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Profiting from Government Stakes in a Command Economy: Evidence from Chinese Asset Sales

Calomiris, Charles W.; Fisman, Raymond; Wang, Yongxiang - National Bureau of Economic Research (NBER) - 2008

contrast to the "privatization premium" found in earlier work, we find a negative effect of government ownership on returns at … that personal ties can substitute for the benefits of government ownership. The "privatization discount" is higher for … relatively high welfare payments to employees, which presumably would fall with privatization, benefit disproportionately from …

Persistent link: https://www.econbiz.de/10005774582

Contracting for Government Services: Theory and Evidence from U.S. Cities

Levin, Jonathan; Tadelis, Steven - National Bureau of Economic Research (NBER) - 2007

Local governments can provide services with their own employees or by contracting with private or public sector providers. We develop a model of this "make-or-buy" choice that highlights the trade-off between productive efficiency and the costs of contract administration. We construct a dataset...

Persistent link: https://www.econbiz.de/10005830392

Testing Limits to Policy Reversal: Evidence from Indian Privatizations

Dastidar, Siddhartha G.; Fisman, Raymond; Khanna, Tarun - National Bureau of Economic Research (NBER) - 2007

We examine the effect of regime change on privatization using the 2004 election surprise in India. The pro-reform BJP … slated for definite privatization by the BJP dropped by 3.5 percent relative to private firms. Surprisingly, government …-controlled companies that were only under study for possible privatization fell by 7.5 percent relative to private firms. We interpret this …

Persistent link: https://www.econbiz.de/10005830631

An Institutional Theory of Public Contracts: Regulatory Implications

spiller, pablo t. - National Bureau of Economic Research (NBER) - 2008

The fundamental feature of private contracting is its relational nature. When faced with unforeseen or unexpected circumstances, private parties, as long as the relation remains worthwhile, adjust their required performance without the need for costly renegotiation or formal recontracting....

Persistent link: https://www.econbiz.de/10005714643

Financial Regulation, Financial Globalization and the Synchronization of Economic Activity

Kalemli-Ozcan, Sebnem; Papaioannou, Elias; Peydró, … - National Bureau of Economic Research (NBER) - 2009

We analyze the impact of financial globalization on business cycle synchronization utilizing a proprietary database on banks' international exposure for industrialized countries during 1978- 2006. Theory makes ambiguous predictions and identification has been elusive due to lack of bilateral...

Persistent link: https://www.econbiz.de/10004991964

Dollar Funding and the Lending Behavior of Global Banks

Scharfstein, David; Stein, Jeremy; Ivashina, Victoria - National Bureau of Economic Research (NBER) - 2012

A large share of dollar-denominated lending is done by non-U.S. banks, particularly European banks. We present a model in which such banks cut dollar lending more than euro lending in response to a shock to their credit quality. Because these banks rely on wholesale dollar funding, while raising...

Persistent link: https://www.econbiz.de/10010592551

Financial Protectionism: the First Tests

Rose, Andrew; Wieladek, Tomasz - National Bureau of Economic Research (NBER) - 2011

We provide the first empirical tests for financial protectionism, defined as a nationalistic change in banks' lending behaviour, as the result of public intervention, which leads domestic banks either to lend less or at higher interest rates to foreigners. We use a bank-level panel data set...

Persistent link: https://www.econbiz.de/10009021938

Capital Flows, Cross-Border Banking and Global Liquidity

Bruno, Valentina; Shin, Hyun Song - National Bureau of Economic Research (NBER) - 2013

We investigate global factors associated with cross-border capital flows. We formulate a model of gross capital flows through the international banking system and derive a closed form solution that highlights the leverage cycle of global banks as being a prime determinant of the transmission of...

Persistent link: https://www.econbiz.de/10010696633

Can Health Insurance Competition Work? Evidence from Medicare Advantage

Levin, Jonathan; Curto, Vilsa; Einav, Liran; … - National Bureau of Economic Research (NBER) - 2014

We estimate the economic surplus created by Medicare Advantage under its reformed competitive bidding rules. We use data on the universe of Medicare beneficiaries, and develop a model of plan bidding that accounts for both market power and risk selection. We find that private plans have costs...

Persistent link: https://www.econbiz.de/10011114863

The Economics of Online Postsecondary Education: MOOCs, Nonselective Education, and Highly Selective Education

Hoxby, Caroline - National Bureau of Economic Research (NBER) - 2014

I consider how online postsecondary education, including massive open online courses (MOOCs), might fit into economically sustainable models of postsecondary education. I contrast nonselective postsecondary education (NSPE)in which institutions sell fairly standardized educational services in...

Persistent link: https://www.econbiz.de/10011119821