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Leadership Structure andCorporate Governance in Switzerland

Schmid, Markus; Zimmermann, Heinz - Wirtschaftswissenschaftliches Zentrum <Basel> - 2007

The question of whether the CEO should also serve as chairman of the board is one of themost hotly debated issues in the recent corporate governance discussion. While agencytheoreticarguments advocate a separation of decision and control functions, the empiricalevidence focusing on U.S....

Persistent link: https://www.econbiz.de/10005867872

CORPORATE CASH HOLDINGS:EVIDENCE FROM A DIFFERENT INSTITUTIONAL SETTING

Drobetz, Wolfgang; Grüninger, Matthias C. - Wirtschaftswissenschaftliches Zentrum <Basel> - 2006

This paper investigates the determinants of Swiss non-financial firms’ cash holdings overthe 1995 to 2004 period. The median Swiss firm holds almost twice as much cash andcash equivalents as the median UK or US firm. Our results indicate that there is a negativerelationship between asset...

Persistent link: https://www.econbiz.de/10005867925

The Anglo-German Productivity Puzzle, 1895-1935: A Restatement and a Possible Resolution

Ritschl, Albrecht - London School of Economics and Political Science - 2008

Recent research on international productivity comparisons has focused on the discrepancies between benchmark … comparisons and time series extrapolations from other benchmarks. For a 1907 benchmark, Stephen Broadberry and Carsten Burhop … benchmark is consistent with their 1907 benchmark, provided that a traditional but disputed industrial production series of …

Persistent link: https://www.econbiz.de/10005870508

Status Incentives

Besley, Timothy; Ghatak, Maitreesh - London School of Economics and Political Science - 2008

When economists study incentives in organizations,the main focus has been on using monetary paymentsin exchange for performance on specific measurabledimensions. But organizations use a wide varietyof means to motivate their workers. One suchmethod which has not been studied much to date, isthe...

Persistent link: https://www.econbiz.de/10008860721

US real interest rates and default risk in emerging economies

Nathan Foley-Fisher; Guimarães, Bernardo - London School of Economics and Political Science - 2009

We empirically analyse the appropriateness of indexing emerging market sovereign debt to USreal interest rates. We find that policy-induced exogenous increases in US rates raise default riskin emerging market economies, as hypothesised in the theoretical literature. However, we also findevidence...

Persistent link: https://www.econbiz.de/10008911503

Monetary policy, default risk and the exchange rate

Gonçalves, Carlos Eduardo Soares; Guimarães, Bernardo - London School of Economics and Political Science - 2010

In a country with high probability of default, higher interest rates may render the currency lessattractive if sovereign default is costly. This paper develops that intuition in a simple model andestimates the effect of changes in interest rates on the exchange rate in Brazil using data from...

Persistent link: https://www.econbiz.de/10008911505

Towards a new Architecture for Financial Stability: Seven Principles

Garicano, Luis; Lastra, Rosa M - London School of Economics and Political Science; Queen …

In this paper we use insights from organizational economics and financialregulation to study the optimal architecture of supervision. We suggest that thenew architecture should revolve around the following principles: (i) banking,securities and insurance supervision should be further integrated;...

Persistent link: https://www.econbiz.de/10008860683

The Economics of Subjective Securityand Camera Surveillance

Zehnder, Michael - Wirtschaftswissenschaftliches Zentrum <Basel> - 2009

Public security is an essential precondition for personal freedom, civil liberties, and the functioning ofpolitical institutions in a market economy. The protection against infringements from third partiesagainst life and limb is an important human need.1 Whether people feel secure or insecure...

Persistent link: https://www.econbiz.de/10005868104

Autarkic Policy and Efficiency in the Spanish Industrial Sector.An Estimate of Domestic Resource Cost in 1958

Martínez Ruiz, Elena - London School of Economics and Political Science - 2003

The impact that the francoist autarkic economic policy had on the Spanish economy is assessed using the Domestic Resource Cost (DRC) as an indicator. This indicator compares the real opportunity cost of the primary factors used in the production of a certain good with its aggregated value at...

Persistent link: https://www.econbiz.de/10005870595

Efficiency among Private Railway Companies in a weakly Regulated System: The Case of Britain’s Railways in 1893-1912

Mulatu, Abay; Crafts, Nicholas F. R. - London School of Economics and Political Science - 2005

This paper uses a stochastic cost frontier model to investigate the efficiency of Britain’s private railways during the period 1893-1912. We find that there was substantial inefficiency in the industry with no sign of reduction over time. Our main conclusion is that principal agent problems...

Persistent link: https://www.econbiz.de/10005870948