This paper works with a broad data sample of Czech voucher-privatized firms during 1996 - 1999. It analyzes the development of ownership structure and consequently its effect on a firm's performance Ownership concentration had been quite high in 1996 and steadily increased. The single largest...

We propose a computational model to study (the evolution of) post-secondary education. “Consumers” who differ in quality shop around for desirable colleges or universities. “Firms” that differ in quality signal the availability of their services to desirable students. As long as they...

We analyze the effect of ownership on post-privatization performance in a virtually complete population of medium and large firms privatized in a model large-scale privatization economy (Czech Republic). We find that concentrated foreign ownership improves economic performance, but domestic...

This paper provides an explanation as to why software manufacturers from developed countries tolerate widespread copyright infringement in less developed countries and often even offer local versions of their products. In a simple two-period framework, I show that if network externalities are...

We analyze the effects of different types and concentration of ownership on performance using a population of firms in a model transition economy after mass privatization. Specifications based on first-differences and unusual instrumental variables show that contrary to conventional wisdom, the...

This paper analyzes the effects of ownership structure on corporate environmental performance and examines the link between financial performance to environmental performance in a transition economy. In particular, it analyzes these ownership effects and this performance link using an unbalanced...

One of the arguments against the Fair Trade scheme is that the guaranteed minimum price tends to depress world prices and thus the incomes of non-participating farmers (e.g. The Economist, 2006). We develop a model that distinguishes between the impact of the introduction of a Fair Trade market...

An elimination tournament matches players pairwise and promotes the winners to a subsequent round where the procedure is repeated. In the presence of idiosyncratic noise the tournament turns into a probabilistic mechanism that reveals the ranking of players imperfectly. I assess theoretically...

Using cross-sectional analysis of corporate dividend policy we show that large shareholders extract rents from firms and expropriate minority shareholders in the weak corporate governance environment of an emerging economy. By comparing dividends paid across varying corporate ownership...

In this study we model how certification affects managers’ choice of the quality of the nonprofit organizations they run. We analyze a market with one representative charity, run by a manager with some preference for the provision of a charitable good, one donor, and a certification agency. We...