This paper studies the effects of anti-takeover provisions on takeovers and identifies the channels through which they create or destroy value for firms, as well as for the economy as a whole. We provide causal estimates – that also deal with the endogenous selection of targets – showing...

Objectives: This paper tests the economic theory of criminal behavior. Specifically, it looks at “the carrot” side of the theory, studying how thieves react to changes in monetary gains from crime.Methods: Using a unique crime-level dataset on metal theft in the Czech Republic, we study...

This paper estimates the elasticity of the supply of offenses with respect to the gains from crime. People steal copper and other nonferrous metals to sell them to a scrap yard. Simultaneously, the prices at scrap yards are set at the world market. We argue, that shocks in metal prices represent...

People steal copper and other nonferrous metals to sell them to scrap yard. Simultaneously, prices at scrap yards are set by the world market. We argue that shocks in metal prices represent a quasi-experimental variation in gains from crime. This allows us to estimate the behavioral parameters...