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The Great Pyramids of America: A Revised History of US Business Groups, Corporate Ownership and Regulation, 1930-1950

Kandel, Eugene; Morck, Randall; Kosenko, Konstantin; … - National Bureau of Economic Research (NBER) - 2013

Most listed firms are freestanding in the U.S, while listed firms in other countries often belong to business groups: lasting structures in which listed firms control other listed firms. Hand-collected historical data illuminate how the present ownership structure of the United States arose: (1)...

Persistent link: https://www.econbiz.de/10011234895

Does Linking Worker Pay to Firm Performance Help the Best Firms Do Even Better?

Freeman, Richard B.; Kruse, Douglas L.; Blasi, Joseph R. - National Bureau of Economic Research (NBER) - 2012

This paper analyzes the linkages among group incentive methods of compensation, labor practices, worker assessments of workplace culture, turnover, and firm performance in a non-representative sample of companies: firms that applied to the "100 Best Companies to Work For in America" competition...

Persistent link: https://www.econbiz.de/10009397142

Agency Problems and the Fate of Capitalism

Morck, Randall; Yeung, Bernard - National Bureau of Economic Research (NBER) - 2010

the mitigation of this internal contradiction in capitalism. Firms need charters, regulations and laws to restrain those …

Persistent link: https://www.econbiz.de/10008684855

The Cambridge History of "Capitalism"

Temin, Peter - National Bureau of Economic Research (NBER) - 2014

This review essay of the two-volume Cambridge History of Capitalism (2014), edited by Larry Neal and Jeffrey G … criticize the definition of capitalism used in these volumes as too expansive to be useful. I argue that this definition mars … the essays in first volume by stimulating a fruitless search for capitalism in the millennium before the Industrial …

Persistent link: https://www.econbiz.de/10010960432

Business Groups and the Big Push: Meiji Japan's Mass Privatization and Subsequent Growth

Morck, Randall; Nakamura, Masao - National Bureau of Economic Research (NBER) - 2007

Rosenstein-Rodan (1943) and others posit that rapid development requires a 'big push' -- the coordinated rapid growth of diverse complementary industries, and suggests a role for government in providing such coordination. We argue that Japan's zaibatsu, or pyramidal business groups, provided...

Persistent link: https://www.econbiz.de/10005579952

Propping and Tunneling

Johnson, Simon; Friedman, Eric; Mitton, Todd - National Bureau of Economic Research (NBER) - 2003

In countries with weak legal systems, there is a great deal of tunnelling by the entrepreneurs who control publicly traded firms. However, under some conditions entrepreneurs prop up their firms, i.e., they use their private funds to benefit minority shareholders. We provide evidence and a model...

Persistent link: https://www.econbiz.de/10005723018

Financing Constraints and Entrepreneurship

Kerr, William; Nanda, Ramana - National Bureau of Economic Research (NBER) - 2009

Financing constraints are one of the biggest concerns impacting potential entrepreneurs around the world. Given the important role that entrepreneurship is believed to play in the process of economic growth, alleviating financing constraints for would-be entrepreneurs is also an important goal...

Persistent link: https://www.econbiz.de/10008615799

Labor Regulations and European Private Equity

Bozkaya, Ant; Kerr, William R. - National Bureau of Economic Research (NBER) - 2009

European nations substitute between employment protection regulations and labor market expenditures (e.g., unemployment insurance benefits) for providing worker insurance. Employment regulations more directly tax firms making frequent labor adjustments than other labor insurance mechanisms....

Persistent link: https://www.econbiz.de/10008624615

The Consequences of Entrepreneurial Finance: A Regression Discontinuity Analysis

Lerner, Josh; Schoar, Antoinette; Kerr, William R. - National Bureau of Economic Research (NBER) - 2010

This paper documents the role of angel funding for the growth, survival, and access to follow-on funding of high-growth start-up firms. We use a regression discontinuity approach to control for unobserved heterogeneity between firms that obtain funding and those that do not. This technique...

Persistent link: https://www.econbiz.de/10008628350

The Circulation of Ideas in Firms and Markets

Hellmann, Thomas; Perotti, Enrico - National Bureau of Economic Research (NBER) - 2011

Novel early stage ideas face uncertainty on the expertise needed to elaborate them, which creates a need to circulate them widely to find a match. Yet as information is not excludable, shared ideas may be stolen, reducing incentives to innovate. Still, in idea-rich environments inventors may...

Persistent link: https://www.econbiz.de/10008919712