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Intellectual property rights and the knowledge spillover theory of entrepreneurship
Ács, Zoltán J.; Sanders, Mark - 2008
generate new knowledge. This has a positive impact on entrepreneurship and innovation. However, after some point, further … strengthening patent protection will reduce the returns to entrepreneurship sufficiently to reduce overall economic growth. …
Persistent link: https://www.econbiz.de/10010271789
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A model of destructive entrepreneurship
Desai, Sameeksha; Acs, Zoltan; Weitzel, Utz - 2010
The current research on entrepreneurship as an economic phenomenon often assumes its desirability as a driver of … unproductive entrepreneurship has been examined, destructive entrepreneurship has been largely ignored. We build from existing … theory and define destructive entrepreneurship as wealth-destroying. We propose three assumptions to develop a model of …
Persistent link: https://www.econbiz.de/10010280150
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The internal and external governance of cooperatives: the effective membership and consistency of value
Sacchetti, Silvia; Tortia, Ermanno - Associazione Italiana per la Cultura della Cooperazione … - 2012
Cooperatives are characterised by mutual-benefit coordination mechanisms aimed at the fulfilment of members’ participation rights and welfare, consistently with the normative principles of democratic involvement, independence and care for the community. This ideal situation may find, in...
Persistent link: https://www.econbiz.de/10010991169
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A NEW FRAMEWORK FOR THE ECONOMIC ANALYSIS OF COOPERATIVE FIRMS: Self-defined rules, common resources, motivations, and incentives
Sacchetti, Silvia; Tortia, Ermanno C. - Econometica - 2010
Cooperatives are characterised by mutual-benefit coordination mechanisms aimed at the fulfilment of individual behaviour and outcomes in cooperatives by bringing together new-institutionalism, behavioural and evolutionary economics. Our framework considers four main dimensions of the governance...
Persistent link: https://www.econbiz.de/10008483870
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Enhancing financial stability by improving culture in the financial services industry
Dudley, William - Federal Reserve Bank of New York - 2014
Remarks at the Workshop on Reforming Culture and Behavior in the Financial Services Industry, Federal Reserve Bank of New York, New York City.
Persistent link: https://www.econbiz.de/10010939089
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Strategic Asset Allocation in Money Management
Basak, Suleyman; Makarov, Dmitry - C.E.P.R. Discussion Papers - 2011
Money managers behave strategically when competing for fund flows within relatively small groups. We study strategic interaction between two risk-averse managers in continuous time, characterizing analytically their unique equilibrium dynamic investments. Driven by chasing and contrarian...
Persistent link: https://www.econbiz.de/10009144728
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Incentives to Corporate Governance Activism
Leech, Dennis - Royal Economic Society - RES - 2003
This paper considers incentives faced by investors (financial institutions) to become actively involved in the governance of under-performing companies in their portfolio as recently proposed. By considering the private benefits and the costs of investor activism separately, it questions the...
Persistent link: https://www.econbiz.de/10005398515
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Bonus culture: Competitive pay, screening, and multitasking
Bénabou, Roland; Tirole, Jean - 2013
This paper analyzes the impact of labor market competition and skill-biased technical change on the structure of compensation. The model combines multitasking and screening, embedded into a Hotelling-like framework. Competition for the most talented workers leads to an escalating reliance on...
Persistent link: https://www.econbiz.de/10010293214
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Delegation and incentives
Bester, Helmut; Krähmer, Daniel - 2006
This paper analyses the relation between authority and incentives. It extends the standard principal / agent model by a project selection stage in which the principal can either delegate the choice of project to the agent or keep the authority. The agent's subsequent choice of e ort depends both...
Persistent link: https://www.econbiz.de/10010299113
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Task Difficulty, Performance Measure Characteristics, and the Trade-Off between Insurance and Well-Allocated Effort
Schnedler, Wendelin - 2006
When designing incentives for a manager, the trade-off between insurance and a "good" allocation of effort across various tasks is often identified with a trade-off between the responsiveness (sensitivity, precision, signal-noise ratio) of the performance measure and its similarity (congruity,...
Persistent link: https://www.econbiz.de/10011422137