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Corruption in Chinese Privatizations
Fisman, Raymond; Wang, Yongxiang - National Bureau of Economic Research (NBER) - 2014
We document evidence of corruption in Chinese state asset sales. These sales involved stakes in partially privatized firms, providing a benchmark - the price of publicly traded shares - to measure underpricing. Underpricing is correlated with deal attributes associated with misgovernance and...
Persistent link: https://www.econbiz.de/10010951345
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Academic Freedom, Private-Sector Focus, and the Process of Innovation
Stein, Jeremy; Aghion, Philippe; Dewatripont, Mathias - National Bureau of Economic Research (NBER) - 2005
We develop a model that clarifies the respective advantages and disadvantages of academic and private-sector research. Our model assumes full protection of intellectual property rights at all stages of the development process, and hence does not rely on lack of appropriability or spillovers to...
Persistent link: https://www.econbiz.de/10005084832
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Has the Shift to Managed Care Reduced Medicaid Expenditures? Evidence from State and Local-Level Mandates
Duggan, Mark; Hayford, Tamara - National Bureau of Economic Research (NBER) - 2011
From 1991 to 2003, the fraction of Medicaid recipients enrolled in HMOs and other forms of Medicaid managed care (MMC) increased from 11 percent to 58 percent. This increase was largely driven by state and local mandates that required most Medicaid recipients to enroll in an MMC plan....
Persistent link: https://www.econbiz.de/10009223315
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An Institutional Theory of Public Contracts: Regulatory Implications
spiller, pablo t. - National Bureau of Economic Research (NBER) - 2008
The fundamental feature of private contracting is its relational nature. When faced with unforeseen or unexpected circumstances, private parties, as long as the relation remains worthwhile, adjust their required performance without the need for costly renegotiation or formal recontracting....
Persistent link: https://www.econbiz.de/10005714643
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Public Radio in the United States: Does It Correct Market Failure or Cannibalize Commercial Stations?
Berry, Steven; Waldfogel, Joel - National Bureau of Economic Research (NBER) - 1997
Radio signals are pure public goods whose total value to society is the sum of their value to advertisers and listeners. Because broadcasters can capture only part of the value of their product as revenue, there is the potential for a classic problem of underprovision. Small markets have much...
Persistent link: https://www.econbiz.de/10005718522
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Ownership versus Environment: Why are Public Sector Firms Inefficient?
Harrison, Ann E.; Bartel, Ann P. - National Bureau of Economic Research (NBER) - 1999
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/10005720186
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Contracting for Government Services: Theory and Evidence from U.S. Cities
Levin, Jonathan; Tadelis, Steven - National Bureau of Economic Research (NBER) - 2007
Local governments can provide services with their own employees or by contracting with private or public sector providers. We develop a model of this "make-or-buy" choice that highlights the trade-off between productive efficiency and the costs of contract administration. We construct a dataset...
Persistent link: https://www.econbiz.de/10005830392
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Testing Limits to Policy Reversal: Evidence from Indian Privatizations
Dastidar, Siddhartha G.; Fisman, Raymond; Khanna, Tarun - National Bureau of Economic Research (NBER) - 2007
We examine the effect of regime change on privatization using the 2004 election surprise in India. The pro-reform BJP … slated for definite privatization by the BJP dropped by 3.5 percent relative to private firms. Surprisingly, government …-controlled companies that were only under study for possible privatization fell by 7.5 percent relative to private firms. We interpret this …
Persistent link: https://www.econbiz.de/10005830631
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Profiting from Government Stakes in a Command Economy: Evidence from Chinese Asset Sales
Calomiris, Charles W.; Fisman, Raymond; Wang, Yongxiang - National Bureau of Economic Research (NBER) - 2008
contrast to the "privatization premium" found in earlier work, we find a negative effect of government ownership on returns at … that personal ties can substitute for the benefits of government ownership. The "privatization discount" is higher for … relatively high welfare payments to employees, which presumably would fall with privatization, benefit disproportionately from …
Persistent link: https://www.econbiz.de/10005774582
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The Origins of Industrial Scientific Discoveries
Adams, James; Clemmons, J. Roger - National Bureau of Economic Research (NBER) - 2008
This paper estimates science production functions for R&D-performing firms in the United States using scientific papers as the measure of output, by analogy with patents. The underlying evidence covers 200 top U.S. R&D firms during 1981-1999 as well as 110 top U.S. universities. We find that...
Persistent link: https://www.econbiz.de/10005777667