Download or read book Firms Contracts and Financial Structure written by Oliver Hart and published by Clarendon Press. This book was released on 1995-10-05 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a framework for thinking about economic instiutions such as firms. The basic idea is that institutions arise in situations where people write incomplete contracts and where the allocation of power or control is therefore important. Power and control are not standard concepts in economic theory. The book begins by pointing out that traditional approaches cannot explain on the one hand why all transactions do not take place in one huge firm and on the other hand why firms matter at all. An incomplete contracting or property rights approach is then developed. It is argued that this approach can throw light on the boundaries of firms and on the meaning of asset ownership. In the remainder of the book, incomplete contacting ideas are applied to understand firms' financial decisions, in particular, the nature of debt and equity (why equity has votes and creditors have foreclosure rights); the capital structure decisions of public companies; optimal bankruptcy procedure; and the allocation of voting rights across a company's shares. The book is written in a fairly non-technical style and includes many examples. It is aimed at advanced undergraduate and graduate students, academic and business economists, and lawyers as well as those with an interest in corporate finance, privatization and regulation, and transitional issues in Eastern Europe, the former Soviet Union, and China. Little background knowledge is required, since the concepts are developed as the book progresses and the existing literature is fully reviewed.
Download or read book Global Production written by Pol Antràs and published by Princeton University Press. This book was released on 2020-10-13 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global Production is the first book to provide a fully comprehensive overview of the complicated issues facing multinational companies and their global sourcing strategies. Few international trade transactions today are based on the exchange of finished goods; rather, the majority of transactions are dominated by sales of individual components and intermediary services. Many firms organize global production around offshoring parts, components, and services to producers in distant countries, and contracts are drawn up specific to the parties and distinct legal systems involved. Pol Antràs examines the contractual frictions that arise in the international system of production and how these frictions influence the world economy. Antràs discusses the inevitable complications that develop in contract negotiation and execution. He provides a unified framework that sheds light on the factors helping global firms determine production locations and other organizational choices. Antràs also implements a series of systematic empirical tests, based on recent data from the U.S. Customs and Census Offices, which demonstrate the relevance of contractual factors in global production decisions. Using an integrated approach, Global Production is an excellent resource for researchers, graduate students, and advanced undergraduates interested in the inner workings of international economics and trade.
Download or read book The Economic Intstitutions of Capitalism written by Oliver E. Williamson and published by Simon and Schuster. This book was released on 1985 with total page 473 pages. Available in PDF, EPUB and Kindle. Book excerpt: This long-awaited sequel to the modem classic "Markets and Hierarchies" develops and extends Williamson's innovative use of transaction cost economics as an approach to studying economic organization by applying it to work and labor as well as the corporation itself. In addition, Williamson explores its growing implications for public policy, including its potential influence on antitrust and merger guidelines, labor policy, and SEC and public utility regulations.
Download or read book Firms Markets and Contracts written by Ekkehart Schlicht and published by . This book was released on 1996-08-16 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Firms Markets and Contracts written by Ekkehart Schlicht and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern institutional economics witnesses a merging of formal and informal strands of theorizing. This development has offered new and vigorous perspectives which avoid both arbitrariness and theoretical sterility. The essays on contract theory gathered here exemplify this development. They propone new results on central issues in contractual theorizing. The theory of the firm in its variegated aspects forms, naturally, the core of the present set of contributions. Issues of ownership, integration, delegation, and finan ce are analyzed. Some contributions use the theoretical approach of contract theory to explore other issues, like medical care, public good problems, the economics of crime, environmental economics, and international trade. The contributors are leading young economists. They have participated in one or se veral classes of the 'International Summer School on the New Institutional Economics' which has been organized by Rudolf Richter in the years 1988 through 1994 and is now continued by Urs Schweizer. The theoretical style of these contributions has been influ enced by this experience. This collection of essays is intended to express the thanks of the contributors to Rudolf Richter. His initiatives for scholarly instruction and for inter national exchange of ideas have helped to create and to diffuse the understanding of and the engagement for the new institutional economics in Europe.
Download or read book Firms Markets and Efficiency written by Eitan Goldman and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: If the price system is superior to central planning, why do firms exist with sub-economies that are very large, approximating small capitalist economies? In a principal-agent setting we compare a market, in which two principal-agent pairs trade, to a corporation in which a single principal hires both agents. In a market principals motivate their agents to make efforts by writing contracts contingent on observed prices, some of which are negotiated between the agents themselves. These prices may be informative, allowing principals to induce high effort at a lower cost. But, principals in different firms cannot coordinate their contract choices since each lacks authority over the other's agent. Authority over both agents' efforts occurs when a corporation is formed, where one principal contracts directly with both agents, a sub-economy. Information from market prices is then lost and cannot be replicated by internally generated "transfer prices." Whether a market or a firm is optimal is determined by the relative value of managerial authority over agents (the "visible" hand) versus information from market prices (the "invisible" hand).
Download or read book Firms contracts and markets written by Josep Tribó Giné and published by . This book was released on 1997 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Firms and Markets written by K. Tucker and published by Routledge. This book was released on 2018-01-12 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: Industrial and business economics is a very important field with a great deal of relevance to the commercial world and to business studies students as well as to economists. It is a rapidly developing field in which many new research advances have been made in recent years. This book, first published in 1986, considers many aspects of both the theory of and the evidence on economic behaviour, and in particular the operations of firms and markets. The book was written in honour of Basil Yamey by his former research students.
Download or read book The Economic Institutions of Capitalism written by Oliver E. Williamson and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study is based on the belief that economic organization is shaped by transaction cost economizing decisions. It sets out the basic principles of transaction cost economics, applies the basic arguments to economic institutions, and develops public policy implications. Any issue that arises, or can be recast as a matter of contracting, is usefully examined in terms of transaction costs. Transaction cost economics maintains that governance of contractual relations is mainly achieved through institutions of private ordering instead of legal centralism. This approach is based on behavioral assumptions of bounded rationalism and opportunism, which reflect actual human nature. These assumptions underlie the problem of economic organization: to create contract and governance structures that economize on bounded rationality while safeguarding transactions against the hazards of opportunism. The book first summarizes the transaction cost economics approach to the study of economic organization. It develops the underlying behavioral assumptions and the types of transactions; alternative approaches to the world of contracts are presented. Assuming that firms are best regarded as a governance structure, a comparative institutional approach to the governance of contractual relations is set out. The evidence, theory, and policy of vertical integration are discussed, on the basis that the decision to integrate is paradigmatic to transaction cost analysis. The incentives and bureaucratic limits of internal organization are presented, including the dilemma of why a large firm can't do everything a collection of small firms can do. The economics of organization in presented in terms of transaction costs, showing that hierarchy also serves efficiency and permits a variety of predictions about the organization of work. Efficient labor organization is explored; on the assumption that an authority relation prevails between workers and managers, what governance structure supports will be made in response to various types of job attributes are discussed, and implications for union organization are developed. Considering antitrust ramifications of transaction cost economics, the book summarizes transaction cost issues that arise in the context of contracting, merger, and strategic behavior, and challenges earlier antitrust preoccupation with monopoly. (TNM).
Download or read book The Comparative Advantages of Firms Markets and Contracts written by Birger Wernerfelt and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most efficient labour market mechanism depends on the advantages of specialization, workers' costs of switching between entrepreneurs, and the frequency with which needs change. Multilateral mechanisms are more efficient when specialization is more advantageous, when it is cheap for workers to switch between entrepreneurs, and when individual entrepreneurs cannot occupy a worker on a full-time basis. Given a bilateral mechanism, employment (a firm) is more efficient than contracts when in-process adjustments arise more frequently. There exist three regions in which firms, markets and sequences of bilateral contracts are weakly more efficient than all other mechanisms in a big class.
Download or read book Chinese Firms Between Hierarchy and Market written by D. Chen and published by Springer. This book was released on 1994-11-13 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is about the enterprise reform in China in general, and the Contract Management Responsibility System (the CMRS) in particular. The latter is an institutional arrangement to deal with the relation between the government and the state-owned enterprise which has always been at the centre of the enterprise reform. This research is based on four in-depth case studies of Chinese state-owned companies.
Download or read book New Entrants and Small Business Graduation in the Market for Federal Contracts written by Andrew P. Hunter and published by Rowman & Littlefield. This book was released on 2019-01-04 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper garners information crucial to understanding business growth for new entrants and small businesses who contract with the federal government by utilizing publicly available contracting data from the Federal Procurement Data System (FPDS) to track new entrants from 2001-2016. This information is then used to evaluate entrances, exits, and status changes among federal vendors with the purpose of comparing challenges faced by small businesses with those of larger ones. Measuring market trends over time and in multiple sectors shows how the challenges facing small businesses, such as market barriers to entry and imperfect competition, keep them from growing. The final results compare the survival rates between small and non-small new entrants contracting with the federal government and analyze the graduation rates for those small new entrants who grew in size during the observation period and survived after ten years. The study finds that around 40 percent of new entrants exit the market for federal contracts after three years, around 50-60 percent after five years, and only about one-fifth of new entrants remain in the federal contracting arena in the final year of observation. Across the six samples studied, thegraduation rates of small businesses consistently decrease.
Download or read book Boilerplate written by Omri Ben-Shahar and published by Cambridge University Press. This book was released on 2007-05-21 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: Boilerplate, the fine print of standard contracts, is more prevalent than ever in commercial trade and in electronic commerce. But what is in it, beyond legal technicalities? Why is it so hard to read and why is it often so one-sided? Who writes it, who reads it, and what effect does it have? The studies in this volume question whether boilerplate is true contract. Does it resemble a statute? Is it a species of property? Should we think of it as a feature of the product we buy? Does competition improve boilerplate? Looking at the empirical reality in which various boilerplates operate, leading private law experts reveal subtle and previously unrecognized ways in which boilerplate clauses encourage information flow, but also reduce it; how new boilerplate terms are produced, and how innovation in boilerplate is stifled; how negotiation happens in the shadow of boilerplate, and how it is subdued. They offer a new explanation as to why boilerplate is often so one-sided. With emphasis on empiricism and economic thinking, this volume provides a more nuanced understanding of the 'DNA' of market contracts, the boilerplate terms.
Download or read book Firms Markets and Economic Change written by Richard N. Langlois and published by Routledge. This book was released on 1995-07-06 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditonal western forms of corporate organization have been called into question by the success of Japanese keiretsu. Firms, Markets and Economic Change draws on industrial economics, business strategy, and economic history to develop an evolutionary model to show when innovation is best undertaken. The authors argue that innovation is a complex process that defies neat categorization and government policy should be to facilitate change rather than to direct it.
Download or read book Markets Contracts and Firms written by Piergiovanna Natale and published by . This book was released on 1994 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Chinese Firms Between Hierarchy and Market written by Derong Chen and published by Palgrave Macmillan. This book was released on 1995 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the enterprise reform in China in general, and the Contract Management Responsibility System (CMRS) in particular. The latter is an institutional arrangement to deal with the relation between the government and the state-owned enterprise which has always been at the centre of the enterprise reform. This book is based on four in-depth case-studies and reveals the interaction taking place between the government and enterprise under the system. The research shows that to establish a market-type relation between the government and enterprise is a complicated and dynamic process. It involves understanding two different economic mechanisms, market and hierarchy, and the interactions taken by two parties. Drawing on empirical work, the CMRS is examined from an institutional perspective and provides a holistic view of the changes in Chinese enterprises.
Download or read book Employment Markets Contracts and the Scope of the Firm written by Birger Wernerfelt and published by . This book was released on 2013 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: We look at the economic functions of firms, contracts, and markets and characterize the optimal scope of the firm. Governance structures appear as equilibria and are compared in terms of production costs - determined by a tradeoff between standardization and adaptation - and adjustment costs - sometimes incurred when prices have to be agreed upon. Under weak conditions, employment, markets, or sequential contracting weakly dominate all other equilibria. As firms become larger, they lose their focus and gains from standardization decrease, ultimately bounding their scope. The model does not rest on non-standard assumptions and is consistent with the managerial literature on the scope of the firm. Its predictions depend on several factors that do not play a role in other contemporary theories of organization.
