Showing 1 - 10 of 46
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
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
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
arrangements in encouraging founders to break up their initial control blocks, (2) efficient private benefits of control, (3 …
Persistent link: https://www.econbiz.de/10005027087
This paper develops a model of the competition among states in providing corporate law rules. The analysis provides a full characterization of the equilibrium in this market. Competition among states is shown to produce optimal rules with respect to issues that do not have a substantial effect...
Persistent link: https://www.econbiz.de/10005575549
In the ongoing debate on state competition over corporate charters, supporters of state competition have long claimed that the empirical evidence clearly supports their view. This paper suggests that the body of empirical evidence on which supporters of state competition have relied does not...
Persistent link: https://www.econbiz.de/10005575682
favorable to them, this paper demonstrates that freeze-outs can become a significant source for private benefits of control. …
Persistent link: https://www.econbiz.de/10005575895
The development of U.S. state takeover law in the past three decades has produced considerable and quite possibly excessive protection for incumbent managers from hostile takeovers. Although the shortcomings of state takeover law have been widely recognized, there has been little support for...
Persistent link: https://www.econbiz.de/10005580278
This paper analyzes certain important shortcomings of state competition in corporate law. In particular, we show, with respect to takeovers, states have incentives to produce rules that excessively protect incumbent managers. The development of state takeover law, we argue, is consistent with...
Persistent link: https://www.econbiz.de/10005778471
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