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Team Production in Competitive Labor Markets with Adverse Selection
Siemens, Ferdinand von; Kosfeld, Michael - CESifo - 2014
therefore on their colleagues’ productivity. We study the effects of such externalities in a competitive labor market if workers …
Persistent link: https://www.econbiz.de/10010743453
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The Commitment Role of Equity Financing
Fahn, Matthias - 2014
Existing theories of a firm's optimal capital structure seem to fail in explaining why many healthy and profitable firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and the bankruptcy risk low. This holds in particular for...
Persistent link: https://www.econbiz.de/10013051377
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The Commitment Role of Equity Financing
Fahn, Matthias; Merlo, Valeria; Wamser, Georg - CESifo - 2014
Existing theories of a firm’s optimal capital structure seem to fail in explaining why many healthy and profitable firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and the bankruptcy risk low. This holds in particular for...
Persistent link: https://www.econbiz.de/10010877665
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Common Ownership, Competition, and Top Management Incentives
Anton, Miguel - 2020
When one firm's strategy affects other firms' value, optimal executive incentives depend on whether shareholders have interests in only one or in multiple firms. Performance-sensitive contracts induce managerial effort to reduce costs, and lower costs induce higher output. Hence, greater...
Persistent link: https://www.econbiz.de/10012854854
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Stakeholder Governance, Competition and Firm Value
Allen, Franklin - 2014
shareholder-oriented firms in a model of imperfect competition. Stakeholder firms are more (less) valuable than shareholder firms …
Persistent link: https://www.econbiz.de/10013057260
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Market Competition or Family Ties : Which Prevails on Italian CEOs Pay?
Graziano, Clara - 2015
The paper analyzes the interplay of product market competition and governance on CEO compensation in Italian listed … market competition eventually prevails over family ties even in a family-controlled governance system such as in Italy … factors: family ownership and source of the competitive pressure. A novel aspect of our paper is that we rely on two …
Persistent link: https://www.econbiz.de/10013020525
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Private Protection Against Crime When Property Value is Private Information
Baumann, Florian; Friehe, Tim - 2021
This paper analyzes private precautions against crime when the value of the property to be protected is private information. Within a framework in which potential criminals can choose between various crime opportunities, we establish that decentralized decision-making by potential victims may...
Persistent link: https://www.econbiz.de/10013315885
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Creative Destruction and Productive Preemption
Norbäck, Pehr-Johan; Persson, Lars; Svensson, Roger - CESifo - 2013
more likely to be sold (or licensed) to an incumbent due to strategic product market effects on the sales price. Such … find evidence that high-quality inventions are sold under preemptive bidding competition. Asymmetric information problems …
Persistent link: https://www.econbiz.de/10010877893
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Information Transmission and Ownership Consolidation in Aid Programs
Dreher, Axel; Marchesi, Silvia - CESifo - 2013
This paper explores the role of information transmission in explaining donors’ choice between project aid and budget support. Budget support increases the involvement of recipient governments in the decision-making process and can thus be an example of a “delegation-scheme.” Conversely,...
Persistent link: https://www.econbiz.de/10010701088
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What Drives Home Market Advantage?
Cosar, Kerem - 2015
In the automobile industry, as in many tradable goods markets, firms earn their highest market share within their … domestic market. This home market advantage persists despite substantial integration of international markets during the past … several decades. The goal of this paper is to quantify the supply- and demand-driven sources of the home market advantage and …
Persistent link: https://www.econbiz.de/10013012565