| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4490 |
| DP4490 GM Food Crop Technology: Implications For Sub-Saharan Africa | |
| Kym Anderson; Lee Ann Jackson | |
| 发表日期 | 2004-07-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | I characterize the effects of empirically observed managerial incentives on long-run oligopolistic competition. When managers have a preference for smooth time-paths of profits ? as revealed by the empirical literature on ?income smoothing? ? manager-led firms can sustain collusive agreements at lower discount factors. Capped bonus plans and incumbency rents with termination threats make collusion supportable at any discount factor, independent of contracts? duration. When managers have these preferences/incentives and demand fluctuates, ?price wars during booms? need not occur: the most collusive price may then be pro-cyclical. Corporate governance codes invoking transparency may reinforce these effects. |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Corporate governance Delegation Earnings management Executive compensation Collusion Income smoothing Oligopoly Ownership and control |
| URL | https://cepr.org/publications/dp4490 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533434 |
| 推荐引用方式 GB/T 7714 | Kym Anderson,Lee Ann Jackson. DP4490 GM Food Crop Technology: Implications For Sub-Saharan Africa. 2004. |
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