| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP4517
|
| DP4517 Can Portfolio Rebalancing Explain the Dynamics of Equity Returns, Equity Flows and Exchange Rates? |
| Helene Rey; Harald Hau
|
| 发表日期 | 2004-08-23
|
| 出版年 | 2004
|
| 语种 | 英语
|
| 摘要 | In this Paper we analyse the effects of information leakage on the incentives to innovate in firms. We analyse a situation in which an employee in a firm is inspired with a new idea for a product. In a framework in which Intellectual Property Rights on ideas are absent, we analyse the employee?s decision of whether to disclose the idea within the firm or to form a spin-out. We next look at the shareholders of the original firm and analyse their incentives to promote creativity and innovations among employees. Our analysis highlights the effects of the distribution of shares within the firm and the firm?s size on the incentives and behaviour of firms towards innovation. In particular we highlight the following findings. (i) Often employees may not implement an idea either within or outside the firm. (ii) The ownership structure affects the incentives to promote innovation in firms. (iii) Firm shareholders may have incentives to curtail innovation even if these innovations are expected to be revealed within the firm. (iv) Firms may buy-off potential innovative agents, by providing them with compensation plans that dominate leaving the firm, or revealing new ideas within the firm. (v) Information leakage concerns affect both the hiring and the information provision decisions of the firm. |
| 主题 | Industrial Organization
|
| 关键词 | Information leakage
Spin-outs
Innovation
Corporate governance
|
| URL | https://cepr.org/publications/dp4517
|
| 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/533462
|
推荐引用方式
GB/T 7714 |
Helene Rey,Harald Hau. DP4517 Can Portfolio Rebalancing Explain the Dynamics of Equity Returns, Equity Flows and Exchange Rates?. 2004.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
