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Publications (26)
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– The Economics of La Lega and Mondragón
This paper develops a theory of endogenous league formation and considers its implications for policy in developing countries. We generalize from features of the two most prominent European co-op leagues, Mondragón and La Lega, to develop the first formal model of the endogenous formation of co...
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– Evidence from East Asia
This paper investigates the benefits and associated agency costs of using internal capital markets through affiliating with groups using data of two thousand firms from nine East Asian economies between 1994-6. We find that mature and slow-growing firms with ownership structures more likely to...
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– Evidence for Italian Public Enterprises' Investment
This study examines the effect of the hardening of the budget constraint on the investment behaviour of Italian state owned enterprises (SOEs). It carries out a natural experiment that exploits the 1987 shift of budget regimes due to the pressure of European Union economic policies on the Italian...
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– The Case of Italian State-Owned Firms and the European Union
This paper contributes to the literature on the role of decentralization in hardening the budget constraint of public enterprises. Following Qian and Roland the study adopts a ‘federalist’ approach. However, it interprets federalism as the upward devolution of domestic economic policies to a...
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– A Rent Seeking Model of China’s Township-Village Enterprises
I present a study of ownership of firms under government rent seeking. Using its control of regulated inputs, a government agency extracts rents from a manager who undertakes an investment. Such a government rent seeking activity leads to a typical hold-up problem. Government ownership is shown to...
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This paper analyzes the ‘Silicon Valley model’ as a novel economic institution in the domain of technological product system innovation such as computers. We focus on the information structural relationship as well as governance relationships between venture capitalists and a cluster of...
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– Global Perspectives
We examine the role of institutional investors in financial markets and in corporate governance. In many countries, institutional investors have become the predominant players in financial markets and their influence worldwide is growing, chiefly due to the privatization and development of pension...
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– A Comparison of the United States, Japan, and Other East Asian Economies
We document that firms in eight East Asian countries and Japan diversify into more segments and engage into more related businesses―as measured by the degree of vertical relatedness and complementarity―than firms in the USA. Using data for the 1990-6 period, we observe a trend towards complementary...
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– Network Externalities and Mondragón and La Lega Co-Operative Networks
This paper examines strategies developed by Mondragón Co-operative Corporation in the Basque Region of Spain, and La Lega co-operative network in Italy, to mitigate disadvantages of the typical co-operative organizational structure and market position but without losing its critical advantages and...
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Increased equity participation by employees has attracted substantial interest for its potential to affect both economic outcomes (e.g., worker and firm performance) and social outcomes (e.g., wealth and income inequality). This paper summarizes the findings from over 50 large-sample empirical...
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In the 1990s, a new ownership form called ‘joint-stock co-operative’ (gufen hezuozhi) became widely adopted in China’s township and village enterprise sector. The promising dynamics and high adaptive ability of the new ownership form is in contradiction with the conclusions suggested by the existing...
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This paper defines a role for human rights and human rights workers in the discussion of humanitarian emergencies. The approach is to look at how human rights law, monitoring, and information can be useful in two ways: (1) to warn of an impending humanitarian emergency, and (2) as part of efforts to...
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– A comparative Analysis across Development Stages and Institutional and Technological Contexts
This paper establishes a theoretical framework for the ongoing research project of UNU/WIDBR on Property Rights Regimes, Microeconomic Incentives and Development. It identifies the major research interests, questions, and focuses. The theoretical emphasis is on the very relevance of concrete...
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– An Extended Framework for Understanding Primitive Socialist Accumulation
This paper re-examines the current debate on price scissors based on an extended framework, in which the production and trade of industrial consumer goods within the rural sector is incorporated. It confirms that in the economy considered by Preobrazhensky, consumer rationing, especially of...
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– An Econometric Investigation into the Sources of Humanitarian Emergencies
This paper uses econometric methods and case-study evidence to examine the political economy of complex humanitarian emergencies, multidimensional crises characterized by warfare, state violence, disease, hunger, and displacement. We emphasize that economic variables often become salient through...
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This paper explains correlations between humanitarian emergencies and political economies of 'failing states' in Liberia and Sierra Leone. In both, Cold War era rulers acquired personal power through their influence over economic exchange, irrespective of conventional public/private distinctions...
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