. On that day and the two following days, foreign firms experienced a cumulative 1.7% decline in value. Relative to …

Awarding a grand prize to the player who wins most often in a series of contests links the contests together and makes … incentives in the current contest depend upon past performance. A lucky player who wins early faces relatively stronger … the middle of the series. That is, a grand prize induces a hot hand. We develop this argument and assess it empirically …

literature which has so far ignored this trade-off. In all, our model provides useful insight into contests to become CEO and … can reduce the ability of future CEOs and, hence, future profits. The trade-off between providing current incentives and … good as outsiders), incentive provision to insiders typically dominates and it is optimal to handicap outsiders, sometimes …

has made politics more important and find that both relative to the past and relative to manufacturing firms, the …A substantial number of outside directors have experience in politics or government and in the private practice of law …. We argue that, in part, these directors play a political role by providing advice and insight into the workings of …

characterize this function as deterring opportunistic behavior by producers and processors operating under forward contracts. We … then examine actual contracts of bargaining cooperatives and argue that certain clauses in these contracts serve to … guarantee the market. These clauses are those that provide for mechanical or third-party grading, liquidated damages, and most …

are severely handicapped. Our model provides useful insight into contests to become CEO and rationalizes empirical … can reduce the ability of future CEOs and, hence, future profits. The trade-off between providing current incentives and … the contest. However, if outsiders are sufficiently better than insiders, selection dominates and it is the insiders who …

insiders are more comparable to each other and less comparable to outsiders, and where there are more inside candidates. Using … successions in large U.S. firms over the 1974-1995 period and find a variety of evidence consistent with these implications of …

This paper reviews the literature on corporate governance and firm performance in economies with relatively dispersed …. Section 2 deals with the relation between firm performance and inside ownership. Section 3 pertains to the relation between … firm performance and monitoring by large shareholders, monitoring by boards, and shareholder rights regarding takeover of …

-1995, we examine empirically the choice between insiders and outsiders as CEO. We employ a theoretical framework in which firms … value both the incentive that the contest to become CEO provides to insiders and the choice of a more able (whether insider … position where commonality among inside candidates is greater, where there are more inside candidates, and where the firm …

between firm performance and both board size and the proportion of outside directors could be driven by politics. Specifically …, politics may lead simultaneously to larger and more outsider oriented boards and to poorer firm performance. We assess this … importance of politics in regressions that find this negative effect of board size and composition on firm performance. Although …