Working Paper
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...
Read moreFree 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...
Read moreThe 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...
Read moreMinimizing Costs, Maximizing Sustainability
Do strong incentives to cut costs lead firms to neglect negative externalities? We find that costcutting incentives can be environmentally friendly....
Read moreDoes 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...
Read moreA 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...
Read moreOutsourcing 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...
Read moreEconomic Development and Relationship-Based Financing
Formal finance involves costly information acquisition about distant entrepreneurs, while relationship-based finance allows financiers to fund a...
Read moreCompetition 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...
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