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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/10012462742
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Business Groups and the Big Push : Meiji Japan's Mass Privatization and Subsequent Growth
Morck, Randall - 2007
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/10012465482
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The Impact of Competition on Management Quality : Evidence from Public Hospitals
Bloom, Nicholas - 2010
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/10012462620
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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 "transportation revolution", a key component of which was the building of extensive railroad network. Using a newly created...
Persistent link: https://www.econbiz.de/10012464237
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Rail Reform Strategies : The Australian Experience
Owens, Helen - 2003
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/10012469107
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The Evolution of Rotation Group Bias : Will the Real Unemployment Rate Please Stand Up?
Krueger, Alan - 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/10012458270
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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/10012458467
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The Spatial Impacts of a Massive Rail Disinvestment Program : The Beeching Axe
Gibbons, Steve; Heblich, Stephan; Pinchbeck, Edward W. - National Bureau of Economic Research - 2024
This paper investigates the reversibility of the effects of transport infrastructure investments, based on a programme that removed much of the rail network in Britain during the mid-20th Century. We find that a 10% loss in rail access between 1950 and 1980 caused a persistent 3% decline in...
Persistent link: https://www.econbiz.de/10015056124
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The Tenuous Tradeoff Between Risk and Incentives
Prendergast, Canice - 2000
Empirical work testing for a negative tradeoff between risk and incentives, a cornerstone of agency theory, has not had much success. Indeed, the data seem to suggest a positive relationship between measures of uncertainty and incentives, rather than the posited negative tradeoff. I argue that...
Persistent link: https://www.econbiz.de/10012470935
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Managerial Value Diversion and Shareholder Wealth
Bebchuk, Lucian Arye - 2000
The agents to whom shareholders delegate the management of corporate affairs may transfer value from shareholders to themselves through a variety of mechanisms, such as self-dealing, insider trading, and taking of corporate opportunities. A common view in the law and economics literature is that...
Persistent link: https://www.econbiz.de/10012471137