Competition

Political Yardstick Competition and corporate governance in the EU

Disintegrating the Regulation of the Business Corporation as a Nexus of Contracts: Regulatory Competition vs. Unification of Law

The Stability of Dividends and Wages: Effects of Competitor Inflexibility

We analyze how industry-wide risks are shared between firms' employees and their owners. Focusing on the electricity industry, we study firms which are...

Free Entry in a Cournot Market With Overlapping Ownership

We examine the effects of overlapping ownership in a Cournot oligopoly where existing firms with overlapping ownership decide whether to enter a new...

The State of State Competition for Incorporations

The competition by states for incorporations has long been the subject of extensive scholarship. This article tries to deconstruct the state...

Minimizing Costs, Maximizing Sustainability

Do strong incentives to cut costs lead firms to neglect negative externalities? We find that costcutting incentives can be environmentally friendly....

Race to the Top or Bottom? Corporate Governance, Freedom of Reincorporation and Competition in Law

Does the Potential to Merge Reduce Competition?

We study anti-competitive mergers in a dynamic model with noisy collusion. At each instant, firms either privately choose output levels or merge, which...

A Refutation of 'Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry'

We show that the main claim in Dennis, Gerardi, and Schenone (JF forthcoming) (DGS), namely "that the documented positive correlation between common...

Outsourcing Corporate Governance: Conflicts of Interest and Competition in the Proxy Advisory Industry

Proxy advisors, private firms that help institutional investors decide how to vote their shares, play an extremely powerful role in shaping corporate...

Economic Development and Relationship-Based Financing

Formal finance involves costly information acquisition about distant entrepreneurs, while relationship-based finance allows financiers to fund a...

Competition for Managers and Corporate Governance

Separation between CEO and Chairman of the Board is typically viewed as evidence of good corporate governance. Surprisingly, the literature has failed...