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Access, Veto and Ownership in the Theory of the Firm 企业理论中的准入、否决和所有权
IF 1.1 3区 社会学 Q3 ECONOMICS Pub Date : 2013-08-01 DOI: 10.1093/JLEO/EWS003
Roland Bel
Ownership may not always be the best driver of investment incentives in an incomplete contract context. Instead, we argue that ownership contains two facets--access and veto--that can be used specifically, and sometimes independently, to foster investment. Whereas prior studies in the literature have reported the effect of these mechanisms separately on incentives and welfare, we cast them within a single framework. Access is closer to efficiency than ownership when assets are complements at the margin; veto is sometimes closer to efficiency when assets are substitutes at the margin. Access increases the incentives of the beneficiary agent, whereas veto increases the incentives of the constrained agent. By defining control over an asset as "access with no outside veto," we provide a rationale for the optimality of intriguing organizational structures, such as open access, hybrid organizations, outside ownership, joint ownership, partnerships, and employment contracts. (JEL C70, D23, G30, L20) The Author 2012. Published by Oxford University Press on behalf of Yale University. All rights reserved. For Permissions, please email: journals.permissions@oup.com, Oxford University Press.
在不完全契约的背景下,所有权可能并不总是投资激励的最佳驱动因素。相反,我们认为所有权包含两个方面——准入和否决权——这两个方面可以具体地(有时是独立地)用于促进投资。鉴于之前的文献研究分别报道了这些机制对激励和福利的影响,我们将它们置于一个单一的框架内。当资产是边际的补充时,获取比拥有更接近效率;当资产只是边际上的替代品时,否决有时更接近效率。准入增加了受益代理人的激励,而否决增加了受约束代理人的激励。通过将对资产的控制定义为“没有外部否决权的访问”,我们为有趣的组织结构的最优性提供了一个基本原理,例如开放访问、混合组织、外部所有权、联合所有权、伙伴关系和雇佣合同。(JEL C70, D23, G30, L20)作者2012。牛津大学出版社代表耶鲁大学出版。版权所有。有关许可,请发送电子邮件:journals.permissions@oup.com,牛津大学出版社。
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引用次数: 15
Left, Right, and Center: Strategic Information Acquisition and Diversity in Judicial Panels 左、右和中:司法小组的战略信息获取和多样性
IF 1.1 3区 社会学 Q3 ECONOMICS Pub Date : 2013-06-01 DOI: 10.1093/JLEO/EWR013
M. Spitzer, E. Talley
This article develops and analyzes a hierarchical model of judicial review in multimember appellate courts. In our model, judicial panels acquire information endogenously, through the efforts of individual panelists, acting strategically. The resulting equilibria strongly resemble the empirical phenomena collectively known as "panel effects"--and in particular the observed regularity with which ideological diversity on a panel predicts greater moderation in voting behavior (even after controlling for the median voter's preferences). In our model, nonpivotal panel members with ideologies far from the median have the greatest incentive to acquire additional policy-relevant information where no one on a homogeneous panel would be willing to do so. The resulting information structure pushes deliberation and observed voting patterns toward apparent moderation. We illustrate the plausibility of our model by calibrating it to empirical data and explore various normative implications of our theory. The Author 2011. Published by Oxford University Press on behalf of Yale University. All rights reserved. For Permissions, please email: journals.permissions@oup.com, Oxford University Press.
本文发展并分析了多成员上诉法院司法审查的分层模式。在我们的模型中,司法小组通过个别小组成员的努力,通过战略行动,内生地获取信息。由此产生的均衡非常类似于被统称为“小组效应”的经验现象——特别是观察到的规律,即小组的意识形态多样性预示着投票行为会更温和(即使在控制了中间选民的偏好之后)。在我们的模型中,意识形态远离中间值的非关键小组成员有最大的动机获取额外的政策相关信息,而同质小组中没有人愿意这样做。由此产生的信息结构将审议和观察到的投票模式推向明显的温和。我们通过将其校准到经验数据来说明我们模型的合理性,并探索我们理论的各种规范含义。作者2011。牛津大学出版社代表耶鲁大学出版。版权所有。有关许可,请发送电子邮件:journals.permissions@oup.com,牛津大学出版社。
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引用次数: 30
Self-Policing Statutes: Do They Reduce Pollution and Save Regulatory Costs? 自我监管法规:它们能减少污染并节省监管成本吗?
IF 1.1 3区 社会学 Q3 ECONOMICS Pub Date : 2013-06-01 DOI: 10.1093/JLEO/EWR012
Santiago Guerrero, R. Innes
State-level statutes provide firms that engage in environmental self-audits, and that self-report their environmental violations, a variety of regulatory rewards, including "immunity" from penalties and "privilege" for information contained in self-audits. This article studies a panel of state-level industries from 1989 through 2003, to determine the effects of the different types of statutes on toxic pollution and government inspections. We find that, by encouraging self-auditing, privilege protections tend to reduce pollution and government enforcement activity; however, sweeping immunity protections, by reducing firms' pollution prevention incentives, raise toxic pollution and government inspection oversight. The Author 2011. Published by Oxford University Press on behalf of Yale University. All rights reserved. For Permissions, please email: journals.permissions@oup.com, Oxford University Press.
州一级的法规为从事环境自我审计并自我报告其环境违规行为的公司提供各种监管奖励,包括免于处罚的“豁免权”和对自我审计中包含的信息的“特权”。本文研究了1989年至2003年间的一组国家级行业,以确定不同类型的法规对有毒污染和政府检查的影响。我们发现,通过鼓励自我审计,特权保护倾向于减少污染和政府执法活动;然而,全面的豁免保护,通过减少企业的污染预防激励,增加有毒污染和政府的检查监督。作者2011。牛津大学出版社代表耶鲁大学出版。版权所有。有关许可,请发送电子邮件:journals.permissions@oup.com,牛津大学出版社。
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引用次数: 12
Occasionally Libertarian: Experimental Evidence of Self-Serving Omission Bias 偶尔的自由意志主义:自我服务遗漏偏见的实验证据
IF 1.1 3区 社会学 Q3 ECONOMICS Pub Date : 2013-06-01 DOI: 10.1093/JLEO/EWS046
Andrew T. Hayashi
People evaluate outcomes, in part, by how those outcomes came about and who caused them. For example, attitudes about the proper amount of redistributive taxation reflect beliefs about the causal roles played by luck and human agency in creating the pre-tax income distribution. Causal attribution, however, is a process both complicated and subject to bias. I generate individual-level data from a variation on the dictator game in which the participants' initial endowments are manipulated to identify one aspect of how people care about causal attribution. The data are inconsistent with models of preferences defined solely over outcomes and also with a general bias toward inaction. Subjects care independently, but conditionally, about the effects of their own actions and demonstrate a bias toward inaction only when it is in their self-interest. (JEL A12, A13, C91, D63) The Author 2013. Published by Oxford University Press on behalf of Yale University. All rights reserved. For Permissions, please email: journals.permissions@oup.com, Oxford University Press.
人们评估结果的部分依据是这些结果是如何产生的以及是谁造成的。例如,对适当的再分配税收的态度反映了人们对运气和人类能动性在创造税前收入分配中所起的因果作用的看法。然而,因果归因是一个既复杂又容易受到偏见影响的过程。我从一个独裁者游戏的变体中生成了个人层面的数据,在这个游戏中,参与者的初始禀赋被操纵,以确定人们如何关心因果归因的一个方面。这些数据与仅根据结果定义的偏好模型不一致,也与不作为的普遍偏见不一致。受试者独立但有条件地关心自己行为的影响,只有在符合自身利益的情况下才倾向于不作为。(JEL A12, A13, C91, D63)牛津大学出版社代表耶鲁大学出版。版权所有。有关许可,请发送电子邮件:journals.permissions@oup.com,牛津大学出版社。
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引用次数: 12
Self-Enforcing Agreements and Relational Contracting: Evidence from California Highway Procurement 自我执行协议和关系合同:来自加州公路采购的证据
IF 1.1 3区 社会学 Q3 ECONOMICS Pub Date : 2013-04-01 DOI: 10.1093/JLEO/EWR026
Ricard Gil, Justin Marion
We empirically examine the impact of relationships between contractors and subcontractors on firm pricing and entry decisions in the California highway procurement market using data from auctions conducted by the California Department of Transportation. Relationships in this market are valuable if they mitigate potential hold-up problems and incentives for ex post renegotiation arising from contractual incompleteness. An important characteristic of informal contracts is that they must be self-enforcing, so the value of relationships between firms and suppliers depend on the extent of possibilities for future interaction. We construct measures of the stock of contractors' prior interactions with relevant subcontractors and, most importantly, an exogenous instrument to measure the future value of ongoing relationships that is orthogonal to contractor--subcontractor match-specific productivity. We find that a larger stock of relationships leads to a greater likelihood of entry and to lower bids. Importantly, this relationship does not hold in periods of time and areas with little future contract volume, suggesting that the value of the future is crucial in providing value for informal contracts. The Author 2012. Published by Oxford University Press on behalf of Yale University. All rights reserved. For Permissions, please email: journals.permissions@oup.com, Oxford University Press.
我们实证研究了承包商和分包商之间的关系对加州公路采购市场中公司定价和进入决策的影响,使用的数据来自加州交通部进行的拍卖。如果这个市场中的关系能够减轻因合同不完整而引起的潜在拖延问题和事后重新谈判的动机,那么这种关系就是有价值的。非正式契约的一个重要特征是它们必须是自我执行的,因此公司和供应商之间关系的价值取决于未来互动的可能性程度。我们构建了承包商与相关分包商之前相互作用的库存度量,最重要的是,一个外生工具来衡量与承包商-分包商匹配特定生产力正交的持续关系的未来价值。我们发现,更多的关系存量导致更大的进入可能性和更低的出价。重要的是,这种关系并不适用于未来合同量很少的时间段和领域,这表明未来的价值在为非正式合同提供价值方面至关重要。作者2012。牛津大学出版社代表耶鲁大学出版。版权所有。有关许可,请发送电子邮件:journals.permissions@oup.com,牛津大学出版社。
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引用次数: 109
Value Destruction in the New Era of Chapter 11 新时代的价值破坏第十一章
IF 1.1 3区 社会学 Q3 ECONOMICS Pub Date : 2013-04-01 DOI: 10.1093/JLEO/EWR004
B. Adler, V. Capkun, L. A. Weiss
Over the past two decades, control over the US bankruptcy reorganization process has shifted from a debtor's pre-bankruptcy managers to holders of secured claims. The result has been increased adherence to absolute priority and a harder landing for the debtor's managers and shareholders. Because managers still make or can influence the decision whether or when to file a bankruptcy petition, we hypothesize that anticipation of bankruptcy under these new conditions will result in a delay in filing, increased leverage, increased secured debt, and a reduction of asset value for firms at the time they file. We present empirical evidence consistent with our hypotheses. The Author 2012. Published by Oxford University Press on behalf of Yale University. All rights reserved. For Permissions, please email: journals.permissions@oup.com, Oxford University Press.
过去20年,美国破产重组程序的控制权已从债务人的破产前管理人转移到有担保债权的持有人。其结果是,对绝对优先权的坚持不断加强,而债务人的管理者和股东将面临更艰难的着陆。由于管理者仍然会做出或能够影响是否或何时提交破产申请的决定,我们假设,在这些新条件下,对破产的预期将导致申请的延迟,杠杆率的增加,担保债务的增加,以及申请时公司资产价值的减少。我们提出了与我们的假设相一致的经验证据。作者2012。牛津大学出版社代表耶鲁大学出版。版权所有。有关许可,请发送电子邮件:journals.permissions@oup.com,牛津大学出版社。
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引用次数: 46
Contract Form and Technology Adoption in a Network Industry 网络产业中的合同形式与技术采用
IF 1.1 3区 社会学 Q3 ECONOMICS Pub Date : 2013-04-01 DOI: 10.1093/JLEO/EWS017
Silke J. Forbes, Mara Lederman
This article investigates the relationship between transaction characteristics and contractual form as well as the role of technology adoption as a driver of variation in transaction characteristics. Our setting is the US airline industry, where many large airlines have outsourcing relationships with smaller regional carriers. In the late 1990s, fixed price contracts began to replace revenue sharing agreements as the dominant contractual form in these relationships. Moreover, this change coincided with the diffusion and adoption of a new aircraft technology, the regional jet. We present evidence that the new aircraft technology changed the set of flights that airlines subcontracted to their regional partners and did so in a way that favored the use of fixed price rather than revenue-sharing contracts. In particular, our results are consistent with the hypothesis that the new flights being subcontracted had characteristics that would have led to significant haggling costs under route-level revenue sharing. (JEL L14, D86, L22) The Author 2012. Published by Oxford University Press on behalf of Yale University. All rights reserved. For Permissions, please email: journals.permissions@oup.com, Oxford University Press.
本文研究了交易特征与契约形式之间的关系,以及技术采用作为交易特征变化驱动因素的作用。我们的背景是美国航空业,许多大型航空公司与较小的地区航空公司建立了外包关系。在20世纪90年代末,固定价格合同开始取代收入分成协议,成为这些关系中的主要合同形式。此外,这一变化与一种新的飞机技术——支线喷气式飞机的普及和采用不约而同。我们提供的证据表明,新的飞机技术改变了航空公司将航班转包给其区域合作伙伴的方式,这种方式更倾向于使用固定价格而不是收入分成合同。特别是,我们的结果与假设一致,即分包的新航班具有在航线层面收入分享下会导致显著讨价还价成本的特征。(JEL L14, D86, L22)作者2012。牛津大学出版社代表耶鲁大学出版。版权所有。有关许可,请发送电子邮件:journals.permissions@oup.com,牛津大学出版社。
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引用次数: 12
Confirmation Bias in the United States Supreme Court Judicial Database 美国最高法院司法数据库中的确认偏误
IF 1.1 3区 社会学 Q3 ECONOMICS Pub Date : 2013-04-01 DOI: 10.1093/JLEO/EWR003
A. Harvey, Michael J. Woodruff
We ask whether the widely used direction of decision and direction of vote variables in the United States Supreme Court Judicial Database (USSCJD) are contaminated by confirmation bias, or have been affected by expectations about the likely effects of judicial preferences on case outcomes. Using a sample of generally comparable cases, we find evidence that the assignment of issue codes to these cases, codes that govern the subsequent assignment of "direction" to the Court's judgments, is conditional on both case disposition and the known preferences of the deciding court, in the direction predicted by the hypothesis of confirmation bias. We also find that the USSCJD direction variables overstate the effect of judicial preferences and understate the effect of congressional preferences on case outcomes, relative to objectively coded measures of the Court's judgments. The Author 2011. Published by Oxford University Press on behalf of Yale University. All rights reserved. For Permissions, please email: journals.permissions@oup.com, Oxford University Press.
我们想知道,美国最高法院司法数据库(USSCJD)中广泛使用的决策方向和投票方向变量是否受到确认偏差的污染,或者是否受到司法偏好对案件结果可能产生的影响的预期的影响。通过使用一般可比较的案例样本,我们发现证据表明,这些案件的案件代码分配,即管理法院判决的后续“方向”分配的代码,取决于案件处理和判决法院的已知偏好,即确认偏颇假设所预测的方向。我们还发现,相对于法院判决的客观编码措施,USSCJD方向变量夸大了司法偏好的影响,低估了国会偏好对案件结果的影响。作者2011。牛津大学出版社代表耶鲁大学出版。版权所有。有关许可,请发送电子邮件:journals.permissions@oup.com,牛津大学出版社。
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引用次数: 50
Can Celebrity Endorsements Affect Political Outcomes? Evidence from the 2008 US Democratic Presidential Primary 名人代言会影响政治结果吗?2008年美国民主党总统初选的证据
IF 1.1 3区 社会学 Q3 ECONOMICS Pub Date : 2013-04-01 DOI: 10.1093/JLEO/EWR031
Craig L. Garthwaite, T. Moore
Identifying the effects of political endorsements has historically been difficult. Before the 2008 Democratic presidential primary, Barack Obama was endorsed by talk show host Oprah Winfrey. In this article, we assess the impact of this endorsement using, as measures of Winfrey's influence, subscriptions to her magazine and sales of books she recommends. We find that her endorsement increased Obama's votes and financial contributions, and also increased overall voter turnout. No connection is found between the measures of Oprah's influence and previous elections, nor with underlying political preferences. Our results suggest that Winfrey's endorsement was responsible for approximately 1 million additional votes for Obama. The Author 2012. Published by Oxford University Press on behalf of Yale University. All rights reserved. For Permissions, please email: journals.permissions@oup.com, Oxford University Press.
从历史上看,确定政治支持的影响一直很困难。在2008年民主党总统初选之前,奥巴马得到了脱口秀主持人奥普拉·温弗瑞的支持。在这篇文章中,我们用温弗瑞杂志的订阅量和她推荐的书籍的销量来衡量这种认可的影响。我们发现,她的支持增加了奥巴马的选票和财政捐款,也增加了总体选民投票率。奥普拉影响力的衡量与之前的选举之间没有联系,也没有发现潜在的政治偏好。我们的结果显示,温弗瑞的支持为奥巴马增加了大约100万张选票。作者2012。牛津大学出版社代表耶鲁大学出版。版权所有。有关许可,请发送电子邮件:journals.permissions@oup.com,牛津大学出版社。
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引用次数: 68
Why Are Criminals Less Educated than Non-Criminals? Evidence from a Cohort of Young Australian Twins 为什么罪犯比非罪犯受教育程度低?来自澳大利亚一对年轻双胞胎的证据
IF 1.1 3区 社会学 Q3 ECONOMICS Pub Date : 2013-02-01 DOI: 10.1093/JLEO/EWS014
D. Webbink, P. Koning, S. Vujić, N. Martin
Many studies find a strong negative association between crime and education. This raises the question whether crime reduces investment in human capital or whether education reduces criminal activity. This article investigates posed question by using fixed-effect estimation on data of Australian twins. We find early arrests (before the age of 18) both to have a strong effect on human capital accumulation, as well as strong detrimental effects on adult crime. Schooling does not have an effect on adult crime if there is variation in early arrests. However, schooling reduces crime if there is little variation in early crime. (JEL code: I2, K42).
许多研究发现犯罪和教育之间有很强的负相关。这就提出了一个问题,是犯罪减少了对人力资本的投资,还是教育减少了犯罪活动。本文利用固定效应估计对澳大利亚双胞胎的数据进行了研究。我们发现早期逮捕(在18岁之前)对人力资本积累有很强的影响,对成年犯罪也有很强的不利影响。如果早期被捕的情况有所不同,学校教育对成人犯罪就没有影响。然而,如果早期犯罪几乎没有变化,学校教育就会减少犯罪。(JEL代码:I2, K42)。
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引用次数: 29
期刊
Journal of Law Economics & Organization
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