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Author: Fabio Feriozzi Publisher: ISBN: Category : Languages : en Pages :
Book Description
This paper studies the effect of increased competition in the product market on managerial incentives. I propose a simple model of career concerns where firms are willing to pay for managerial talent to reduce production costs, but also to subtract talented CEOs from competitors. This second effect is privately valuable to firms, but is socially wasteful. As a result, equilibrium pay for talent can be inefficiently high and career concerns too strong. Explicit incentive contracts do not solve the problem, but equilibrium pay is reduced if managerial skills have firm-specific components, or if firms are heterogeneous. In this second case, managers are efficiently assigned to firms, but equilibrium pay reflects the profitability of talent outside the efficient allocation. The effect of increased competition is ambiguous in general, and depends on the profit sensitivity to cost reductions. This ambiguity is illustrated in two examples of commonly used models of imperfect competition.
Author: Fabio Feriozzi Publisher: ISBN: Category : Languages : en Pages :
Book Description
This paper studies the effect of increased competition in the product market on managerial incentives. I propose a simple model of career concerns where firms are willing to pay for managerial talent to reduce production costs, but also to subtract talented CEOs from competitors. This second effect is privately valuable to firms, but is socially wasteful. As a result, equilibrium pay for talent can be inefficiently high and career concerns too strong. Explicit incentive contracts do not solve the problem, but equilibrium pay is reduced if managerial skills have firm-specific components, or if firms are heterogeneous. In this second case, managers are efficiently assigned to firms, but equilibrium pay reflects the profitability of talent outside the efficient allocation. The effect of increased competition is ambiguous in general, and depends on the profit sensitivity to cost reductions. This ambiguity is illustrated in two examples of commonly used models of imperfect competition.
Author: Haiyan Zhou Publisher: Routledge ISBN: 1317193032 Category : Business & Economics Languages : en Pages : 298
Book Description
There is increasing interest in accounting issues in China. Despite a relatively short history, China's stock market is the world's second largest. This growth has been accompanied by increasing demand for accounting information alongside reforms of accounting and auditing rules, as international investors have paid increasing attention to investment opportunities in this dynamic and energetic country with a large population and economic growth potentials. Despite this, at present there are few books which offer students, academics and practitioners a comprehensive guide to current accounting issues in China. The Routledge Companion to Accounting in China fills this important gap in the literature. The volume is organized in six thematic sections which cover capital market and corporate finance, financial accounting, managerial accounting, auditing, taxation and internal controls. The structure is intended to reflect the increasing diversity of contemporary accounting issues in China, including a balanced overview of current knowledge, identifying issues and discussing relevant debates. This book is a prestigious reference work which offers students, academics and practitioners an introduction to current accounting issues in the emerging market of China.
Author: Iván Blanco Publisher: Ed. Universidad de Cantabria ISBN: 8481028770 Category : Business & Economics Languages : en Pages : 90
Book Description
Do financial derivatives enhance or impede innovation? We aim to answer this question by examining the relationship between equity options markets and standard measures of firm innovation. Our baseline results show that firms with more options trading activity generate more patents and patent citations per dollar of R&D invested. We then investigate how more active options markets affect firms' innovation strategy. Our results suggest that firms with greater trading activity pursue a more creative, diverse and risky innovation strategy. We discuss potential underlying mechanisms and show that options appear to mitigate managerial career concerns that would induce managers to take actions that boost short-term performance measures. Finally, using several econometric specifications that try to account for the potential endogeneity of options trading, we argue that the positive effect of options trading on firm innovation is causal.
Author: United States. Congress. Senate. Select Committee on Small Business. Subcommittee on Monopoly Publisher: ISBN: Category : Drugs Languages : en Pages : 872
Author: Thiess Buettner Publisher: MIT Press ISBN: 0262300699 Category : Business & Economics Languages : en Pages : 185
Book Description
Economists address key challenges facing the EU, including financial instability, welfare state reform, inadequate institutional framework, and global economic integration. The European Union began with efforts in the Cold War era to foster economic integration among a few Western European countries. Today's EU constitutes an upper tier of government that affects almost every level of policymaking in each of its twenty-seven member states. The recent financial and economic crises have tested this still-evolving institutional framework, and this book surveys key economic challenges faced by the EU. Prominent European economists examine such topics as the stability of the financial markets and possible policy options to reduce future vulnerability to crises, including Glass-Steagull-style narrow banking; the effect of emerging economies such as China and India on Europe's economic position; the protection of national interests in industrial policy; reforming and preserving the welfare state in the face of unemployment, population aging, and worker mobility within the EU; and improving the EU's institutional framework by reassigning responsibilities among supranational, national, and local governments. Among the conclusions that emerge from these analyses are the necessity for banking regulation as well as budgetary discipline; the need to consider global as well as European integration; and the idea that an environment that fosters internal competition will increase Europe's competitiveness internationally.
Author: Philippe Aghion Publisher: MIT Press ISBN: 0262512025 Category : Business & Economics Languages : en Pages : 115
Book Description
Though competition occupies a prominent place in the history of economic thought, among economists today there is still a limited, and sometimes contradictory, understanding of its impact. In Competition and Growth, Philippe Aghion and Rachel Griffith offer the first serious attempt to provide a unified and coherent account of the effect competition policy and deregulated entry has on economic growth. The book takes the form of a dialogue between an applied theorist calling on "Schumpeterian growth" models and a microeconometrician employing new techniques to gauge competition and entry. In each chapter, theoretical models are systematically confronted with empirical data, which either invalidates the models or suggests changes in the modeling strategy. Aghion and Griffith note a fundamental divorce between theorists and empiricists who previously worked on these questions. On one hand, existing models in industrial organization or new growth economics all predict a negative effect of competition on innovation and growth: namely, that competition is bad for growth because it reduces the monopoly rents that reward successful innovators. On the other hand, common wisdom and recent empirical studies point to a positive effect of competition on productivity growth. To reconcile theory and evidence, the authors distinguish between pre- and post-innovation rents, and propose that innovation may be a way to escape competition, an idea that they confront with microeconomic data. The book's detailed analysis should aid scholars and policy makers in understanding how the benefits of tougher competition can be achieved while at the same time mitigating the negative effects competition and imitation may have on some sectors or industries.
Author: Ufuk Akcigit Publisher: Harvard University Press ISBN: 0674293061 Category : Business & Economics Languages : en Pages : 785
Book Description
A stellar cast of economists examines the roles of creative destruction in addressing today’s most important political and social questions. Inequality is rising, growth is stagnant while rents accumulate, the environment is suffering, and the COVID-19 pandemic exposed every crack in the systems of global capitalism. How can we restart growth? Can our societies be made fairer? Editors Ufuk Akcigit and John Van Reenen assemble a world-leading group of social scientists and theorists to consider these questions and, in particular, how ideas about the economics of creative destruction may help solve the problems we face. Most closely associated with Joseph Schumpeter, formalized by Philippe Aghion and Peter Howitt in the 1990s, the idea of innovation as creative destruction has become foundational in economics, reaching into almost every corner of the discipline—both theoretically and empirically. Now, at a time of rapid and disorienting change, is an opportune moment to pull the disparate strands of research together to assess what has been learned and continue an intellectual project that can aid economic decision-making in the decades to come. The cutting-edge work in The Economics of Creative Destruction focuses on innovation and growth. Contributors offer illuminating insights into monopoly and inequality, the nature of the social safety net, climate change, and the ups and downs of regulation. Collectively, they suggest that governance has a role to play in capitalism, maximizing its benefits and minimizing its risks.
Author: United States. Congress. Senate. Select Committee on Small Business. Subcommittee on Monopoly and Anticompetitive Activities Publisher: ISBN: Category : Languages : en Pages : 1566
Author: Fabio Feriozzi
Author: Fabio Feriozzi
Author: Haiyan Zhou
Author: Iván Blanco 
Author: Ainhoa Aparicio Fenoll
Author: Adolf Augustus Berle
Author: United States. Congress. Senate. Select Committee on Small Business. Subcommittee on Monopoly
Author: Thiess Buettner
Author: Philippe Aghion
Author: Ufuk Akcigit
Author: United States. Congress. Senate. Select Committee on Small Business. Subcommittee on Monopoly and Anticompetitive Activities