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作者:Grove, Wayne A.; Wasserman, Tim
作者单位:Le Moyne College; Syracuse University
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作者:Weber, RA
作者单位:Carnegie Mellon University
摘要:Previous experiments using the minimum-effort coordination game reveal a striking regularity-large groups never coordinate efficiently. Given the frequency with which large real-world groups, such as firms, face similarly difficult coordination problems, this poses an important question: Why do we observe large, successfully coordinated groups in the real world when they are so difficult to create in the laboratory? This paper presents one reason. The experiments show that, even though efficie...
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作者:Echenique, Federico; Fryer, Roland G., Jr.; Kaufman, Alex
作者单位:California Institute of Technology; Harvard University; National Bureau of Economic Research; Harvard University
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作者:Olmstead, Sheila M.; Stavins, Robert N.
作者单位:Yale University; Harvard University
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作者:Chang, YS; Hong, JH
作者单位:Seoul National University (SNU); Federal Reserve System - USA; Federal Reserve Bank - Richmond; University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
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作者:Casella, Alessandra; Hanaki, Nobuyuki
作者单位:Columbia University; National Bureau of Economic Research; University of Tsukuba
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作者:Zitzewitz, Eric
作者单位:Stanford University
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作者:Perez-Gonzalez, Francisco
作者单位:Columbia University
摘要:I use data from chief executive officer (CEO) successions to examine the impact of inherited control on firms' performance. I find that firms where incoming CEOs are related to the departing CEO, to a founder, or to a large shareholder by either blood or marriage underperform in terms of operating profitability and market-to-book ratios, relative to firms that promote unrelated CEOs. Consistent with wasteful nepotism, lower performance is prominent in firms that appoint family CEOs who did not...
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作者:Calvo, Guillermo A.; Izquierdo, Alejandro; Talvi, Ernesto
作者单位:Inter-American Development Bank
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作者:Comin, Diego; Gertler, Mark
作者单位:New York University
摘要:Over the postwar period, many industrialized countries have experienced significant medium-frequency oscillations between periods of robust growth versus relative stagnation. Conventional business cycle filters, however, tend to sweep these oscillations into the trend. In this paper we explore whether they may, instead, reflect a persistent response of economic activity to the high-frequency fluctuations normally associated with the cycle. We define as the medium-term cycle the sum of the high...