| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5120 |
| DP5120 Social Learning in Continuous Time: When are Informational Cascades More Likely to be Inefficient? | |
| Tuvana Pastine | |
| 发表日期 | 2005-07-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper investigates the governance structure choices of firms when there is competition between legal systems. We study the impact of the allocation of control over choice of governance and reincorporation on firms? technologies and technological specialization of countries in the context of a model of the firm in which there are agency conflicts between shareholders and managers. We show that the allocation of control over firms? reincorporation decisions determines the corporate governance choice ex ante and the outcome of the competition between legal regimes ex post. When managers have control over firms? reincorporation then competitive deregulation and ?runs to the bottom? ensue. When shareholders have partial or full control then there is diversity in governance structures. Runs to the bottom are not necessarily socially undesirable but they have a feedback effect on firms? choices of technologies that may make the party in control worse off ex ante. We show that it is impossible for any country to achieve social welfare maximization of its existing and new enterprises. With competition between legal regimes, start-up and mature companies incorporate in different jurisdictions even when reincorporation is correctly anticipated. |
| 主题 | Financial Economics |
| 关键词 | Corporate governance Competition between legal systems Freedom or reincorporation Shareholder protection Technology choice Managerial private benefits |
| URL | https://cepr.org/publications/dp5120 |
| 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/534009 |
| 推荐引用方式 GB/T 7714 | Tuvana Pastine. DP5120 Social Learning in Continuous Time: When are Informational Cascades More Likely to be Inefficient?. 2005. |
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