Ownership Diversification And Product Market Pricing Incentives
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Ownership Diversification And Product Market Pricing Incentives
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Author : Albert Banal-Estañol
language : en
Publisher:
Release Date : 2022
Ownership Diversification And Product Market Pricing Incentives written by Albert Banal-Estañol and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Competition categories.
We link investor ownership to profit loads on rival firms by the managers of a firm. We propose a theory model in which we distinguish between passive and active investors’ holdings, where passive investors are relatively more diversified. We find that if passive investors become relatively bigger, then common ownership incentives increase. We show that these higher incentives, in turn, are linked to higher firm markups. We empirically confirm these relationships for public US firms in the years 2004-2012, where the financial crisis coincides with passive investors’ rise. The found effects are small but non-negligible.
Common Ownership Competition And Top Management Incentives
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Author : Miguel Anton
language : en
Publisher:
Release Date : 2022
Common Ownership Competition And Top Management Incentives 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 2022 with categories.
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 variation in prices, output, markups, and market shares that is consistent with empirical evidence. The organizational structure of multiproduct firms and the passivity of common owners determine whether higher prices under common ownership result from higher costs or from higher markups. Using panel regressions and a difference-in-differences design we document that managerial incentives are less performance-sensitive in firms with more common ownership.
The Ownership School Vs The Management School Of State Enterprise Reform Evidence Form China
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Author : david d. li and changqi wu
language : en
Publisher:
Release Date : 2002
The Ownership School Vs The Management School Of State Enterprise Reform Evidence Form China written by david d. li and changqi wu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
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 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.
Pay Without Performance
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Author : Lucian A. Bebchuk
language : en
Publisher: Harvard University Press
Release Date : 2004
Pay Without Performance written by Lucian A. Bebchuk and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.
Privatization And Supply Chain Management
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Author : Andrew Cox
language : en
Publisher: Routledge
Release Date : 2005-08-08
Privatization And Supply Chain Management written by Andrew Cox and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-08-08 with Business & Economics categories.
This book brings together two of the 'hottest issues' in current management thinking: the impact of privatization on the performance and behaviour of the companies involved, and the increasingly important role of purchasing and supplier relationships. The notion that efficiency is improved with privatization is critically examined. The authors examine whether privatized organizations have recognized the importance of the procurement role and developed both their procurement functions and supplier relationships so as to enhance competitiveness. Grounded in economic theory, and providing rich case study material, this volume makes a major contribution to an increasingly important area. It will be of interest to students and researchers in economics, business and management studies.
Product Market Competition And Agency Costs
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Author : Jennifer Jane Baggs
language : en
Publisher:
Release Date : 2006
Product Market Competition And Agency Costs written by Jennifer Jane Baggs and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Competition categories.
"Economists have long held the belief that competition improves efficiency. One of the mechanisms suggested is that product market competition alleviates agency costs, which in turn many enable firms to induce higher effort and greater efficiency from their managers. In this way, competition mitigates what Leibenstein (1966) called 'X-inefficiencies.' Despite growing interest, an unambiguous theoretical formulation for this 'vague suspicion' has proved difficult to obtain. In this paper we examine the impact of competition on efficiency both theoretically and empirically. The main theoretical contribution of this paper is to show that product market competition can have a direct, and ambiguously positive effect on managerial incentives."--Unedited text from document.
Shared Capitalism At Work
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Author : Douglas L. Kruse
language : en
Publisher: University of Chicago Press
Release Date : 2010-06-15
Shared Capitalism At Work written by Douglas L. Kruse and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-06-15 with Business & Economics categories.
The historical relationship between capital and labor has evolved in the past few decades. One particularly noteworthy development is the rise of shared capitalism, a system in which workers have become partial owners of their firms and thus, in effect, both employees and stockholders. Profit sharing arrangements and gain-sharing bonuses, which tie compensation directly to a firm’s performance, also reflect this new attitude toward labor. Shared Capitalism at Work analyzes the effects of this trend on workers and firms. The contributors focus on four main areas: the fraction of firms that participate in shared capitalism programs in the United States and abroad, the factors that enable these firms to overcome classic free rider and risk problems, the effect of shared capitalism on firm performance, and the impact of shared capitalism on worker well-being. This volume provides essential studies for understanding the increasingly important role of shared capitalism in the modern workplace.
Increasing Management Relevance And Competitiveness
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Author : Badri Munir Sukoco
language : en
Publisher: CRC Press
Release Date : 2018-04-17
Increasing Management Relevance And Competitiveness written by Badri Munir Sukoco and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-17 with Business & Economics categories.
Increasing Management Relevance and Competitiveness contains the papers presented at the Global Conference on Business, Management and Entrepreneurship (the 2nd GC-BME 2017), Surabaya, Indonesia on the 9th of August, 2017. The book covers 7 topics: 1. Organizational Behavior, Leadership, and Human Resources Management 2. Innovation, Operations and Supply Chain Management 3. Marketing Management 4. Financial Management and Accounting 5. Strategic Management, Entrepreneurship, and Contemporary Issues 6. Green Business 7. Management and Economics Education.
Advances In Economic Theory
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Author : Truman Fassett Bewley
language : en
Publisher: CUP Archive
Release Date : 1989-07-28
Advances In Economic Theory written by Truman Fassett Bewley and has been published by CUP Archive this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989-07-28 with Business & Economics categories.
These articles should be helpful to anyone with training in economics.