This paper analyzes the relationship between the diffusion of new technologies and the decentralization of firms. Centralized control relies on the information of the principal, which we equate with publicly available information. Decentralized control, on the other hand, delegates authority to...

Empirical studies on information communication technologies (ICT) typically aggregate the“information” and “communication” components together. We show theoretically and empirically thatthese have very different effects on the empowerment of employees, and by extension on wageinequality....

Ein großer Anteil der multinational tätigen Großunternehmen ist in technologieintensiven, dynamischen Branchen tätig und verfügt über ein breites Spektrum an technologischen Ressourcen. In den vergangenen Dekaden hat ein Großteil dieser Unternehmen zunehmend Wertschöpfungsleistungen an...

We use an innovative survey tool to collect management practice data from 732 medium sizedmanufacturing firms in the US, France, Germany and the UK. These measures of managerialpractice are strongly associated with productivity, profitability, Tobin’s Q, sales growth and survivalrates....

It is shown that spillovers can enhance private returns to innovation if they feedback into the dynamic research of the original inventor (Internalized spillovers), butwill always reduce private returns, if the original inventor does not benefit fromthe advancements other inventors build into...

This paper uses a simple model of mean-variance asset pricing with transactions costs to analyze one of the main empirical phenomena in stock market competition in the last years, the decrease of transaction costs. We endogenize transactions costs as variables strategically influenced by stock...

This paper presents a theoretical study of how incentives affect hedge fund risk and returns and an empirical study of the performance of a large group of operating hedge funds. Most hedge fund managers receive a flat fee plus a share of the returns above a certain benchmark. We investigate how...

Weather inuences our daily lives and choices and has an enormous impact on corporate revenues andearnings. Weather derivatives dier from most derivatives in that the underlying weather cannot be tradedand their market is relatively illiquid. The weather derivative market is therefore incomplete....

We present evidence of the impact of buy-side analysts on the behavior and performanceof fund managers. Using data provided by a large global asset manager,we relate buy-side analysts’ recommendations to fund transactions on a daily basis.Our results show that buy-side analysts have a...

This paper presents a World Bank led and Russia trust fund financed work program tomeasure financial capability and the effectiveness of financial education in low and middleincome countries. The two activities and their staging have been motivated by the lessons ofhigh-income countries with...