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Non-Monetary Exchange Within Firms and Industry

Prendergast, Canice - 1996

This paper considers why non-monetary means of exchange, such as barter and the reciprocation of favors, are chosen by firms despite the usual benefits of monetary transactions. We consider the chosen means of exchange when both monetary and non-monetary exchange mechanisms are available. We...

Persistent link: https://www.econbiz.de/10012473069

Lags, Costs, and Shocks : An Equilibrium Model of the Oil Industry

Bornstein, Gideon - 2017

We use a new micro data set to estimate a stochastic industry-equilibrium model of the oil industry. This effort is a first step towards studying the importance of ongoing structural changes in the oil market in a general-equilibrium model of the world economy. We analyze the impact of the...

Persistent link: https://www.econbiz.de/10012455258

Modeling Managers As EPS Maximizers

Ben-David, Itzhak; Chinco, Alexander M. - National Bureau of Economic Research - 2023

Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them, real-world firm managers consistently say that they are maximizing something else entirely: earnings per share (EPS). Perhaps this is a mistake. No matter. We take firm managers...

Persistent link: https://www.econbiz.de/10014250143

The Big Three and Board Gender Diversity : The Effectiveness of Shareholder Voice

Gormley, Todd A.; Gupta, Vishal K.; Matsa, David A.; … - National Bureau of Economic Research - 2022

In 2017, "The Big Three" institutional investors launched campaigns to increase gender diversity on corporate boards. We estimate that their campaigns led American corporations to add at least 2.5 times as many female directors in 2019 as they had in 2016. Firms increased diversity by...

Persistent link: https://www.econbiz.de/10013462705

Voting on Public Goods : Citizens vs. Shareholders

Döttling, Robin; Levit, Doron Y.; Malenko, Nadya; … - National Bureau of Economic Research - 2024

We study the interplay between a "one person-one vote" political system and a "one share-one vote" corporate governance regime. The political system sets Pigouvian subsidies, while corporate governance determines firm-specific public good investments. Our analysis highlights a two-way feedback...

Persistent link: https://www.econbiz.de/10014576634

Federalism and Takeover Law : The Race to Protect Managers from Takeovers

Bebchuk, Lucian Arye - 2000

state takeover law, we argue, is consistent with our theory. States have adopted antitakeover statutes that have little … competition cannot reconcile their views with the evolution of state takeover law---and should therefore reconsider their …

Persistent link: https://www.econbiz.de/10012471028

Institutions, Restructuring, and Macroeconomic Performance

Caballero, Ricardo J. - 2000

A growing body of new research has emphasized the macroeconomic consequences of transactional impediments in factor markets, and their role in the recurrent restructuring requirements of modern economies. We first review the function institutional arrangements play in facilitating transactions...

Persistent link: https://www.econbiz.de/10012471041

Blockholder Identity, Equity Ownership Structures, and Hostile Takeovers

Gorton, Gary - 1999

-cost free' capital is scarce. We investigate the allocation of this scarce resource. A hostile takeover is the consequence of a … investors. Even though all firms are ex ante identical, some may rely on the takeover mechanism while others rely on permanent …

Persistent link: https://www.econbiz.de/10012471671

Executive Compensation and Incentives : The Impact of Takeover Legislation

Bertrand, Marianne - 1998

We investigate the impact of changes in states' anti-takeover legislation on executive compensation. We find both pay … which reduced takeover fears allow CEO's to skim more. We compute lower bounds on the relative risk aversion coefficients … increased pay for performance offsets some of the incentive reduction caused by lower takeover threats …

Persistent link: https://www.econbiz.de/10012471981

Is There Discretion in Wage Setting? A Test Using Takeover Legislation

Bertrand, Marianne - 1998

paper, we use states' passage of anti-takeover legislation as a source of such independent variation. Passed in the 1980's …

Persistent link: https://www.econbiz.de/10012472006