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Competition, Quality and Managerial Slack (1)

Uday Rajan (University of Michigan)

TSE, May 16, 2011, 12:30–14:00, room MF 323

We consider the role of product market competition in disciplining managers in a moral hazard setting. Competition has two effects on a firm. First, the expected revenue or the marginal benefit of effort declines, leading to weakly lower effort. Second, the cost of inducing high effort increases (...

On the Dual Nature of Weak Property Rights (1)

Louis Hotte (university of Ottawa)

Toulouse: TSE, May 16, 2011, 11:00–12:30, room MF 323

In the natural resource literature, conventional wisdom holds that weak property rights will cause a resource to be over-exploited. This is because weak property rights are typically perceived as a problem of input exclusion. In this paper, we first present evidence to the effect that weak property...

How does Private Equity Bid in Corporate Asset Sales? (1)

Ulrich Hege (HEC Paris)

TSE, May 9, 2011, 12:30–14:00, room MF 323

We model the decision by private equity to bid for corporate assets, and analyze interactions between the bidding of private equity and strategic buyers. The model predicts that seller gains depend on the type of buyer. The aggressiveness of private equity bidding is related to expectations about...

Flattening the carbon extraction path: Unilateral versus cooperative cost-effective action (1)

Ruediger Pethig (University of Siegen)

Toulouse: TSE, May 9, 2011, 11:00–12:30, room Amphi S

Internalizing the global negative externality of carbon emissions requires flattening the extraction path of world fossil energy resources (= world carbon emissions). Policy in-struments at the governments’ disposal are sign-unconstrained emission taxes. Our focus is on the simple and pragmatic...

IKEA: Product, Pricing, and Pass-Through (1)

Anthony Landry (Dallas Federal Reserve Bank)

April 26, 2011

Going for Broke: New Century Financial Corporation, 2004-2006 (1)

David Thesmar (HEC)

April 26, 2011

Unconventional Fiscal Policy at the Zero Bound (1)

Isabel Correia (Banque du Portugal)

April 19, 2011

To be announced (1)

Alan Morrison (University of Oxford)

TSE, April 18, 2011, 12:30–14:00, room MF 323

Understanding Systemic Risk: The Trade-Offs between Capital, Short-Term Funding and Liquid Asset Holdings (1)

Céline Gauthier (Banque du Canada)

April 12, 2011

The Vote is Cast: The Effect of Corporate Governance on Shareholder Value (1)

Vicente Cunat (London School of Economics)

TSE, April 11, 2011, 12:30–14:00, room MF 323

This paper estimates the effect of corporate governance provisions on shareholder value and long-term outcomes in S&P1500 firms. We apply a regression discontinuity design to shareholder votes on governance proposals in annual meetings. A close-call vote around the majority threshold is akin to...

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