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Despite the continuing preference for homeownership, it has become increasingly difficult for young adults to own a home in Britain. House prices have increased faster than real earnings between the mid-1990s and the 201...Read more...
21 April 2020
I analyze a dataset of news from the New York Times, from 1946 to 1997. Controlling for the incumbent President's activity across issues, I find that during the presidential campaign the New York Times gives more emphasi...Read more...
Patrick Bolton and Chenggang Xu
This paper centres around the question of ownership of firms and managerial competition and how these affect manager and employees' incentives to invest in human capital. We argue that employee's incentives in human capi...Read more...
Chong-En Bai and Chenggang Xu
This paper studies the effect of ownership structure on workers' incentives for investing in firm-specific human capital. Particularly, we analyse such incentivers and monitoring under employee ownership and capitalist o...Read more...
Ben Lockwood and David de Meza
The standard property-rights theory of the firm assumes that prior to investing in human capital, team members meet and negotiate asset ownership. This paper endogenizes the event sequence in a matching model of market e...Read more...
Oliver Hart and John Moore
We are concerned with the design of a constitution for a firm - an ex ante contract which assigns residual rights of control (and possibly residual income rights) without reference to the issue to be decided. We focus at...Read more...
We show that allocation of ownership matters even in a long-term relationship where problems of opportunism are less severe unless agents are very patient. Ownership structure is chosen to give the agents best incentives...Read more...