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Agency Costs, Mispricing, and Ownership Structure
Chernenko, Sergey - 2010
of publicly listed corporate subsidiaries in Japan. When there is greater scope for expropriation by the parent firm …
Persistent link: https://www.econbiz.de/10013144749
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Business Groups and the Big Push : Meiji Japan's Mass Privatization and Subsequent Growth
Nakamura, Masao - 2013
Japan's zaibatsu, or pyramidal business groups, provided this coordination after the Meiji government failed at the task. We … that unique historical circumstances aided their success in prewar Japan. Specifically, Japan uniquely marginalized its … feudal elite; withdrew its hand with a propitious mass privatization that rallied the private sector; marginalized an …
Persistent link: https://www.econbiz.de/10012753906
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The Impact of Competition on Management Quality : Evidence from Public Hospitals
Bloom, Nicholas - 2014
In this paper we examine the causal impact of competition on management quality. We analyze the hospital sector where geographic proximity is a key determinant of competition, and English public hospitals where political competition can be used to construct instrumental variables for market...
Persistent link: https://www.econbiz.de/10013069806
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Railroads and the Rise of the Factory : Evidence for the United States, 1850-70
Atack, Jeremy - 2008
Over the course of the nineteenth century manufacturing in the United States shifted from artisan shop to factory production. At the same time United States experienced a quot;transportation revolutionquot;, a key component of which was the building of extensive railroad network. Using a newly...
Persistent link: https://www.econbiz.de/10012769675
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The Evolution of Rotation Group Bias : Will the Real Unemployment Rate Please Stand Up?
Krueger, Alan B. - 2014
This paper documents that rotation group bias -- the tendency for labor force statistics to vary systematically by month in sample in labor force surveys -- in the Current Population Survey (CPS) has worsened considerably over time. The estimated unemployment rate for earlier rotation groups has...
Persistent link: https://www.econbiz.de/10013048612
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American Banking and the Transportation Revolution Before the Civil War
Atack, Jeremy - 2014
Studies have shown a connection between finance and growth, but most do not consider how financial and real factors interact to put a virtuous cycle of economic development into motion. As the main transportation advance of the 19th century, railroads connected established commercial centers and...
Persistent link: https://www.econbiz.de/10013052694
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Rail Reform Strategies : The Australian Experience
Owens, Helen - 2021
Widely different approaches to rail reform are evident across countries and within Australia. Reforms have involved structural separation (both vertical and horizontal) and varying degrees of private sector involvement. Evidence from Australian experience suggests that no one size fits all. The...
Persistent link: https://www.econbiz.de/10013239340
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Executive Compensation, Strategic Competition, and Relative Performance Evaluation : Theory and Evidence
Aggarwal, Rajesh K. - 2010
We argue that strategic interactions between firms in an oligopoly can explain the puzzling lack of high-powered incentives in executive compensation contracts written by shareholders whose objective is to maximize the value of their shares. We derive the optimal compensation contracts for...
Persistent link: https://www.econbiz.de/10013135269
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Agency Problems and the Fate of Capitalism
Morck, Randall - 2010
Economics has firms maximizing value and people maximizing utility, but firms are run by people. Agency theory concerns the mitigation of this internal contradiction in capitalism. Firms need charters, regulations and laws to restrain those entrusted with their governance, just as economies need...
Persistent link: https://www.econbiz.de/10013136737
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Transparency and Credibility : Monetary Policy with Unobservable Goals
Faust, Jon - 2010
We define and study transparency, credibility, and reputation in a model where the central bank's characteristics are unobservable to the private sector and are inferred from the policy outcome. A low-credibility bank optimally conducts a more inflationary policy than a high-credibility bank, in...
Persistent link: https://www.econbiz.de/10013137302