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We study the problem of a firm that is controlled by a large shareholder and is going public in the presence of agency problems, asymmetric information, and trading of shares over time. In this multiperiod signalling game, a shareholder-manager can develop a reputation for expropriating low...
Persistent link: https://www.econbiz.de/10005245249
We present data on ownership structures of large corporations in 27 wealthy economies, making an effort to identify …, relatively few of these firms are widely-held, in contrast to the Berle and Means image of ownership of the modern corporation …
Persistent link: https://www.econbiz.de/10005245620
Private ownership should generally be preferred to public ownership when the incentives to innovate and to contain … the role of prices under socialism and capitalism, and ignored the enormous importance of ownership as the source of …
Persistent link: https://www.econbiz.de/10005245700
We analyse the role of debt in persuading an entrepreneur to pay out cash flows, rather than to divert them. In the first part of the paper we study the optimal debt contract -- specifically, the trade-off between the size of the loan and the repayment -- under the assumption that some debt...
Persistent link: https://www.econbiz.de/10005256021
This paper presents a situation analysis of small scale enterprises in Zimbabwe, examines the constraints faced by them …
Persistent link: https://www.econbiz.de/10005779881
-weak transition economies, ownership change has so far not delivered on its promise. Why? Mass and rapid privatization shcmes turned …
Persistent link: https://www.econbiz.de/10005487308
Persistent link: https://www.econbiz.de/10005625637
With deregulation and globalization, and the impact of these developments on economies worldwide, it has become necessary for the PRC authorities to consider an approach that would further attune its economic engine toward sustained growth. This paper argues that certain sectors of the economy
Persistent link: https://www.econbiz.de/10011282569
Persistent link: https://www.econbiz.de/10010339242
dataset of over 4,000 enterprises and considers both the prior educational attainment of workers and in-service training … programs of enterprises. Differences between small, medium-sized, and large enterprises and between countries are also … productivity. The productivity of small and medium-sized enterprises (SMEs) is enhanced by a higher level of skills and education …
Persistent link: https://www.econbiz.de/10011522028