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Regulatory Agencies: Impact on Firm Performance and Social Welfare

Estache, Antonio; A. Rossi, Martin - European Centre for Advanced Research in Economics and … - 2009

We explore the relation between the establishment of a regulatory agency and the performance of the electricity sector. We exploit a dataset comprising firmlevel information on a representative sample of 220 electric utilities from 51 development countries for the period 1985 to 2005. Our...

Persistent link: https://www.econbiz.de/10005827110

Bidders' Entry and Auctioneers' Rejection: Applying a Double Selection Model to Road Procurement Auctions

Estache, Antonio; Iimi, A. - European Centre for Advanced Research in Economics and … - 2009

Limited competition has been a serious concern in infrastructure procurement. Importantly, however, there are normally a number of potential bidders initially showing interest in proposed projects. This paper focuses on tackling the question why these initially interested bidders fade out. An...

Persistent link: https://www.econbiz.de/10005827114

Self-Fulfilling Credit Market Freezes

Bebchuk, Lucian; Goldstein, Itay - National Bureau of Economic Research (NBER) - 2010

This paper develops a model of a self-fulfilling credit market freeze and uses it to study alternative governmental responses to such a crisis. We study an economy in which operating firms are interdependent, with their success depending on the ability of other operating firms to obtain...

Persistent link: https://www.econbiz.de/10008635935

The Market for Corporate Law

Bar-Gill, Oren; Barzuza, Michal; Bebchuk, Lucian - In: Journal of Institutional and Theoretical Economics (JITE) 162 (2006) 1, pp. 134-160

This paper develops a model of the competition among states in providing corporate law rules. Such competition is shown to produce optimal rules with respect to issues that do not have a substantial effect on management's private benefits but not with respect to issues that have such an effect....

Persistent link: https://www.econbiz.de/10005823382

Stock Pyramids, Cross-Ownership, and the Dual Class Equity: The Creation and Agency Costs of Seperating Control from Cash Flow Rights

Bebchuk, Lucian; Kraakman, Reinier; Triantis, George - National Bureau of Economic Research (NBER) - 1999

This paper examines common arrangements for separating control from cash flow rights: stock pyramids, cross … group to maintain a complete lock on the control of a company while holding less than a majority of the cash flow rights …. Finally, we put forward an agenda for research concerning structures separating control from cash flow rights. …

Persistent link: https://www.econbiz.de/10005828584

Investor Protection and Interest Group Politics

Bebchuk, Lucian; Neeman, Zvika - National Bureau of Economic Research (NBER) - 2007

they control to influence politicians, as well as the inability of institutional investors to capture the full value that …

Persistent link: https://www.econbiz.de/10005828985

Staggered Boards and the Wealth of Shareholders: Evidence from Two Natural Experiments

Bebchuk, Lucian; Cohen, Alma; Wang, Charles C.Y. - National Bureau of Economic Research (NBER) - 2011

most pronounced for firms for which control contests are especially relevant due to relative underperformance, small firm …

Persistent link: https://www.econbiz.de/10009147554

Capital Allocation and Delegation of Decision-Making Authority within Firms

Harvey, Campbell; Graham, John R.; Puri, Manju - National Bureau of Economic Research (NBER) - 2011

We survey more than 1,000 CEOs and CFOs to understand how capital is allocated, and decision-making authority is delegated, within firms. We find that CEOs are least likely to share or delegate decision-making authority in mergers and acquisitions, relative to delegation of capital structure,...

Persistent link: https://www.econbiz.de/10009277253

Managerial attitudes and corporate actions

Graham, John R.; Harvey, Campbell R.; Puri, Manju - In: Journal of Financial Economics 109 (2013) 1, pp. 103-121

We administer psychometric tests to senior executives to obtain evidence on their underlying psychological traits and attitudes. We find US CEOs differ significantly from non-US CEOs in terms of their underlying attitudes. In addition, we find that CEOs are significantly more optimistic and...

Persistent link: https://www.econbiz.de/10010665550

Earnings quality: Evidence from the field

Dichev, Ilia D.; Graham, John R.; Harvey, Campbell R.; … - In: Journal of Accounting and Economics 56 (2013) 2, pp. 1-33

We provide insights into earnings quality from a survey of 169 CFOs of public companies and in-depth interviews of 12 CFOs and two standard setters. CFOs believe that (i) above all, high-quality earnings are sustainable and repeatable; specific characteristics include consistent reporting...

Persistent link: https://www.econbiz.de/10011043072