partly observed) changes in the firm's contracting environment. We extend the cross-sectional results of Demsetz and Lehn (1985) and use panel data to show that managerial ownership is explained by key...
Persistent link: https://www.econbiz.de/10012471259
Recent research has documented large differences between countries in ownership concentration in publicly traded firms, in the breadth and depth of capital markets, in dividend policies, and in the access of firms to external finance. We suggest that there is a common element to the explanations...
Persistent link: https://www.econbiz.de/10012471353
We present a model of the effects of legal protection of minority shareholders and of cash flow ownership by a controlling shareholder on the valuation of firms. We then test this model using a sample of 371 large firms from 27 wealthy economies. Consistent with the model, we find evidence of...
Persistent link: https://www.econbiz.de/10012471382
This paper investigates what factors determine whether a commercial banker is on the board of a non-financial firm. We consider the tradeoff between the benefits of direct bank monitoring to the firm and the costs of active bank involvement in firm management. Given the different payoff...
Persistent link: https://www.econbiz.de/10012471465
This paper develops a rent-protection theory of corporate ownership structure - and in particular, of the choice between concentrated and dispersed ownership of corporate shares and votes. The paper analyzes the decision of a company's initial owner whether to maintain a lock on control when the...
Persistent link: https://www.econbiz.de/10012471585