Common Ownership And Innovation Efficiency
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Common Ownership And Innovation Efficiency
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Author : Xue Li
language : en
Publisher:
Release Date : 2021
Common Ownership And Innovation Efficiency written by Xue Li and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
Innovation
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Author : Miguel Anton
language : en
Publisher:
Release Date : 2018
Innovation written by Miguel Anton and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
A firm's incentives to innovate deteriorate when other firms benefit from its R&D activities without incurring a cost. We show under which conditions common ownership of firms can mitigate this impediment to corporate innovation, and test the model's empirical predictions. Common ownership increases R&D when technological spillovers, as measured by firms' distance in technology space, are large relative to product market spillovers, as measured the firms' distance in the product market. Otherwise, costly innovation leads to more business stealing which is detrimental for common owners. Our results help inform the debate about the drivers of declining corporate R&D and the welfare effects of increased levels of common ownership concentration of U.S. firms.
A Tale Of Two Networks
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Author : Florian Ederer
language : en
Publisher:
Release Date : 2022
A Tale Of Two Networks written by Florian Ederer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Corporations categories.
We study the welfare implications of the rise of common ownership in the United States from 1994 to 2018. We build a general equilibrium model with a hedonic demand system in which firms compete in a network game of oligopoly. Firms are connected through two large networks: the first reflects ownership overlap, the second product market rivalry. In our model, common ownership of competing firms induces unilateral incentives to soften competition. The magnitude of the common ownership effect depends on how much the two networks overlap. We estimate our model for the universe of U.S. public corporations using a combination of firm financials, investor holdings, and text-based product similarity data. We perform counterfactual calculations to evaluate how the efficiency and the distributional impact of common ownership have evolved over time. According to our baseline estimates the welfare cost of common ownership, measured as the ratio of deadweight loss to total surplus, has increased nearly tenfold (from 0.3% to over 4%) between 1994 and 2018. Under alternative assumptions about governance, the deadweight loss ranges between 1.9% and 4.4% of total surplus in 2018. The rise of common ownership has also resulted in a significant reallocation of surplus from consumers to producers.
Co Ownership Co Operation And Control
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Author : Paul Derrick
language : en
Publisher: Longman Publishing Group
Release Date : 1969
Co Ownership Co Operation And Control written by Paul Derrick and has been published by Longman Publishing Group this book supported file pdf, txt, epub, kindle and other format this book has been release on 1969 with Business & Economics categories.
Study of current trends in workers participation, with particular reference to the development of profit sharing and workers stock ownership systems in the UK - includes examples from Israel, the USSR and Yugoslavia, and examines the economic implications of a productivity based wage policy in a full employment economy. References.
Innovation And Efficiency
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Author : Heinz-Dieter Haustein
language : en
Publisher: Pergamon
Release Date : 1985
Innovation And Efficiency written by Heinz-Dieter Haustein and has been published by Pergamon this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with Social Science categories.
Study of the Innovation process, the mechanisms of technological change and the measurement of efficiency in socioeconomic and technical- economic processes.
The Handbook Of The Economics Of Corporate Governance
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Author : Benjamin Hermalin
language : en
Publisher: Elsevier
Release Date : 2017-09-18
The Handbook Of The Economics Of Corporate Governance written by Benjamin Hermalin and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-18 with Business & Economics categories.
The Handbook of the Economics of Corporate Governance, Volume One, covers all issues important to economists. It is organized around fundamental principles, whereas multidisciplinary books on corporate governance often concentrate on specific topics. Specific topics include Relevant Theory and Methods, Organizational Economic Models as They Pertain to Governance, Managerial Career Concerns, Assessment & Monitoring, and Signal Jamming, The Institutions and Practice of Governance, The Law and Economics of Governance, Takeovers, Buyouts, and the Market for Control, Executive Compensation, Dominant Shareholders, and more. Providing excellent overviews and summaries of extant research, this book presents advanced students in graduate programs with details and perspectives that other books overlook. Concentrates on underlying principles that change little, even as the empirical literature moves on Helps readers see corporate governance systems as interrelated or even intertwined external (country-level) and internal (firm-level) forces Reviews the methodological tools of the field (theory and empirical), the most relevant models, and the field’s substantive findings, all of which help point the way forward
Capital Choices
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Author : Michael E. Porter
language : en
Publisher:
Release Date : 1994-12-01
Capital Choices written by Michael E. Porter and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-12-01 with categories.
A Research Agenda For Corporate Law
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Author : Christopher M. Bruner
language : en
Publisher: Edward Elgar Publishing
Release Date : 2023-11-03
A Research Agenda For Corporate Law written by Christopher M. Bruner and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-11-03 with Law categories.
Outlining significant dynamics that may pave the way for future evolution in the field of corporate law, this timely Research Agenda explores provocative and cutting-edge developments to identify new directions for scholarly inquiry. Bringing together a diverse group of scholars, the book evaluates doctrinal and normative issues in corporate law from a range of contextual and interdisciplinary viewpoints.
Common Ownership Competition And Top Management Incentives
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Author : Miguel Antón
language : en
Publisher:
Release Date : 2018
Common Ownership Competition And Top Management Incentives written by Miguel Antón and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Competition categories.
The Evolution Of Legal Business Forms In Europe And The United States
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Author : Erik M. Vermeulen
language : en
Publisher: Kluwer Law International B.V.
Release Date : 2003-01-01
The Evolution Of Legal Business Forms In Europe And The United States written by Erik M. Vermeulen and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-01-01 with Law categories.
The evolution of partnership forms is stimulated by powerful economic forces that can lead to widespread prosperity and wealth creation for a society. Given the importance of closely held firms in the United States and Europe, The Evolution of Legal Business Forms in Europe and the United States argues that partnership law should trouble itself less with historical and descriptive arguments about the legal rules and structure of the partnership form and focus much more on the new analytical apparatus of the economics of organizational form as well the fundamental economic learning that informs the debates on limited liability, partnership rules regarding management and control, conflict resolution and fiduciary duties. Introducing and extending the best available theories from law and economics, particularly those from the theory of the firm, This book?s analysis demonstrates that the patterns of European partnership law and its recent history are best understood from an economic and comparative law perspective. By examining the economic theories of the firm and the economics of organization choice, The Evolution of Legal Business Forms in Europe and the United States conceives partnership-type business forms as contractual entities. The key feature of the modern partnership form is that partners have significant flexibility and power to limit their liability, transfer all of their rights, and to freely exit the firm. Another key feature of partnership law is the insight that lawmakers should provide the rules and enforcement mechanisms to regulate the important relationships within the partnership. This book applies an efficiency test to determine which sets of default rules are likely to resolve the main problems in partnerships. Having identified partnership law with the economic theory of organization, The Evolution of Legal Business Forms in Europe and the United States then goes to argue that most of partnership law is directed at offering bundles of legal rules for different types of firms. Lawmakers should promote partnership rules that attract investors and can be expected to be efficient if they allow entrepreneurs to freely select the bundle of rules that best match their priorities. In a modern vision of partnership law, lawmakers promote economic welfare through creating non-mandatory rules that allow multiple businesses to switch to a favourable business form without significant costs. Jurisdictions plagued by falling incorporations and low levels of small and medium business activity, should abandon the mandatory and standardized framework and the `lock in? effect that it promotes, and focus on the mechanisms of legal evolution and rules that tend to mimic the market. This innovation work will have ramifications felt across European jurisdictions, and will be debated by a large audience of policymakers and academic lawyers involved in law reform. Moreover, the book will receive serious attention from students of law and economics, as well as practising lawyers involved in resolving complex issues of organizational law. Review (s) ?Vermeulen?s work makes a significant contribution to the dialogue between legal scholars and policy makers from Europe and the United States on the matter of business entity law reform. The volume is ambitious in scope, thoughtful in approach, and accurate in result. It shows a well-read and nuanced view of the recent American partnership law reform debates. He moves with assurance between different systems of law and analysis, and has a confident sense of what his diverse readers need to know to come to the ultimate discussion with a common sense of the issues and alternatives at hand. Vermeulen?s work should serve as a starting point for a robust discussion among scholars and policy makers.?