We establish the existence of strong media slant against foreign owners. Using a unique data set from nation-wide distributed quality newspapers in Germany, we find that a foreign firm that downsizes in Germany receives almost twice as much attention than a domestic firm. This quantitative slant...

We establish the existence of strong media slant against foreign owners. Using a unique data set from nation-wide distributed quality newspapers in Germany, we find that a foreign firm that downsizes in Germany receives almost twice as much attention than a domestic firm. This quantitative slant...

Using a unique data set from nationally distributed quality newspapers in Germany, we find evidence for both quantitative and qualitative media slant against foreign firms. A downsizing foreign firm receives almost twice as much attention as a domestic firm, and the tone of media reports is more...

We show that earnings manipulation destroys incentives within the corporate hierarchy. In the model, top management has incentives to over-report earnings. An insider, for instance, a division manager may gain evidence about over-reporting. We show that the division manager is more likely to...

We study how transition has affected human resource policies of a Russian heavy industry firm. Our data set contains personnel files of 1538 white-collar workers over 17 years: from 1984 to 2000. We find career paths before the first year of Gaidar's reforms, 1992, when Russian transition to a...

We develop a theory of firm scope based on the benefits and costs of resource allocation within firms. Integrating two firms into one makes it possible to allocate by authority scarce resources that are costly to trade. But to do so efficiently, top management must rely on information that is...

We show that the availability of finance affects firms not only through financial markets, but also through the labor market. In our model, talented workers care for realizing their ideas because this can increase their lifetime income, but they also wish to be insured against income risk. Large...

We show that the availability of finance affects firms not only through financial markets, but also through the labour market. In our model, talented workers care for realizing their ideas because this can increase their lifetime income, but they also wish to be insured against income risk....

In many organizations, decisions are taken by unanimity giving each member veto power. We analyze a model of an organization in which members with heterogenous productivity privately contribute to a common good. Under unanimity, the least efficient member imposes her preferred effort choice on...

There is a lively debate on the persistence of the current banking crisis' impact on GDP. Impulse Response Functions (IRF)