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Corporate Fraud, Governance and Auditing

Immordino, Giovanni; Pagano, Marco - Centro Studi di Economia e Finanza (CSEF) - 2008

We analyze corporate fraud in a model where managers have superior information but, due to private benefits from empire building, are biased against liquidation. This may induce them to misreport information and even bribe auditors when liquidation would be value-increasing. To restrain fraud,...

Persistent link: https://www.econbiz.de/10005839199

Legal Determinants of the Return on Equity

Lombardo, Davide; Pagano, Marco - C.E.P.R. Discussion Papers - 1999

Recent work documents that better legal institutions are associated with broader equity markets. We investigate whether international differences in legal institutions also help explain the international cross-section of expected stock returns. We document three main regularities. First, total...

Persistent link: https://www.econbiz.de/10005123538

The Political Economy of Finance

Pagano, Marco; Volpin, Paolo - C.E.P.R. Discussion Papers - 2002

The regulations that shape the design and the operations of corporations, credit and securities markets differ vastly from country to country. In addition, similar regulations are often unequally enforced in different countries. Economists still have an imperfect understanding of why these...

Persistent link: https://www.econbiz.de/10005124338

Managers, Workers, and Corporate Control

Pagano, Marco; Volpin, Paolo - Centro Studi di Economia e Finanza (CSEF) - 2001

If management has high private benefits and owns a small equity stake, managers and workers are natural allies against a takeover threat. Two forces are at play. First, managers can transform employees into a "shark repellent" through long-term labor contracts and thereby reduce the firm's...

Persistent link: https://www.econbiz.de/10010801007

Is Europe Overbanked?

Pagano, Marco; Advisory Scientific Committee, ESRB - CASE-Center for Social and Economic Research - 2014

This paper is after a difficult question: has banking grown too much in Europe? The difficultly of the question lies in the words “too much”, which require a normative answer. The authors took a stance on how much is “too much”, based on the needs of the real economy in Europe. To tackle...

Persistent link: https://www.econbiz.de/10011071753

Law and Equity Markets: A Simple Model

Lombardo, Davide; Pagano, Marco - C.E.P.R. Discussion Papers - 1999

We analyze how the law and its enforcement affect equity market equilibrium. Improvements in the legal system, while invariably associated with broader equity markets, have different effects on equity returns depending on the institutional change considered and on the degree of international...

Persistent link: https://www.econbiz.de/10005792541

The Political Economy of Corporate Governance

Pagano, Marco; Volpin, Paolo - C.E.P.R. Discussion Papers - 2001

The Paper analyses the political decision that determines the degree of investor protection. We show that entrepreneurs and workers can strike a political agreement by which low investor protection is exchanged for high employment protection. This ‘corporatist’ agreement is feasible if the...

Persistent link: https://www.econbiz.de/10005666907

Shareholder Protection, Stock Market Development and Politics

Pagano, Marco; Volpin, Paolo - C.E.P.R. Discussion Papers - 2005

This paper presents a political economy model where there is mutual feedback between investor protection and stock market development. Better investor protection induces companies to issue more equity and thereby leads to a broader stock market. In turn, equity issuance expands the shareholder...

Persistent link: https://www.econbiz.de/10005789093

Corporate Fraud, Governance and Auditing

Immordino, Giovanni; Pagano, Marco - C.E.P.R. Discussion Papers - 2008

We analyze corporate fraud in a model in which managers have superior information but are biased against liquidation, because of their private benefits from empire building. This may induce them to misreport information and even bribe auditors when liquidation would be value-increasing. To curb...

Persistent link: https://www.econbiz.de/10005792136

The Impact of Gender Composition on Team Performance and Decision Making: Evidence from the Field

Apesteguia, Jose; Azmat, Ghazala; Iriberri, Nagore - In: Management Science 58 (2012) 1, pp. 78-93

We investigate whether the gender composition of teams affects their economic performance. We study a large business … women are significantly outperformed by all other gender combinations, both at the undergraduate and MBA levels. Looking … development, and invest more in social sustainability initiatives than does any other gender combination. <i>This paper was …

Persistent link: https://www.econbiz.de/10010990584