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Airport privatization and international competition
Matsumura, Toshihiro; Matsushima, Noriaki - 2010
improve welfare. The model consists of a downstream (airline) duopoly with two inputs landings at two airports) and two types … of consumers. The airline companies compete internationally. Using the simple international duopoly model, we show that … the outcome where both airports are privatized is always an equilibrium while that where no airport is privatized is …
Persistent link: https://www.econbiz.de/10010332275
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Determinants of director compensation in two-tier systems: evidence from German panel data
Andreas, Jörn Michael; Rapp, Marc Steffen; Wolff, Michael - 2010
Building on a unique panel data set of German Prime Standard companies for the period 2005-2008, this paper investigates the influencing factors of both director compensation levels and structure, i.e. the probability of performance-based compensation. Drawing on agency theory arguments and...
Persistent link: https://www.econbiz.de/10010305725
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The dynamics of venture capital contracts
Bienz, Carsten; Hirsch, Julia - 2005
We analyze the degree of contract completeness with respect to staging of venture capital investments using a hand-collected German data set of contract data from 464 rounds into 290 entrepreneurial firms. We distinguish three forms of staging (pure milestone financing, pure round financing and...
Persistent link: https://www.econbiz.de/10010298325
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Product market competition, corporate governance and firm performance: an empirical analysis for Germany
Januszewski, Silke I.; Köke, Jens; Winter, Joachim K. - 1999
Productivity growth has been slow in many continental European countries over the last few decades, especially in comparison with the United States. It has been argued that lack of product market competition and poor corporate governance are two of the main reasons for this phenomenon. However,...
Persistent link: https://www.econbiz.de/10010297660
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The evolution of bank boards of directors in New York, 1840-1950
White, Eugene N.; Bodenhorn, Howard - 2014
Contemporary bank governance is criticized for manager-dominated (insider) boards of directors, but from the beginning of the nineteenth century, bank presidents appear also to have operated as chairmen of the boards of directors. However, the managers were constrained by a variety of rules that...
Persistent link: https://www.econbiz.de/10011396829
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Rhineland exit?
Bovenberg, Lans; Teulings, Coen N. - 2007
We argue in favour of the shareholder model of the firm for three main reasons. First, serving multiple stakeholders leads to ill-defined property rights. What sounds like a fair compromise between stakeholders can easily evolve in a permanent struggle between the stakeholders about the ultimate...
Persistent link: https://www.econbiz.de/10010325305
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Blockholder Dispersion and Firm Value
Konijn, Sander J.J.; Kraeussl, Roman; Lucas, Andre - 2009
This paper analyzes the impact of blockownership dispersion on firm value. Blockholdings by multiple blockholders is a widespread phenomenon in the U.S. market. It is not clear, however, whether dispersion among blockholder is preferable to having a more concentrated ownership structure. To test...
Persistent link: https://www.econbiz.de/10010325997
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Learning from the past: trends in executive compensation over the twentieth century
Frydman, Carola - 2008
In recent years, a large academic debate has tried to explain the rapid rise in CEO pay experienced over the past three decades. In this article, I review the main proposed theories, which span views of compensation as the result of a competitive labor market for executives to theories based on...
Persistent link: https://www.econbiz.de/10010264485
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Rhineland exit?
Bovenberg, Lans; Teulings, Coen N. - 2008
We argue in favor of the shareholder model of the firm for three main reasons. First, serving multiple stakeholders leads to ill-defined property rights. What sounds like a fair compromise between stakeholders can easily evolve in a permanent struggle about the ultimate goal of the company....
Persistent link: https://www.econbiz.de/10010276828
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Rhineland exit?
Bovenberg, Ary Lans; Teulings, Coen N. - 2008
We argue in favour of the shareholder model of the firm for three main reasons. First, serving multiple stakeholders leads to ill-defined property rights. What sounds like a fair compromise between stakeholders can easily evolve in a permanent struggle between the stakeholders about the ultimate...
Persistent link: https://www.econbiz.de/10010276859