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Bankers and bank investors: Reconsidering the economies of scale in banking

Anderson, Ronald W.; Jõeveer, Karin - C.E.P.R. Discussion Papers - 2012

We study economies of scale in banking by viewing banks as combinations of financial and human capital that create rents which accrue to investors and bankers. Applying this approach to annual data of US bank holding companies since 1990, we find much stronger evidence of economies of scale in...

Persistent link: https://www.econbiz.de/10011083300

Agency, Firm Growth and Managerial Turnover

Anderson, Ronald W.; Bustamante, Maria Cecilia; … - C.E.P.R. Discussion Papers - 2012

We study managerial incentive provision under moral hazard in a firm subject to stochastic growth opportunities. In our model, managers are dismissed after poor performance, but also when an alternative manager is more capable of growing the firm. The optimal contract may involve managerial...

Persistent link: https://www.econbiz.de/10011083381

Delegation and Dynamic Incentives

Shin, Dongsoo; Strausz, Roland - C.E.P.R. Discussion Papers - 2014

Using an agency model, we show how delegation, by generating additional private information, improves dynamic …

Persistent link: https://www.econbiz.de/10011083436

The Dynamics of Investment, Payout and Debt

Lambrecht, Bart; Myers, Stewart C - C.E.P.R. Discussion Papers - 2014

We present a dynamic agency model of investment, borrowing and payout decisions by a mature corporation operating in …. Managers do not rebalance capital structure, so shocks to debt levels persist. Managers implement precautionary savings by … agency models and from dynamic models based on financing frictions. …

Persistent link: https://www.econbiz.de/10011083994

Agency Costs, Firm Behaviour and the Nature of Competition

Aghion, Philippe; Dewatripont, Mathias; Rey, Patrick - C.E.P.R. Discussion Papers - 1999

This paper develops an agency model in which firms can influence their own incentives to provide a non …

Persistent link: https://www.econbiz.de/10005067540

The delegated Lucas tree

Kaniel, Ron; Kondor, Péter - C.E.P.R. Discussion Papers - 2011

We analyze the effects of the observed increased share of delegated capital for trading strategies and equilibrium prices by introducing delegation into a standard Lucas exchange economy. In equilibrium, some investors trade on their own account, but others decide to delegate trading to...

Persistent link: https://www.econbiz.de/10009322979

Aid and Trade

Suwa Eisenmann, Akiko; Verdier, Thierry - C.E.P.R. Discussion Papers - 2007

The paper surveys the interactions between aid and trade, distinguishing between policies and outcomes as well as between various instruments. It first discusses the theoretical literature, focusing on the causal impact of aid on the recipient’s welfare via the trade channel, before turning to...

Persistent link: https://www.econbiz.de/10005504233

Using Randomization in Development Economics Research: A Toolkit

Duflo, Esther; Glennerster, Rachel; Kremer, Michael - C.E.P.R. Discussion Papers - 2007

, including the necessary use of theory as a guide when designing evaluations and interpreting results. …

Persistent link: https://www.econbiz.de/10005504356

Unemployment, Investment and Sectoral Reallocation

Chadha, Bankim; Coricelli, Fabrizio - C.E.P.R. Discussion Papers - 1995

This paper presents a model of development of an economy comprised of a rural-agricultural sector and an urban … capital stock is high enough, there is a unique path by which it will develop. Between these two extremes is a region of …

Persistent link: https://www.econbiz.de/10005504722

The Economic Lives of the Poor

Banerjee, Abhijit; Duflo, Esther - C.E.P.R. Discussion Papers - 2006

This paper uses survey data from 13 countries to document the economic lives of the poor (those living on less than $2 dollar per day per capita at purchasing power parity) or the extremely poor (those living on less than $1 dollar per day). We describe their patterns of consumption and income...

Persistent link: https://www.econbiz.de/10005497941