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All in the family or public? : law and appropriative costs as determinants of ownership structure

Castillo C., Ramón; Skaperdas, Stergios - 2003

We examine how the legal protection of outside shareholders and the appropriative costs that they induce influence the incentives for private firms to go public. A higher degree of protection of shareholders can increase the appropriative costs associated with the conflict between managers and...

Persistent link: https://www.econbiz.de/10011507775

Stock market returns, corporate governance and capital market equilibrium

Parigi, Bruno; Pelizzon, Loriana; Thadden, Ernst-Ludwig von - 2013

This paper proposes a theoretical model that incorporates corporate governance into the basic CAPM, where corporate governance affects the disutility of managerial effort and the possibility of managers to divert company resources. It shows that corporate governance affects firms’ stock...

Persistent link: https://www.econbiz.de/10010212666

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

Modelling profitability of private equity : a fractional integration approach

Caporale, Guglielmo Maria; Gil-Alaña, Luis A.; … - 2022

This paper analyses the stochastic behaviour of Private Equity returns (a measure of profitability) applying fractional integration methods to an extensive dataset including quarterly data spanning the last four decades for various geographical areas (US, Europe, Asia/Pacific, the Rest of the...

Persistent link: https://www.econbiz.de/10013285647

Acquisition for sleep

Norbäck, Pehr-Johan; Olofsson, Charlotta; Persson, Lars - 2020

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

Cross-ownership, R&D spillovers, and antitrust policy

López, Angel L.; Vives, Xavier - 2016

demand and of the innovation function, and with the extent of spillover effects. In terms of consumer surplus standard, the …

Persistent link: https://www.econbiz.de/10011482905

The extension of clusters : difference-in-differences evidence from the Bavarian state-wide cluster policy

Falck, Oliver (contributor); Heblich, Stephan (contributor); … - 2008

Bavarian State Government. The purpose of the initiative was to create a Bavarian-wide innovation network in support of state … the likelihood of innovation by a firm in the targeted industry by 4 to 7 percentage points. However, this effect is …

Persistent link: https://www.econbiz.de/10003790767

Environmental policy design and the fragmentation of international markets for innovation

Johnstone, Nick; Hascic, Ivan - 2009

environmentally-related taxes and tradable permits is likely to lead to greater technological innovation than more direct forms of … aspects of product and labour market regulation which have implications for technological innovation, such as product and … workplace safety. -- environmental policy ; market fragmentation ; innovation : technology transfer …

Persistent link: https://www.econbiz.de/10003850134

The contribution of pharmaceutical innovation to longevity growth in Germany and France

Lichtenberg, Frank R. - 2010

I investigate the contribution of pharmaceutical innovation to recent longevity growth in Germany and France. First, I …-2006. The estimates imply that chemotherapy innovation accounted for at least one-sixth of the decline in French cancer …

Persistent link: https://www.econbiz.de/10003977959

Heavyweights - the impact of large businesses on productivity growth

Falck, Oliver (contributor) - 2007

Persistent link: https://www.econbiz.de/10003623797

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