Narrow search
Showing 1 - 10 of 653
Cover Image
Growth Effects of Non-Proprietary Innovation
Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2001
by a monopoly owned by the inventor. We show that philanthropy does not necessarily increase long-run growth and that it …
Persistent link: https://www.econbiz.de/10005662038
Cover Image
Defensive and Strategic Restructuring in Central European Enterprises
Grosfeld, Irena; Roland, Gérard - C.E.P.R. Discussion Papers - 1995
This paper interprets the existing evidence on enterprise restructuring in Poland, Hungary and the Czech Republic. Despite differences in restructuring policies, the pattern of observed restructuring appears similar in the three countries. Contrary to initial expectations, managers of SOEs have...
Persistent link: https://www.econbiz.de/10005662184
Cover Image
Corporate Governance
Tirole, Jean - C.E.P.R. Discussion Papers - 1999
The paper first develops an economic analysis of the concept of shareholder value, describes its approach and discusses some open questions. It emphasizes the relationship between pledgeable income, monitoring and control rights using a unifying and simple framework. The paper then provides a...
Persistent link: https://www.econbiz.de/10005666704
Cover Image
Does the Stock Market Harm Investment Incentives?
Asker, John; Farre-Mensa, Joan; Ljungqvist, Alexander P. - C.E.P.R. Discussion Papers - 2010
We examine whether stock market-listed firms in the U.S. invest suboptimally due to agency costs resulting from separation of ownership and control. We derive testable predictions to distinguish between underinvestment due to rational “short-termism” and overinvestment due to “empire...
Persistent link: https://www.econbiz.de/10008468621
Cover Image
Entrepreneurial Incentives in Stock Market Economies
Acharya, Viral V; Bisin, Alberto - C.E.P.R. Discussion Papers - 2002
A Capital Asset Pricing Model of a stock market economy is examined under different corporate governance structures in which the objectives of managers and entrepreneurs in choosing the risk composition of their firms' returns are not aligned with those of shareholders and investors because of...
Persistent link: https://www.econbiz.de/10005124325
Cover Image
Reallocation of Corporate Resources and Managerial Incentives in Internal Capital Markets
Brusco, Sandro; Panunzi, Fausto - C.E.P.R. Discussion Papers - 2000
One distinguishing feature of internal capital markets is their ability to reallocate funds in favour of the most profitable divisions (winner-picking). Yet, diversified firms often trade at a discount with respect to their focused counterparts. The literature has tried to explain the apparent...
Persistent link: https://www.econbiz.de/10005114477
Cover Image
The design and efficiency of loyalty rewards
Caminal, Ramon - C.E.P.R. Discussion Papers - 2009
The goal of this paper is to reexamine the optimal design and efficiency of loyalty rewards in markets for final consumption goods. While the literature has emphasized the role of loyalty rewards as endogenous switching costs (which distort the efficient allocation of consumers), in this paper I...
Persistent link: https://www.econbiz.de/10008458297
Cover Image
Too Many or Too Few Varieties? The Role of Multiproduct Firms
Caminal, Ramon - C.E.P.R. Discussion Papers - 2006
The goal of this paper is to examine the role of multiproduct firms in the market provision of product diversity. The analysis is conducted within the spatial model of nonlocalized competition proposed by Chen and Riordan (2006). It turns out that the effect of multiproduct firms on product...
Persistent link: https://www.econbiz.de/10005123835
Cover Image
Imperfect Tests and Natural Insurance Monopolies
Emons, Winand - C.E.P.R. Discussion Papers - 1997
imperfect tests to find out about buildings’ damage types. The insurance market is a natural monopoly. If more than one insurer …. First we show that the natural insurance monopoly need not be sustainable. Then we show that in the equilibrium industry … structure the incumbent may accommodate entry even when the natural monopoly is sustainable. The theoretical findings are thus …
Persistent link: https://www.econbiz.de/10005123854
Cover Image
Coordination and Lock-In: Competition with Switching Costs and Network Effects
Farrell, Joseph; Klemperer, Paul - C.E.P.R. Discussion Papers - 2006
, it later 'tips' to monopoly, after which entry is hard, often even too hard given incompatibility. And while switching …
Persistent link: https://www.econbiz.de/10005124423