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The traditional law and finance focus on agency costs presumes, without acknowledgement, that the premise that diversified public shareholders are the cheapest risk-bearers is immutable. In this Essay, we raise the possibility that changes in the capital markets have called this premise into...
Persistent link: https://www.econbiz.de/10012767065
The publication of the so-called “Panama Papers” has focused public interest on how elaborate corporate structures and offshore tax havens can be used by politicians, celebrities and other elites to conceal their beneficial ownership of companies and obscure their personal assets. Rather...
Persistent link: https://www.econbiz.de/10012992703
A phenomenon known as “Common Ownership” arises when shareholders hold substantial stakes in competing firms. Although recent empirical evidence has illustrated how common concentrated owners are associated with higher product market prices and lower output, scholars remain divided as to the...
Persistent link: https://www.econbiz.de/10013293643
In a market where firms interact over time, we investigate the anticompetitive effects of debt finance and managerial incentives when managers incur personal costs of bankruptcy. We show that firms’ shareholders resort to debt and managerial incentives as complementary strategic devices to...
Persistent link: https://www.econbiz.de/10013405997
Intangible capital can be used to create new goods and services (product intangibles) or to improve the efficiency of the firm (process intangibles). We reveal and study a new empirical fact: Executive and skilled labor pay is increasing in firm process intensity (the fraction of intangibles...
Persistent link: https://www.econbiz.de/10014261044
We present a simple model of common ownership in which an investor chooses its stake in competing firms in light of the effects on firm behavior and firm profits. Two firms compete in Cournot duopoly, and ownership affects a firm’s objective function in the manner posited by Bresnahan & Salop...
Persistent link: https://www.econbiz.de/10013213975
Personale Versorgungsbetriebe bieten personalintensive Dienstleistungen an, auf die ihre nicht unbedingt selbst zahlenden Kunden angewiesen sind und teilweise sogar einen Rechts­anspruch haben. Es handelt sich um personenzentrierte Dienstleistungsbetriebe mit einer gewissen Größe und...
Persistent link: https://www.econbiz.de/10014000465
Corporate Social Responsibility (CSR) is emerging debatable hot issue in the globalization era, when role of the Commercial Banks has been supporting to development of industry, trade and market. A large number of the Commercial Banks have been providing financial services by expanding...
Persistent link: https://www.econbiz.de/10015211987
The SQAM services refer to standardization, quality insurance and conformity assessment, accreditation and metrology. The main instruments that ensure the free circulation of merchandise on the big European market are the European directives, harmonized standards, accreditation, conformity...
Persistent link: https://www.econbiz.de/10005453890