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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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Testing for Ownership Mix Efficiency : The Case of the Nursing Home Industry
Santerre, Rexford E.; Vernon, John A. - 2022
This paper offers an empirical test of ownership mix efficiency in the U.S. nursing home industry. We test to compare …
Persistent link: https://www.econbiz.de/10013321618
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Is There a Diversification Discount in Financial Conglomerates?
Laeven, Luc - 2005
valuations. We find that there is a diversification discount: The marketvalues financial conglomerates that engage in multiple … indicate that economies of scope arenot sufficiently large to produce a diversification premium …
Persistent link: https://www.econbiz.de/10012784437
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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 … conditions implementation on sufficient bank participation. Preferred stock plus warrants reduces opportunistic participation by … aggregate credit risk exceed the cost of implicit transfers to bank debt holders …
Persistent link: https://www.econbiz.de/10013160157
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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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Management Ownership and Corporate Performance : an Empirical Analysis
Morck, Randall; Shleifer, Andrei; Vishny, Robert W. - 2021
We investigate the relation between management ownership and corporate performance, as measured by Tobin's Q. In a cross-section of Fortune 500 firms, Tobin's Q first increases and then declines as board of directors holdings rise. For older firms there is weak evidence that Q is lower when a...
Persistent link: https://www.econbiz.de/10013247279
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Hospital Ownership Mix Efficiency in the Us : An Exploratory Study
Santerre, Rexford E.; Vernon, John A. - 2021
This paper offers an empirical test of ownership mix efficiency in the U.S. hospital services industry. The test …
Persistent link: https://www.econbiz.de/10013249259
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Ownership Versus Environment : Why are Public Sector Firms Inefficient?
Bartel, Ann P.; Harrison, Ann E. - 2021
In this paper we disentangle the sources of public sector inefficiency using 1982-1995 panel data on manufacturing firms in Indonesia. We consider two leading hypotheses: (1) public sector enterprises are inefficient due to monitoring problems and (2) public sector enterprises are inefficient...
Persistent link: https://www.econbiz.de/10013210597
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Corporate Ownership Structures : Private Versus Social Optimality
Bebchuk, Lucian A.; Zingales, Luigi - 2021
This paper analyzes the inefficiencies that might arise in the ownership structure chosen at the initial public offering stage. We show that, contrary to what is commonly believed, the desire of initial owners to maximize their proceeds leads them to choices that, although privately optimal, may...
Persistent link: https://www.econbiz.de/10013235285
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Geographic Diversification and Banks’ Funding Costs
Levine, Ross - 2016
We assess the impact of the geographic expansion of bank assets on the cost of banks' interest-bearing liabilities … diversification that decreases funding costs. Using a newly developed identification strategy, we discover that the geographic … large risk diversification opportunities that reduce funding costs …
Persistent link: https://www.econbiz.de/10012984748