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Who’s Paying Attention? Measuring Common Ownership and Its Impact on Managerial Incentives

Gilje, Erik P. - 2019

We derive a measure that captures the extent to which overlapping ownership structures shift managers' incentives to … ownership overlap, including mergers in the asset management industry and the growth of indexing, could in fact diminish … possibility that the growth of common ownership has had a significant impact on managerial incentives …

Persistent link: https://www.econbiz.de/10012479596

Bank Portfolio Choice with Private Information About Loan Quality : Theory and Implications for Regulation

Lucas, Deborah - 1987

This paper models bank asset choice when shareholders know more about loan quality than do outsiders. Because of this informational asymmetry, the price of loans in the secondary market is the price for poor quality loans. Banks desire to hold marketable securities in order to avoid liquidating...

Persistent link: https://www.econbiz.de/10012476647

Political Adverse Selection

Bursztyn, Leonardo; Kolstad, Jonathan; Rao, Aakaash; … - National Bureau of Economic Research - 2022

We study how the politicization of policies designed to correct market failures can undermine their effectiveness. The Patient Protection and Affordable Care Act (ACA) was among the most politically divisive expansions of the US government. We examine whether partisanship distorted enrollment...

Persistent link: https://www.econbiz.de/10013334432

Secrecy Rules and Exploratory Investment : Theory and Evidence from the Shale Boom

Covert, Thomas R.; Sweeney, Richard L. - National Bureau of Economic Research - 2022

We analyze how information disclosure policy affects investment efficiency in non-cooperative settings with information externalities. In a two-firm, two-period model, we characterize equilibrium behavior under policies which disclose whether investment returns exceed a predefined level. These...

Persistent link: https://www.econbiz.de/10013435110

Information Acquisition and Rating Agencies

Cole, Harold L.; Cooley, Thomas F. - National Bureau of Economic Research - 2023

importance of risk-weighted capital in prudential regulation have more likely contributed to distorted ratings than the matter of …

Persistent link: https://www.econbiz.de/10014322691

Hold-up, Asset Ownership, and Reference Points

Hart, Oliver - 2007

cooperation. We show that a judicious allocation of asset ownership can help by reducing the incentives to engage in hold up. In …

Persistent link: https://www.econbiz.de/10012465106

How Large Is the Housing Wealth Effect? A New Approach

Carroll, Christopher D. - 2006

This paper presents a simple new method for estimating the size of 'wealth effects' on aggregate consumption. The method exploits the well-documented sluggishness of consumption growth (often interpreted as 'habits' in the asset pricing literature) to distinguish between short-run and long-run...

Persistent link: https://www.econbiz.de/10012465914

State Versus Private Ownership

Shleifer, Andrei - 1998

addressed through government contacting and regulation without resort to government ownership. The case for private provision …Private ownership should generally be preferred to public ownership when the incentives to innovate and to contain … the role of prices under socialism and capitalism and ignored the enormous importance of ownership as the source of …

Persistent link: https://www.econbiz.de/10012472146

Property Rights to Frontier Land and Minerals : US Exceptionalism

Libecap, Gary D. - 2018

over assets and who bears the costs and benefits of those decisions. They assign ownership, wealth, political influence …

Persistent link: https://www.econbiz.de/10012453172

Religious Competition and Reallocation : The Political Economy of Secularization in the Protestant Reformation

Cantoni, Davide - 2017

Using novel microdata, we document an unintended, first-order consequence of the Protestant Reformation: a massive reallocation of resources from religious to secular purposes. To understand this process, we propose a conceptual framework in which the introduction of religious competition shifts...

Persistent link: https://www.econbiz.de/10012453780