A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
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Results 436 resources
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We develop a tractable framework for the analysis of the relationship betweencontractual incompleteness, technological complementarities, and technology adoption.In our model, a firm chooses its technology and investment levels in contractibleactivities by suppliers of intermediate inputs. Suppliers then choose investmentsin noncontractible activities, anticipating payoffs from an ex post bargaining game.We show that greater contractual incompleteness leads to the adoption of lessadvanced technologies, and that the impact of contractual incompleteness is morepronounced when there is greater complementary among the intermediate inputs.We study a number of applications of the main framework and show that themechanism proposed in the paper can generate sizable productivity differencesacross countries with different contracting institutions, and that differences incontracting institutions lead to endogenous comparative advantage differences.(JEL D86, O33)
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We analyze the hedging decisions of firms, within an equilibrium setting that allows us to examine how a firm's hedging choice depends on the hedging choices of its competitors. Within this equilibrium some firms hedge while others do not, even though all firms are ex ante identical. The fraction of firms that hedge depends on industry characteristics, such as the number of firms in the industry, the elasticity of demand, and the convexity of production costs. Consistent with prior empirical findings, the model predicts that there is more heterogeneity in the decision to hedge in the most competitive industries.
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We analyze the consequences of the board's dual role as advisor as well as monitor of management. Given this dual role, the CEO faces a trade‐off in disclosing information to the board: If he reveals his information, he receives better advice; however, an informed board will also monitor him more intensively. Since an independent board is a tougher monitor, the CEO may be reluctant to share information with it. Thus, management‐friendly boards can be optimal. Using the insights from the model, we analyze the differences between sole and dual board systems. We highlight several policy implications of our analysis.
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To identify the important tradeoffs in consulting a single expert for both diagnosis and treatment, we examine the costs and health outcomes of elderly Medicare beneficiaries with coronary artery disease. We compare the empirical consequences of diagnosis by cardiologists who can provide surgical treatment – "integrated" cardiologists – to the consequences of diagnosis by a nonintegrated cardiologist. Diagnosis by an integrated cardiologist leads, on net, to higher health spending but similar health outcomes. The net effect contains three components: reduced spending and improved outcomes from better allocation of patients to surgical treatment options; increased spending conditional on treatment option; and worse outcomes from poorer provision of nonsurgical care. (JEL I11, I18)
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We use scanner data and time diaries to document how households substitute timefor money through shopping and home production. We document substantial heterogeneityin prices paid for identical goods for the same area and time, with olderhouseholds shopping the most and paying the lowest prices. Doubling shopping frequencylowers a good's price by 7 to 10 percent. We estimate the shopper's price oftime and use this series to estimate an elasticity of substitution between time and goodsin home production of roughly 1.8. The observed life-cycle time allocation implies aconsumption series that differs markedly from expenditures. (JEL D12, D91)
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Journals
- American Economic Review (192)
- Journal of Finance (84)
- Journal of Financial Economics (103)
- Review of Financial Studies (57)
Topic
- Bond (23)
- Mergers and Acquisitions (7)
- CEO (7)
- Director (1)
- Capital Structure (1)
Resource type
- Journal Article (436)