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Carbon taxes, path dependency and directed technical change: evidence from the auto industry

Aghion, Philippe; Dechezlepretre, Antoine; Hemous, David; … - London School of Economics (LSE) - 2012

innovation distinguishing between “dirty” (internal combustion engine) and “clean” (e.g. electric and hybrid) patents across 80 … tax-inclusive fuel prices. Furthermore, there is path dependence in the type of innovation both from aggregate spillovers … and from the firm's own innovation history. Using our model we simulate the increases in carbon taxes needed to allow …

Persistent link: https://www.econbiz.de/10011071158

Say pays! Shareholder voice and firm performance

Cuñat, Vicente; Giné, Mireia; Guadalupe, Maria - London School of Economics (LSE) - 2013

This paper estimates the effects of Say-on-Pay (SoP); a policy that increases shareholder "voice" by providing shareholders with a regular vote on executive pay. We apply a regression discontinuity design to the votes on shareholder-sponsored SoP proposals. Adopting SoP leads to large increases...

Persistent link: https://www.econbiz.de/10011071266

How does product market competition shape incentive contracts?

Cuñat, Vicente; Guadalupe, Maria - London School of Economics (LSE) - 2005

This paper studies the effect of product market competition on the explicit compensation packages that firms offer to their CEOs, executives and workers. We use a large sample of both traded and non-traded UK firms and exploit a quasi-natural experiment associated to an increase in competition....

Persistent link: https://www.econbiz.de/10011071481

Technology, information and the decentralization of the firm

Acemoglu, Daron; Aghion, Philippe; Lelarge, Claire; Van … - London School of Economics (LSE) - 2006

This paper develops a framework to analyze the relationship between the diffusion of new technologies and the decentralization decisions of firms. Centralized control relies on the information of the principal, which we equate with publicly available information. Decentralized control, on the...

Persistent link: https://www.econbiz.de/10010884642

Innovation and institutional ownership

Aghion, Philippe; Van Reenen, John; Zingales, Luigi - London School of Economics (LSE) - 2009

We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite …, policy changes and disaggregating by type of owner we find that the effect of institutions on innovation does not appear to …

Persistent link: https://www.econbiz.de/10010745303