Showing 1 - 10 of 131
Seminal theories of the firm posit that firm ownership is allocated to minimize contractual inefficiencies. Yet, it … remains unclear how much the optimal ownership choice affects firm performance in practice. This paper provides a first … quantification of the gains from optimal ownership within multinational firms, by exploiting a major liberalization of China's policy …
Persistent link: https://www.econbiz.de/10014312548
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, project...
Persistent link: https://www.econbiz.de/10010199746
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/10009570888
concentration (which accounts for overlapping ownership) leads to declines in employment, real wages, and the labor share. Moreover …, if the goal is to foster employment then (i) controlling common ownership and reducing concentration are complements and … pecuniary externality, an increase in common ownership can stimulate the economy when the elasticity of labor supply is high …
Persistent link: https://www.econbiz.de/10011891742
This paper examines how entrepreneurs and incumbents differ in R&D strategies. We show that entrepreneurs have incentives to choose projects with higher risk and a higher potential in order to reduce expected commercialization costs. However, entrepreneurs may still select too safe projects from...
Persistent link: https://www.econbiz.de/10011549385
asset-management industry has led to more pronounced common ownership concentration (CoOCo). Moreover, recent empirical …The question of whether and how partial common-ownership links between strategically interacting firms affect firm …
Persistent link: https://www.econbiz.de/10011800078
Within the policy debate, there is a fear that large incumbent firms buy small firms' inventions to ensure that they are not used in the market. We show that such "acquisitions for sleep" can occur if and only if the quality of a process invention is small; otherwise, the entry profit will be...
Persistent link: https://www.econbiz.de/10012162423
model with strategic interaction between managers and outside shareholders, we hypothesize that, while an increase in the … severe if firms have a more dispersed ownership structure. Empirically, using a large panel of European firm-level data, we …
Persistent link: https://www.econbiz.de/10010199748
shareholders. We find that if the controlling shareholder is the state, then the firm uses unspecified proceeds to stockpile cash …
Persistent link: https://www.econbiz.de/10010477889
When companies finance their investment via the international markets for stocks and bonds, relief from domestic personal taxes on dividends and capital gains will not reduce the cost of capital. Some authors have shown that even for small domestic companies whose shares are not traded...
Persistent link: https://www.econbiz.de/10010438475