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Acharya, Viral V; Myers, Stewart C; Rajan, Raghuram G - C.E.P.R. Discussion Papers - 2009

We develop a model of internal governance where the self-serving actions of top management are limited by the potential reaction of subordinates. We find that internal governance can mitigate agency problems and ensure firms have substantial value, even without any external governance. Internal...

Persistent link: https://www.econbiz.de/10004980207

Managerial Power and Rent Extraction in the Design of Executive Compensation

Bebchuk, Lucian Arye; Fried, Jesse; Walker, David I - C.E.P.R. Discussion Papers - 2002

constraints that act on these processes, leave managers with considerable power to shape their own pay arrangements. Examining the …

Persistent link: https://www.econbiz.de/10005114260

Executive Compensation as an Agency Problem

Bebchuk, Lucian Arye; Fried, Jesse - C.E.P.R. Discussion Papers - 2003

instrument for addressing the agency problem between managers and shareholders but also as part of the agency problem itself … managers. As a result, managers wield substantial influence over their own pay arrangements, and they have an interest in … reducing the saliency of the amount of their pay and the extent to which that pay is de-coupled from managers’ performance. We …

Persistent link: https://www.econbiz.de/10005662270

Factor Saving Innovation

Boldrin, Michele; Levine, David - C.E.P.R. Discussion Papers - 2002

It has been argued that concave models exhibit less ‘endogeneity of growth’ than models with increasing returns to scale. Here we study a simple model of factor saving technological improvement in a concave framework. Capital can be used either to reproduce itself, or, at some additional...

Persistent link: https://www.econbiz.de/10005114155

Cutting out the Middleman: Crowdinvesting, Efficiency, and Inequality

Grüner, Hans Peter; Siemroth, Christoph - C.E.P.R. Discussion Papers - 2015

We show that direct investments by consumers without the use of financial intermediaries can efficiently allocate financial capital to firms seeking funding for production of a novel consumption good. In our setting, consumers are also investors, and their privately known consumption preferences...

Persistent link: https://www.econbiz.de/10011201361

Assortative Matching in a Non-transferable World

Legros, Patrick; Newman, Andrew - C.E.P.R. Discussion Papers - 2002

Progress in the application of matching models to environments in which the utility between matching partners is not fully transferable has been hindered by a lack of characterization results analogous to those that are known for transferable utility. We present sufficient conditions for...

Persistent link: https://www.econbiz.de/10005504313

Corporate Efficiency in Europe

Hanousek, Jan; Kocenda, Evzen; Shamshur, Anastasiya - C.E.P.R. Discussion Papers - 2015

Using a stochastic frontier model and a comprehensive dataset, we study factors that affect corporate efficiency in Europe. We find that (i) larger firms are less efficient than smaller firms, (ii) greater leverage contributes to corporate efficiency, and (iii) high competition is less...

Persistent link: https://www.econbiz.de/10011213309

Does access to credit improve productivity? Evidence from Bulgarian firms

Gatti, Roberta; Love, Inessa - C.E.P.R. Discussion Papers - 2008

Although it is widely accepted that financial development is associated with higher growth, the evidence on the channels through which credit affects growth at the microeconomic level is scant. Using data from a cross section of Bulgarian firms, we estimate the impact of access to credit, as...

Persistent link: https://www.econbiz.de/10005791591

Competition, Corporate Governance: Substitutes or Complements? Evidence from the Warsaw Stock Exchange

Grosfeld, Irena; Tressel, Thierry - C.E.P.R. Discussion Papers - 2001

In this Paper we analyse the impact of product market competition and ownership structure on corporate performance. We focus on the firms listed on the Warsaw Stock Exchange, which are either privatised or newly created firms. First, we study the separate effects of competition and ownership...

Persistent link: https://www.econbiz.de/10005661646

Access to Public Capital Markets and Employment Growth

Borisov, Alexander; Ellul, Andrew; Sevilir, Merih - C.E.P.R. Discussion Papers - 2015

This paper investigates the importance of accessing public capital markets through an initial public offering (IPO), and the consequent relaxation of firms’ financial constraints, for firm-level long term employment decisions. We find that firms significantly increase post-IPO investment in...

Persistent link: https://www.econbiz.de/10011249379

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