Narrow search
Showing 1 - 10 of 290
Cover Image
Why Can Modern Governments Tax so Much? An Agency Model of Firms as Fiscal Intermediaries
Kleven, Henrik - 2010
This paper presents a simple agency model to explain why third-party income reporting by employers dramatically improves income tax enforcement. Modern firms have a large number of employees and carry out complex production tasks, which requires the use of accurate business records. Because such...
Persistent link: https://www.econbiz.de/10013151348
Cover Image
CEO Preferences and Acquisitions
Jenter, Dirk - 2011
of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone … costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover … in takeover activity appears discretely at the age-65 threshold, with no gradual increase as CEOs approach retirement age …
Persistent link: https://www.econbiz.de/10013117399
Cover Image
Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms
Hubbard, R. Glenn - 2008
This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial ownership and the stock returns of acquiring firms in corporate control transactions. At low levels of managerial ownership, agency costs of equity (such as perquisite...
Persistent link: https://www.econbiz.de/10012774941
Cover Image
Acquiring Control in Emerging Markets : Evidence from the Stock Market
Chari, Anusha; Ouimet, Paige; Tesar, Linda L. - 2021
When firms from developed markets acquire firms in emerging markets, market-capitalization-weighted monthly joint returns show a statistically significant increase of 1.8%. Panel data estimations suggest that the value gains from cross-border M&A transactions stem from the transfer of majority...
Persistent link: https://www.econbiz.de/10013212613
Cover Image
Dynamic Financial Constraints : Distinguishing Mechanism Design from Exogenously Incomplete Regimes
Karaivanov, Alexander - 2013
We formulate and solve a range of dynamic models of constrained credit/insurance that allow for moral hazard and limited commitment. We compare them to full insurance and exogenously incomplete financial regimes (autarky, saving only, borrowing and lending in a single asset). We develop...
Persistent link: https://www.econbiz.de/10013073152
Cover Image
Optimal Multistage Adjudication
Kaplow, Louis - 2017
In many settings, there are preliminary or interim decision points at which legal cases may be terminated: e.g., motions to dismiss and for summary judgment in U.S. civil litigation, grand jury decisions in criminal cases, and agencies' screening and other exercises of discretion in pursuing...
Persistent link: https://www.econbiz.de/10012957302
Cover Image
Augmenting Markets with Mechanisms
Antill, Samuel - 2017
We explain how the common practice of size-discovery trade detracts from overall financial market efficiency. At each of a series of size-discovery sessions, traders report their desired trades, generating allocations of the asset and cash that rely on the most recent exchange price. Traders can...
Persistent link: https://www.econbiz.de/10012940800
Cover Image
Taxing Humans : Pitfalls of the Mechanism Design Approach and Potential Resolutions
Rees-Jones, Alex - 2017
A growing body of evidence suggests that psychological biases can lead different implementations of otherwise equivalent tax incentives to result in meaningfully different behaviors. We argue that in the presence of such failures of “implementation invariance,” decoupling the question of...
Persistent link: https://www.econbiz.de/10012944630
Cover Image
Reputation Inflation
Filippas, Apostolos - 2019
A solution to marketplace information asymmetries is to have trading partners publicly rate each other post-transaction. Many have shown that these ratings are effective; we show that their effectiveness deteriorates over time. The problem is that ratings are prone to inflation, with raters...
Persistent link: https://www.econbiz.de/10012870051
Cover Image
Market Outcomes and Dynamic Patent Buyouts
Galasso, Alberto - 2014
Patents are a useful but imperfect reward for innovation. In sectors like pharmaceuticals, where monopoly distortions seem particularly severe, there is growing international political pressure to identify alternatives to patents that could lower prices. Innovation prizes and other non-patent...
Persistent link: https://www.econbiz.de/10013052695