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Berkshire's disintermediation: Buffett's New Managerial Model

Cunningham, Lawrwence A. - 2015

Berkshire Hathaway, among history's largest and most successful corporations, shuns middlemen; its chairman, the legendary investor Warren Buffett, excoriates financial intermediaries. The acquisitive conglomerate rarely borrows money, retains brokers, or hires consultants. Its governance is...

Persistent link: https://www.econbiz.de/10011758401

Firm Organization and Market Structure : Centralization vs. Decentralization

Meagher, Kieron - 2009

, decentralization outperforms centralization in the initial phase of the product lifecycle, centralization is superior in the … 2000, Delmastro 2002, Acemoglu et al. 2007). We find decentralization dominates for products with short lifecycles but in … intermediate phase, and decentralization outperforms again at the final phase. Thus organizational change also appears to be a …

Persistent link: https://www.econbiz.de/10012719892

Multi-tier hierarchies : a moral hazard approach

Coleff, Joaquin; Sebastián Ivars, Juan Sebastián - 2024

authority over each project to these three individuals. When an individual has authority over one project, which is not … he puts effort in and a share of the project's profit for which he has authority. This creates a double moral hazard … delegation, that is, an internal organization in which the CEO has authority over one project and one agent has authority over …

Persistent link: https://www.econbiz.de/10014537139

Relational Incentive Contracts

Malcomson, James - Department of Economics, Oxford University - 2010

This chapter reviews the literature on the theory of relational incentive contracts. It motivates the discussion by … the classic applications of relational contracts to the GM-Fisher Body relationship and the relationships between Japanese … fundamental issues and then goes on to consider specific investments, the role of legally enforceable contracts alongside …

Persistent link: https://www.econbiz.de/10008671389

Implicit Contracts, Incentive Compatibility, and Involuntary Unemployment: Thirty Years On

MacLeod, W. Bentley; Malcomson, James - 2023

"Implicit Contracts, incentive compatibility, and involuntary unemployment" (MacLeod and Malcomson, 1989) remains our …

Persistent link: https://www.econbiz.de/10014296625

Governing of Agro-Ecosystem Services

Bachev, Hrabrin - Volkswirtschaftliche Fakultät, … - 2009

In this paper we incorporate interdisciplinary New Institutional and Transaction Costs Economics (combining Economics, Organization, Law, Sociology, Behavioral and Political Sciences), and suggest a framework for analysis of mechanisms of governance of agro-ecosystem services. Firstly, we...

Persistent link: https://www.econbiz.de/10005025716

Implicit Contracts, Incentive Compatibility, and Involuntary Unemployment : Thirty Years on

MacLeod, W. Bentley; Malcomson, James M. - 2023

"Implicit Contracts, incentive compatibility, and involuntary unemployment" (MacLeod and Malcomson, 1989) remains our …

Persistent link: https://www.econbiz.de/10014254947

Mutual Funds, Conflicts of Interest, and Regulatory Error : A Property Rights Approach

Johnsen, D. Bruce - 2005

All humans and the institutions they create err from time to time. Regulatory agencies are no exception. This essay hypothesizes that by failing to recognize mutual fund abnormal returns as an open-access common pool subject to a race to first possession, the U.S. Securities and Exchange...

Persistent link: https://www.econbiz.de/10014061362

Implicit contracts, incentive compatibility, and involuntary unemployment : thirty years on

MacLeod, William Bentley; Malcomson, James M. - 2023

"Implicit Contracts, incentive compatibility, and involuntary unemployment" (MacLeod and Malcomson, 1989) remains our …

Persistent link: https://www.econbiz.de/10013500553

The Economic Lessons of Fisher Body-General Motors

Klein, Benjamin - 2011

The Fisher Body-General Motors case illustrates the costs of using inherently imperfect long-term contracts to solve …

Persistent link: https://www.econbiz.de/10014054336