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Coping with Shocks and Shifts : The Multilateral Trading System in Historical Perspective
Irwin, Douglas A. - 2013
shifts. By shocks we mean sudden jolts to the world economy in the form of financial crises and deep recessions, or wars and …
Persistent link: https://www.econbiz.de/10013092123
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A Competitive Theory of Monopoly Unionism
Lazear, Edward P. - 2021
This paper sets up a microeconomic theory of labor unions. It discusses their formation and goals, their hierarchical structure, and the nature of rent distribution. The theory provides predictions for the probability that an industry or occupation will be unionized, the proportion of that...
Persistent link: https://www.econbiz.de/10013229837
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How Did Increased Competition Affect Credit Ratings?
Becker, Bo - 2010
longstanding legislative and regulatory calls for increased competition. The material entry of a third rating agency (Fitch) to the … competitive landscape offers a unique experiment to empirically examine how in fact increased competition affects the credit … ratings market. Increased competition from Fitch coincides with lower quality ratings from the incumbents: rating levels went …
Persistent link: https://www.econbiz.de/10013137613
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Who Should Pay for Credit Ratings and How?
Kashyap, Anil K. - 2013
We analyze a model where investors use a credit rating to decide whether to finance a firm. The rating quality depends on unobservable effort exerted by a credit rating agency (CRA). We study optimal compensation schemes for the CRA when a planner, the firm, or investors order the rating. Rating...
Persistent link: https://www.econbiz.de/10013084208
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The Credit Rating Crisis
Benmelech, Efraim - 2010
Since June 2007, the creditworthiness of structured finance products has deteriorated rapidly. The number of downgrades in November 2007 alone exceeded 2,000 and many downgrades were severe, with 500 tranches downgraded more than 10 notches. Massive downgrades continued in 2008. More than 11,000...
Persistent link: https://www.econbiz.de/10013152566
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The End of Gatekeeping : Underwriters and the Quality of Sovereign Bond Markets, 1815-2007
Flandreau, Marc - 2010
long run. We focus on output, quality control, information provision, competition, pricing, charging, and signaling. We …
Persistent link: https://www.econbiz.de/10013152230
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Bailouts and the Preservation of Competition
Roberts, James W. - 2011
Governments rescue private companies partly to prevent other firms from gaining excessive market power. However, if failing firms exit, new entry may limit remaining firms' market power if there are potential entrants who can be as effective competitors as the firms leaving the market. We...
Persistent link: https://www.econbiz.de/10013131956
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Risky Investments with Limited Commitment
Cooley, Thomas F. - 2013
traditional partnership replaced by public companies. The organizational change has increased the competition for managerial … talent, which may have weakened the commitment between investors and managers. We show how increased competition and the …
Persistent link: https://www.econbiz.de/10013073564
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Breaking the Spell with Credit-Easing : Self-Confirming Credit Crises in Competitive Search Economies
Gaballo, Gaetano - 2016
only locally around equilibrium outcomes. Policy is needed because competition deters the socially optimal degree of …
Persistent link: https://www.econbiz.de/10012998414
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The Competitive Crash in Large-Scale Commercial Computing
Bresnahan, Timothy; Greenstein, Shane M. - 2021
We examine the factors underlying buyer demand for large Information Technology solutions in order to understand the competitive crash in large scale commercial computing. We examine individual buyer data from two periods. The first is in the mid 1980's, late in the period of a mature and stable...
Persistent link: https://www.econbiz.de/10013226926