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Buying to sell : private equity buyouts and industrial restructuring

Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim - 2013

We show how temporary ownership by private equity firms affects industry structure, competition and welfare. Temporary ownership leads to strong investment incentives because equilibrium resale prices are determined by buyers incentives to block rivals from obtaining assets. These incentives...

Persistent link: https://www.econbiz.de/10009772935

CEO preferences and acquisitions

Jenter, Dirk; Lewellen, Katharina - 2011

This paper explores the impact of target CEOs' retirement preferences on the incidence, the pricing, and the outcomes of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone benefits of staying employed until the planned retirement...

Persistent link: https://www.econbiz.de/10009412377

Investor protection and foreign stakeholders

Giofré, Maela - 2010

Different investor classes are endowed with different rights, and conflicting interests among them can make protections afforded to one party detrimental to another. Indeed, we find that investor protection laws have sizeable "cross" effects on foreign portfolio investment and the direction of...

Persistent link: https://www.econbiz.de/10003979974

Stakeholder governance, competition and firm value

Allen, Franklin; Carletti, Elena; Marquez, Robert - 2014

In many countries, the legal system or social norms ensure that firms are stakeholder oriented. We analyze the … advantages and disadvantages of stakeholder-oriented firms that are concerned with employees and suppliers compared to … shareholder-oriented firms in a model of imperfect competition. Stakeholder firms are more (less) valuable than shareholder firms …

Persistent link: https://www.econbiz.de/10010249637

Regulating national firms in a common market

Biancini, Sara (contributor) - 2008

Persistent link: https://www.econbiz.de/10003635206

Contractual and organizational structure with reciprocal agents

Englmaier, Florian (contributor); … - 2008

Empirically, compensation systems generate substantial effort despite weak monetary incentives. We consider reciprocal motivations as a source of incentives. We solve for the optimal contract in the basic principal-agent problem and show that reciprocal motivations and explicit performance-based...

Persistent link: https://www.econbiz.de/10003763282

Acting autonomously or mimicking the state and peers? : a panel tobit analysis of financial dependence and aid allocation by Swiss NGOs

Dreher, Axel; Nunnenkamp, Peter; Öhler, Hannes; … - 2009

NGO aid is still widely believed to be superior to official aid (ODA). However, the incentives of NGOs to excel and target aid to the poor and deserving are increasingly disputed. We contribute to the emerging literature on the allocation of NGO aid by performing panel Tobit estimations for...

Persistent link: https://www.econbiz.de/10003832118

Market competition and lower tier incentives

Theilen, Bernd (contributor) - 2008

The relationship between competition and performance-related pay has been analyzed in single-principal-single-agent models. While this approach yields good predictions for managerial pay schemes, the predictions fail to apply for employees at lower tiers of a firm’s hierarchy. In this paper, a...

Persistent link: https://www.econbiz.de/10003790640

Social interaction, co-Worker altruism, and incentives

Dur, Robert A. J. (contributor); Sol, Joeri (contributor) - 2008

Social interaction with colleagues is an important job attribute for many workers. To attract and retain workers, managers therefore need to think about how to create and preserve high-quality co-worker relationships. This paper develops a principal-multi-agent model where agents do not only...

Persistent link: https://www.econbiz.de/10003791765

The quantity and quality of teachers : a dynamic trade-off

Gilpin, Gregory; Kaganovič, Michail I. - 2009

We study the dynamics of the quantity and quality of teachers in the framework of dynamic general equilibrium OLG model. The quantity and quality are jointly set by a government agency wishing to maximize the quality of basic education per student while being bound by teachers’ collective...

Persistent link: https://www.econbiz.de/10003806054

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