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The Organization of R&D in American Corporations: The Determinants and Consequences of Decentralization

Arora, Ashish; Belenzon, Sharon; Rios, Luis A. - National Bureau of Economic Research (NBER) - 2011

We study the relationship between decentralization of R&D, innovation and firm performance using a novel dataset on the …

Persistent link: https://www.econbiz.de/10009021944

Multinational Firms and the Structure of International Trade

Antras, Pol; Yeaple, Stephen Ross - National Bureau of Economic Research (NBER) - 2013

This article reviews the state of the international trade literature on multinational firms. This literature addresses three main questions. First, why do some firms operate in more than one country while others do not? Second, what determines in which countries production facilities are...

Persistent link: https://www.econbiz.de/10010969233

A Theory of the Firm based on Partner Displacement

Hellmann, Thomas; Thiele, Veikko - National Bureau of Economic Research (NBER) - 2012

We develop a new theory of the firm where asset owners sometimes want to change partners ex-post. The model identifies a fundamental trade-off between (i) a "displacement externality" under non-integration, where a partner leaves a relationship even though the benefit is worth less than the loss...

Persistent link: https://www.econbiz.de/10010950631

Third-Party Opportunism and the Nature of Public Contracts

spiller, pablo t.; Moszoro, Marian W. - National Bureau of Economic Research (NBER) - 2012

The lack of flexibility in public procurement design and implementation reflects public agents' political risk adaptation to limit hazards from opportunistic third parties - political opponents, competitors, interest groups - while externalizing the associated adaptation costs to the public at...

Persistent link: https://www.econbiz.de/10010950960

Sources of Firm Life-Cycle Dynamics: Differentiating Size vs. Age Effects

Kueng, Lorenz; Yang, Mu-Jeung; Hong, Bryan - National Bureau of Economic Research (NBER) - 2014

sheets and innovation, representative of the entire Canadian economy, we study recent theories that examine life … frictions, learning about demand, and recent endogenous growth models with incumbent innovation. We emphasize the importance of … empirical successes and shortcomings of current theory. First, models of organizational capital and innovation are broadly …

Persistent link: https://www.econbiz.de/10010951103

More is Less: Why Parties May Deliberately Write Incomplete Contracts

Halonen-Akatwijuka, Maija; Hart, Oliver D. - National Bureau of Economic Research (NBER) - 2013

Why are contracts incomplete? Transaction costs and bounded rationality cannot be a total explanation since states of the world are often describable, foreseeable, and yet are not mentioned in a contract. Asymmetric information theories also have limitations. We offer an explanation based on...

Persistent link: https://www.econbiz.de/10010951129

Corporate Governance and the Development of Manufacturing Enterprises in Nineteenth-Century Massachusetts

Hilt, Eric - National Bureau of Economic Research (NBER) - 2014

This paper analyzes the use of the corporate form among nineteenth-century manufacturing firms in Massachusetts, from newly collected data from 1875. An analysis of incorporation rates across industries reveals that corporations were formed at higher rates among industries in which firm size was...

Persistent link: https://www.econbiz.de/10011271419

Executive Pensions

Bebchuk, Lucian; Robert J. Jackson, Jr. - National Bureau of Economic Research (NBER) - 2005

Because public firms are not required to disclose the monetary value of pension plans in their executive pay disclosures, financial economists have generally analyzed executive pay using figures that do not include the value of such pension plans. This paper presents evidence that omitting the...

Persistent link: https://www.econbiz.de/10005079157

Subgame Perfect Implementation with Almost Perfect Information and the Hold-Up Problem

Fudenberg, Drew; Holden, Richard; Aghion, Philippe - National Bureau of Economic Research (NBER) - 2009

The foundations of incomplete contracts have been questioned using or extending the subgame perfect implementation approach of Moore and Repullo (1988). We consider the robustness of subgame perfect implementation to the introduction of small amounts of asymmetric information. We show that...

Persistent link: https://www.econbiz.de/10005079168

Contracts as Reference Points

Hart, Oliver D.; Moore, John - National Bureau of Economic Research (NBER) - 2006

We argue that a contract provides a reference point for a trading relationship: more precisely, for parties' feelings of entitlement. A party's ex post performance depends on whether he gets what he is entitled to relative to outcomes permitted by the contract. A party who is shortchanged shades...

Persistent link: https://www.econbiz.de/10005084493

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