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Privatization, Information and Incentives

Sappington, David E. M.; Stiglitz, Joseph E. - 2021

In this paper, the choice between public and private provision of goods and services is considered. In practice, both modes of operation involve significant delegation of authority, and thus appear quite similar in some respects. The argument here is that the main difference between the two mod-...

Persistent link: https://www.econbiz.de/10013220953

Economic Incentives to Retire : A Qualitative Choice Approach

Mitchell, Olivia S.; Fields, Gary - 2021

This paper addresses two questions:(1) Are older persons' retirement ages significantly affected by the opportunities for income from earnings,private pensions, and Social Security and for leisure at alternative retirement ages?; and (2) How large are the estimated responses? Our approach to...

Persistent link: https://www.econbiz.de/10013221109

Externalities, Incentives and Failure to Achieve National Objectives in Decentralized Economies

Aizenman, Joshua; Isard, Peter - 2021

tax revenues among a larger number of individual decision makers (e.g., provincial authorities or managers of state …

Persistent link: https://www.econbiz.de/10013222246

Retirement Incentives and Expectations

Chan, Sewin; Stevens, Ann Huff - 2021

This paper investigates the responsiveness of individuals' retirement expectations to forward-looking measures of pension wealth accumulations. While most of the existing literature on retirement has used cross-sectional variation to identify the effects of pension and Social Security wealth on...

Persistent link: https://www.econbiz.de/10013217591

Incentives and Wage Rigidity

Lazear, Edward P. - 2021

rigid than pay that is not designed to effect incentives. Some have gone so far as to argue that this may explain … differences in unemployment rates across countries. it is shown that there is no direct link between incentives and wage rigidity …. Many compensation schemes that provide incentives have the reverse effect: That is, they tend to make wages more rigid than …

Persistent link: https://www.econbiz.de/10013218839

The Real Costs of Disclosure

Edmans, Alex - 2014

This paper models the effect of disclosure on real investment. We show that, even if the act of disclosure is costless, a high-disclosure policy can be costly. Some information ("soft") cannot be disclosed. Increased disclosure of "hard" information augments absolute information and reduces the...

Persistent link: https://www.econbiz.de/10013062921

Corporate Governance and the Home Bias

Pinkowitz, Lee - 2012

In most countries, many of the largest corporations are controlled by large shareholders. We show that, under reasonable assumptions, this stylized fact implies that portfolio holdings of U.S. investors should exhibit a home bias in equilibrium. We construct an estimate of the world portfolio of...

Persistent link: https://www.econbiz.de/10012755951

Ownership Concentration and Strategic Supply Reduction

Doraszelski, Ulrich - 2017

We explore the implications of ownership concentration for the recently-concluded incentive auction that re-purposed spectrum from broadcast TV to mobile broadband usage in the U.S. We document significant multi-license ownership of TV stations. We show that in the reverse auction, in which TV...

Persistent link: https://www.econbiz.de/10012965439

Governance and Comovement Under Common Ownership

Edmans, Alex - 2014

underperforming firm as being motivated by a portfolio-wide liquidity shock. This reduces the manager's effort incentives and weakens …

Persistent link: https://www.econbiz.de/10013048056

Blockholder Identity, Equity Ownership Structures, and Hostile Takeovers

Kahl, Matthias - 2006

We determine firms' equity ownership structures and provide a theory of hostile takeovers by distinguishing the roles … institutional investors are run by professional managers and hence face agency conflicts. Because rich investors face no agency … problems they are better at monitoring managers. If their wealth is insufficient to control all corporations, then agency …

Persistent link: https://www.econbiz.de/10012783983