El trabajo agrario asalariado ha tenido gran importancia en la campina betica de muy antiguo dada la gran proporcion del espacio que ocupaban las grandes explotaciones de cultivo, la demanda de trabajo por estas conocia importantes fluctuaciones estacionales y obligaba a recurrir para tareas...

Incentive contracts must typically be based on performance measures that do not exactly match agents’ true contribution to principals’ objectives. Such misalignment may impose difficulties for effective incentive design. We analyze to what extent implicit dynamic incentives such as career...

We test the implications of the misvaluation hypothesis (Shleifer and Vishny, 2003) for a large sample of acquirers of private and public target firms. Consistent with the misvaluation hypothesis we find that acquirers are overvalued. The overvaluation is higher for stock acquisitions of private...

Many firms enhance revenue through mergers and acquisitions deals because synergy occurs when the value of the combined firm after the merger is greater than the sum of the value of the bidding firm and the value of the target firm before the merger. This paper analyses value creation of mergers...

Empirical evidence shows that competition among firms generates steep incentives inside firms. Incentive pay stimulates productive investments but may generate inefficient rent-seeking investments. I show that competition reduces firms’ profits and thereby the inefficient investments, which...

The economic consequences deriving from the activity of mergers and acquisitions to US bidders are not supportive of its increasing tendency diachronically. Clearly, positive returns are recorded before and during the third merger wave, while in the fourth quarter of the last century the...