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tougher competition does indeed raise productivity and one of the main mechanisms is through improving management practices … the economics of competition and management, arguing that management should be seen at least in part as a transferable … technology. A range of recent econometric studies suggest that (i) competition increases management quality and (ii) improved …
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In this paper, we discuss the agricultural trade between Brazil and China. We select a set of key commodities and debate whether there are obstacles or opportunities to increase trade between the two economies. Following an institutional and historical analysis, we provide a statistical...
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The agriculture sector in Indonesia has played a significant role in poverty reduction and economic transformation. However, challenges remain in improving agricultural productivity and farmers' incomes to eradicate extreme poverty and ensure food security. The agriculture sector accounts for...
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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...
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The corporate finance literature documents that managers tend to over-invest in their companies. A number of theoretical contributions have aimed at explaining this stylized fact, most of them focusing on a fundamental agency problem between shareholders and managers. The present paper shows...
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