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Journal Article
Interview : Robert Moffitt
Journal Article
Federal Reserve: William McChesney Martin Jr. : a reevaluation
Journal Article
Interview : James Buchanan
Report
Financial Intermediary Balance Sheet Management
We consider a simple variant of the standard real business cycle model in which shareholders hire a self-interested executive to manage the firm on their behalf. A generic family of compensation contracts similar to those employed in practice is studied. When compensation is convex in the firm?s own dividend (or share price), a given increase in the firm?s output generated by an additional unit of physical investment results in a more than proportional increase in the manager?s income. Incentive contracts of sufficient yet modest convexity are shown to result in an indeterminate general ...
Journal Article
Federal Reserve : Initiation by fire
Journal Article
Interview : Frank Sloan
Journal Article
Interview : Kenneth Elinzga
Journal Article
Interview : Robert Litan
Journal Article
Interview : Susan Athey
Working Paper
Agency problems in public firms: evidence from corporate jets in leveraged buyouts
This paper uses rich, new data to examine the fleets of corporate jets operated by both publicly traded and privately held firms. In the cross-section, firms owned by private equity funds average jet fleets at least 40 percent smaller than observably similar publicly-traded firms. Similar fleet reductions are observed within firms that go private in leveraged buyouts. I discuss assumptions under which comparisons across and within firms provide estimates of lower and upper bounds on the average treatment effect of taking a firm from public to private in a leveraged buyout. Both censored and ...