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Non-Monetary Exchange Within Firms and Industry

Prendergast, Canice - 1996

This paper considers why non-monetary means of exchange, such as barter and the reciprocation of favors, are chosen by firms despite the usual benefits of monetary transactions. We consider the chosen means of exchange when both monetary and non-monetary exchange mechanisms are available. We...

Persistent link: https://www.econbiz.de/10012473069

Common Ownership, Competition, and Top Management Incentives

Anton, Miguel; Ederer, Florian; Giné, Mireia; Schmalz, … - National Bureau of Economic Research - 2022

We present a mechanism based on managerial incentives through which common ownership affects product market outcomes. Firm-level variation in common ownership causes variation in managerial incentives and productivity across firms, which leads to intra-industry and intra-firm cross-market...

Persistent link: https://www.econbiz.de/10013477278

Do CEOs Set Their Own Pay? The Ones Without Principals Do

Bertrand, Marianne - 2000

We empirically examine two competing views of CEO pay. In the contracting view, pay is used to solve an agency problem: the compensation committee optimally chooses pay contracts which give the CEO incentives to maximize shareholder wealth. In the skimming view, pay is the result of an agency...

Persistent link: https://www.econbiz.de/10012471166

Dutch Disease or Agglomeration? The Local Economic Effects of Natural Resource Booms in Modern America

Allcott, Hunt - 2014

Do natural resources benefit producer economies, or is there a "Natural Resource Curse,"0 perhaps as the crowd-out of manufacturing productivity spillovers reduces long-term growth? We combine new data on oil and gas endowments with Census of Manufactures microdata to estimate how oil and gas...

Persistent link: https://www.econbiz.de/10012458159

Lags, Costs, and Shocks : An Equilibrium Model of the Oil Industry

Bornstein, Gideon - 2017

We use a new micro data set to estimate a stochastic industry-equilibrium model of the oil industry. This effort is a first step towards studying the importance of ongoing structural changes in the oil market in a general-equilibrium model of the world economy. We analyze the impact of the...

Persistent link: https://www.econbiz.de/10012455258

The Impact of Removing Tax Preferences for U.S. Oil and Natural Gas Production : Measuring Tax Subsidies by an Equivalent Price Impact Approach

Metcalf, Gilbert E. - 2016

This paper presents a novel methodology for estimating impacts on domestic supply of oil and natural gas arising from changes in the tax treatment of oil and gas production. It corrects a downward bias when the ratio of aggregate tax expenditures to domestic production is used to measure the...

Persistent link: https://www.econbiz.de/10012456142

Federalism and Takeover Law : The Race to Protect Managers from Takeovers

Bebchuk, Lucian Arye - 2000

state takeover law, we argue, is consistent with our theory. States have adopted antitakeover statutes that have little … competition cannot reconcile their views with the evolution of state takeover law---and should therefore reconsider their …

Persistent link: https://www.econbiz.de/10012471028

Institutions, Restructuring, and Macroeconomic Performance

Caballero, Ricardo J. - 2000

A growing body of new research has emphasized the macroeconomic consequences of transactional impediments in factor markets, and their role in the recurrent restructuring requirements of modern economies. We first review the function institutional arrangements play in facilitating transactions...

Persistent link: https://www.econbiz.de/10012471041

Blockholder Identity, Equity Ownership Structures, and Hostile Takeovers

Gorton, Gary - 1999

-cost free' capital is scarce. We investigate the allocation of this scarce resource. A hostile takeover is the consequence of a … investors. Even though all firms are ex ante identical, some may rely on the takeover mechanism while others rely on permanent …

Persistent link: https://www.econbiz.de/10012471671

Executive Compensation and Incentives : The Impact of Takeover Legislation

Bertrand, Marianne - 1998

We investigate the impact of changes in states' anti-takeover legislation on executive compensation. We find both pay … which reduced takeover fears allow CEO's to skim more. We compute lower bounds on the relative risk aversion coefficients … increased pay for performance offsets some of the incentive reduction caused by lower takeover threats …

Persistent link: https://www.econbiz.de/10012471981