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Time overruns are common in public projects and are not confined to inherently complex tasks. One explanation is that sellers can undergo changes in production costs which generate a value of waiting. Using the real-option approach, we examine the effects of the lack of incentives for on-time delivery on competitive bids for a fixed-price procurement contract. Next, we analyze the effects o…
- Tahun Terbit
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We test the agency theory of corporate political activity by examining the association between the legality of independent expenditures and antitakeover lawmaking in the USstates. Exploiting changes in state law regarding the use of corporate independent expenditures in the pre-Citizens United era, we estimate that a state ismore likely to pass antitakeover statutes that entrench management whe…
- Tahun Terbit
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Using civil appeals data on Taiwan�s Supreme Court (TSC), this article revisits the well-known question of whether the �haves� come out ahead in litigations. We first show that the higher-status litigants indeed mobilized stronger legal representation and obtained more victories than the lower-status litigants. However, we submit that that the party capability theory cannot …
- Tahun Terbit
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Beginning with Serrano v. Priest in 1971, equity-based decisions issued by state supreme courts led to a decrease in cross-district inequality in per pupil expenditures. In subsequent years, more state supreme courts overturned existing systems of public school finance for failing to provide adequate education to students living in poor school districts. Adequacy-based decisions have not p…
- Tahun Terbit
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Client relationships create value, which employees may try to wrest from their employers by establishing their own firms. If an employer and worker cannot contract on the output and profits of the worker�s prospective new firm, at the beginning of their relationship the employer induces the worker to sign a contract that prohibits him from competing or soliciting the current client in …
- Tahun Terbit
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We document evidence of corruption in Chinese state asset sales. These sales involved stakes in partially privatized firms, providing a benchmark�the price of publicly traded shares�to measure underpricing. Underpricing is correlated with deal attributes associated with misgovernance and corruption. Sales by �disguised� owners that misrepresent their state ownership to e…
- Tahun Terbit
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