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Is There Discretion in Wage Setting? a Test Using Takeover Legislation
Bertrand, Marianne - 2010
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/10013137228
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A New Approach to Takeover Law and Regulatory Competition
Bebchuk, Lucian A. - 2001
The development of U.S. state takeover law in the past three decades has produced considerable and quite possibly … excessive protection for incumbent managers from hostile takeovers. Although the shortcomings of state takeover law have been … produce even worse takeover arrangements. This paper puts forward a novel form of federal intervention in the regulation of …
Persistent link: https://www.econbiz.de/10012787801
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Executive Compensation and Incentives : the Impact of Takeover Legislation
Bertrand, Marianne - 2010
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/10012763822
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Competition Laws and Corporate Innovation
Levine, Ross; Lin, Chen; Wei, Lai; Xie, Wensi - 2022
A central debate in economics concerns the relationship between competition and innovation, with some stressing that competition discourages innovation by reducing post-innovation rents and others emphasizing that more contestable markets spur currently dominant and other firms to invest more in...
Persistent link: https://www.econbiz.de/10014258819
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Evidence of Regulatory Arbitrage in Cross-Border Mergers of Banks in the EU
Carbo-Valverde, Santiago - 2010
Banks are in the business of taking calculated risks. Expanding the geographic footprint of an organization's profit-making activities changes the geographic pattern of its exposure to loss in ways that are hard for regulators and supervisors to observe. This paper tests and confirms the...
Persistent link: https://www.econbiz.de/10013150440
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Institutions, Restructuring, and Macroeconomic Performance
Caballero, Ricardo J.; Hammour, Mohamad L. - 2021
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/10013248541
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The International Market for Corporate Control
Chari, Anusha - 2022
This paper documents a set of stylized facts about recent trends in cross-border M&A (CBMA) activity around the world. The facts focus on key features of CBMA such as (i) the magnitude; (ii) how it varies across industries and locations; (iii) how it compares to levels of greenfield FDI over time;...
Persistent link: https://www.econbiz.de/10013322226
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How to Get Away with Merger : Stealth Consolidation and its Effects on Us Healthcare
Wollmann, Thomas - 2022
Only large mergers must be reported to the US government, so many anticompetitive deals may effectively avoid antitrust scrutiny. This paper uses data from the dialysis industry to show that premerger notifications are essential to antitrust enforcement and that ensuing enforcement actions...
Persistent link: https://www.econbiz.de/10013309219
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Freedom to Trade and the Competitive Process
Edlin, Aaron S. - 2011
Although antitrust courts sometimes stress the competitive process, they have not deeply explored what that process is. Inspired by the theory of the core, we explore the idea that the competitive process is the process of sellers and buyers forming improving coalitions. Much of antitrust can be...
Persistent link: https://www.econbiz.de/10013129134
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Leveraging Monopoly Power by Degrading Interoperability : Theory and Evidence from Computer Markets
Genakos, Christos - 2011
When will a monopolist have incentives to foreclose a complementary market by degrading compatibility/interoperability of his products with those of rivals? We develop a framework where leveraging extracts more rents from the monopoly market by "restoring" second degree price discrimination. In...
Persistent link: https://www.econbiz.de/10013122878