not fired when performance deteriorates due to factors deemed explicitly to be beyond their control, nor are they fired …

constraints on entry, but in addition it facilitates transfers of control of incumbent firms, from untalented to talented managers … deregulation, as it preserves incumbents' rents, while at the same time allowing the less efficient among them to transfer control … supporting future deregulations. Generally speaking, our model suggests that 'Coasian' reforms improving the scope of private …

is an active market in share blocks giving rise to changes in control, but the gains are limited and accrue solely to the … pyramid structures can be used for control purposes. The static relation of ownership to control in Germany is therefore … holders of large blocks, not to minority investors. We provide evidence of low overall benefits from control changes and the …

the subsequent 100 years, and comparing the pattern of ownership and control with a sample incorporated around 1960. We …

frictions using a canonical investment model. We consider two channels by which frictions affect investment: (i) through …

restructuring, investors focus control on poorly performing companies. These results stand in contrast to the US, where there is …

This paper presents a rational expectations model of optimal executive compensation in a setting where managers are in …