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Fuzzy Frontiers of Production : Evidence of Persistent Inefficiency in Safety Expenditures

Ichniowski, Casey - 2021

This study documents a strong inverse relationship between accident rates and production in a sample of eleven firms in the same narrowly defined industry classification. Given the detailed set of input controls and controls for plant-specific and time-specific factors used in the analysis, the...

Persistent link: https://www.econbiz.de/10013236836

Efficient and Inefficient Sales of Corporate Control

Bebchuk, Lucian A. - 2010

This paper develops a framework for analyzing transactions that transfer a company's controlling block from an existing controller to a new controller. This framework is used to compare the market rule, which is followed in the United States, with the equal opportunity rule, which prevails in...

Persistent link: https://www.econbiz.de/10013139247

Corporate Ownership Structures : Private Versus Social Optimality

Bebchuk, Lucian A.; Zingales, Luigi - 2021

This paper analyzes the inefficiencies that might arise in the ownership structure chosen at the initial public offering stage. We show that, contrary to what is commonly believed, the desire of initial owners to maximize their proceeds leads them to choices that, although privately optimal, may...

Persistent link: https://www.econbiz.de/10013235285

Testing for Ownership Mix Efficiency : The Case of the Nursing Home Industry

Santerre, Rexford E.; Vernon, John A. - 2022

This paper offers an empirical test of ownership mix efficiency in the U.S. nursing home industry. We test to compare …

Persistent link: https://www.econbiz.de/10013321618

Management Ownership and Corporate Performance : an Empirical Analysis

Morck, Randall; Shleifer, Andrei; Vishny, Robert W. - 2021

We investigate the relation between management ownership and corporate performance, as measured by Tobin's Q. In a cross-section of Fortune 500 firms, Tobin's Q first increases and then declines as board of directors holdings rise. For older firms there is weak evidence that Q is lower when a...

Persistent link: https://www.econbiz.de/10013247279

Ownership Versus Environment : Why are Public Sector Firms Inefficient?

Bartel, Ann; Harrison, Ann E. - 2021

In this paper we disentangle the sources of public sector inefficiency using 1982-1995 panel data on manufacturing firms in Indonesia. We consider two leading hypotheses: (1) public sector enterprises are inefficient due to monitoring problems and (2) public sector enterprises are inefficient...

Persistent link: https://www.econbiz.de/10013210597

The World Technology Frontier

Caselli, Francesco; Coleman, Wilbur John - 2021

for capital. We find a negative cross-country correlation between the efficiency of unskilled labor and the efficiencies … of skilled labor and capital. We interpret this finding as evidence of the existence of a World Technology Frontier. On … this frontier, increases in the efficiency of unskilled labor are obtained at the cost of declines in the efficiency of …

Persistent link: https://www.econbiz.de/10013248398

Family Firms, Paternalism, and Labor Relations

Müller, Holger M. - 2007

Using firm-, industry-, and country-level data, we document a link between family ownership and labor relations. Across countries, we find that family ownership is relatively more prevalent in countries in which labor relations are difficult, consistent with firm-level evidence suggesting that...

Persistent link: https://www.econbiz.de/10012778155

The Evolution of Corporate Ownership after IPO : The Impact of Investor Protection

Foley, C. Fritz - 2014

Recent research documents that ownership concentration is higher in countries with weak investor protection. However, drawing on panel data on corporate ownership in 34 countries between 1995 and 2006, we show this pattern does not hold for newly public firms, which tend to have concentrated...

Persistent link: https://www.econbiz.de/10012751043

The Riddle of the Great Pyramids

Morck, Randall - 2013

Large pyramidal family controlled business groups are the predominant form of business organization outside America, Britain, Germany, and Japan. Large pyramidal groups comprising dozens, even hundreds, or listed and unlisted firms place the governance of large swathes of many countries' big...

Persistent link: https://www.econbiz.de/10012753143