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Property Rights to Frontier Land and Minerals : Us Exceptionalism

Libecap, Gary D. - 2018

Property rights are the most fundamental institution in any society. They determine who has decision-making authority … historians have long recognized the importance of secure property rights for economic outcomes. Other political economy …, philosophy, historical, and legal literatures emphasize different, but critical attributes based on how property rights are …

Persistent link: https://www.econbiz.de/10012920373

Who's Paying Attention? Measuring Common Ownership and its Impact on Managerial Incentives

Gilje, Erik P. - 2019

We derive a measure that captures the extent to which overlapping ownership structures shift managers' incentives to internalize externalities. A key feature of the measure is that it allows for the possibility that not all investors are attentive to whether a manager's actions benefit the...

Persistent link: https://www.econbiz.de/10012890898

State Versus Private Ownership

Shleifer, Andrei - 2021

Private ownership should generally be preferred to public ownership when the incentives to innovate and to contain costs must be strong. In essence, this is the case for capitalism over socialism, explaining the dynamic vitality' of free enterprise. The great economists of the 1930s and 1940s...

Persistent link: https://www.econbiz.de/10013239155

Hold-Up, Asset Ownership, and Reference Points

Hart, Oliver D. - 2010

We study two parties who desire a smooth trading relationship under conditions of value and cost uncertainty. A rigid contract fixing price works well in normal times since there is nothing to argue about. However, when value or cost is exceptional, one party will hold up the other , damaging...

Persistent link: https://www.econbiz.de/10012759758

On the Ends of the State : Stationary Bandits and the Time Horizon in Eastern Congo

Henn, Soeren J.; Mugaruka, Christian; Ortiz, Miguel; … - 2022

armed actors' property rights over stealing from that economy are secure. By 2009, armed actors taxed, administered, and … violently expropriating the same villages. The findings suggest that the security of property rights over stealing, hence the …

Persistent link: https://www.econbiz.de/10014264760

Religious Competition and Reallocation : The Political Economy of Secularization in the Protestant Reformation

Cantoni, Davide - 2017

Using novel microdata, we document an unintended, first-order consequence of the Protestant Reformation: a massive reallocation of resources from religious to secular purposes. To understand this process, we propose a conceptual framework in which the introduction of religious competition shifts...

Persistent link: https://www.econbiz.de/10012945605

Bank Resolution and the Structure of Global Banks

Bolton, Patrick - 2018

We study the resolution of global banks by national regulators. Single-point-of-entry (SPOE) resolution, where loss-absorbing capital is shared across jurisdictions, is efficient but may not be implementable. First, when expected transfers across jurisdictions are too asymmetric, national...

Persistent link: https://www.econbiz.de/10012916183

Confronting Divergent Interests in Cross-Country Regulatory Arrangements

Kane, Edward J. - 2021

Although nation-based systems of financial regulation constitute a second-best approach to global welfare maximization, treacherous accountability problems must be acknowledged and resolved before regulatory cooperation can deal fairly and efficiently with cross-border issues. To track and...

Persistent link: https://www.econbiz.de/10013225171

Stronger Risk Controls, Lower Risk : Evidence from U.S. Bank Holding Companies

Ellul, Andrew - 2010

In this paper, we investigate whether U.S. bank holding companies (BHCs) with strong and independent risk management functions have lower enterprise-wide risk. We hand-collect information on the organizational structure of the risk management function at the 74 largest publicly-listed BHCs, and...

Persistent link: https://www.econbiz.de/10013141272

Who Should Supervise? The Structure of Bank Supervision and the Performance of the Financial System

Eichengreen, Barry - 2011

We assemble data on the structure of bank supervision, distinguishing supervision by the central bank from supervision by a nonbank governmental agency and independent from dependent governmental supervisors. Using observations for 140 countries from 1998 through 2010, we find that supervisory...

Persistent link: https://www.econbiz.de/10013120309