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Liquidity and Governance
Back, Kerry - 2013
Is greater trading liquidity good or bad for corporate governance? We address this question both theoretically and empirically. We solve a model consisting of an optimal IPO followed by a dynamic Kyle market in which the large investor's private information concerns her own plans for taking an...
Persistent link: https://www.econbiz.de/10013072575
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Sharing a Government
Ventura, Jaume - 2019
This paper develops a simple theoretical framework to study a set of regions, each with its own regional government, who share a union or central government. These governments must decide whether to implement or discard a large number of projects that produce local benefits for the region that...
Persistent link: https://www.econbiz.de/10012864805
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Efficient Recapitalization
Philippon, Thomas - 2009
We analyze government interventions to recapitalize a banking sector that restricts lending to firms because of debt overhang. We find that the efficient recapitalization program injects capital against preferred stock plus warrants and conditions implementation on sufficient bank participation....
Persistent link: https://www.econbiz.de/10013160157
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Contractibility and Asset Ownership : On-Board Computers and Governance in U.S. Trucking
Baker, George P.; Hubbard, Thomas N. - 2021
We investigate how the contractibility of actions affecting the value of an asset affects asset ownership. We examine this by testing how on-board computer (OBC) adoption affects truck ownership. We develop and test the proposition that adoption should lead to less ownership by drivers,...
Persistent link: https://www.econbiz.de/10013228614
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Individuals and Organizations as Sources of State Effectiveness
Best, Michael - 2017
How important are bureaucrats for the productivity of the state? And to what extent do the tradeoffs between different policies depend on the implementing bureaucrats' effectiveness? Using data on 16million public procurement purchases in Russia during 2011–2016, we show that over 40 percent...
Persistent link: https://www.econbiz.de/10012957383
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Fuzzy Frontiers of Production : Evidence of Persistent Inefficiency in Safety Expenditures
Ichniowski, Casey - 2021
This study documents a strong inverse relationship between accident rates and production in a sample of eleven firms in the same narrowly defined industry classification. Given the detailed set of input controls and controls for plant-specific and time-specific factors used in the analysis, the...
Persistent link: https://www.econbiz.de/10013236836
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The Impact of Plant-Level Resource Reallocations and Technical Progress on U.S. Macroeconomic Growth
Petrin, Amil - 2011
reallocations and plant-level technical efficiency changes while allowing in the estimation for 459 different production … than aggregate technical efficiency. Our estimates of the contribution of reallocation range from 1.7% to 2.1% per year …, while our estimates of the average contribution of aggregate technical efficiency growth range from 0.2% to 0.6% per year …
Persistent link: https://www.econbiz.de/10013131308
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The State of U.S. Corporate Governance : What's Right and What's Wrong?
Holmström, Bengt R. - 2009
The U.S. corporate governance system has recently been heavily criticized, largely as a result of failures at Enron, WorldCom, Tyco and some other prominent companies. Those failures and criticisms, in turn, have served as catalysts for legislative change (Sarbanes-Oxley Act of 2002) and...
Persistent link: https://www.econbiz.de/10012767754
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Private Benefits and Cross-Listings in the United States
Benos, Evangelos - 2014
In this paper, we review the literature on private benefits and cross-listings in the United States. We first discuss the alternative approaches used to measure private benefits. We survey recent evidence documenting cross-country differences in the levels of private benefits obtained by...
Persistent link: https://www.econbiz.de/10012752689
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Corporate Governance and the Plight of Minority Shareholders in the United States Before the Great Depression
Lamoreaux, Naomi R.; Rosenthal, Jean-Laurent - 2022
Legal records indicate that conflicts of interest -- that is, situations in which officers and directors were in a position to benefit themselves at the expense of minority shareholders -- were endemic to corporations in the late-nineteenth and early-twentieth century U.S. Yet investors...
Persistent link: https://www.econbiz.de/10013324108