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Essays in corporate governance and l...

Zoido Benitez, M. Elena.

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Essays in corporate governance and labor.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Essays in corporate governance and labor./
Author:	Zoido Benitez, M. Elena.
Description:	201 p.
Notes:	Advisers: Lawrence F. Katz; Caroline M. Hoxby; Jeremy Stein.
Contained By:	Dissertation Abstracts International63-04A.
Subject:	Economics, Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3051335
ISBN:	0493660143

Essays in corporate governance and labor.
Zoido Benitez, M. Elena.

Essays in corporate governance and labor. - 201 p.

Advisers: Lawrence F. Katz; Caroline M. Hoxby; Jeremy Stein.

Thesis (Ph.D.)--Harvard University, 2002.

My dissertation consists of three empirical essays at the intersection of Corporate Finance, Industrial Organization and Labor Economics. In the first chapter I investigate how firm behavior responds to shocks to managerial discretion using a new data set from the supermarket industry. I use state anti-takeover legislation as a source of exogenous variation in corporate governance. I find that managers who face a diminished threat of hostile takeovers (and, hence, enjoy more discretion) expand in local markets, but enter new markets with lower probability. As a result, their firms operate stores in fewer markets. The results suggest that the two dominant theories of managerial preferences (empire building and effort minimization) are not mutually exclusive: managers with greater discretion build an empire, but one that is not too costly to manage.

ISBN: 0493660143Subjects--Topical Terms:

626650
Economics, Finance.

Essays in corporate governance and labor.
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005 20110506
008 110506s2002 eng d
020 $a 0493660143
035 $a (UnM)AAI3051335
035 $a AAI3051335
040 $a UnM $c UnM
100 1 $a Zoido Benitez, M. Elena. $3 1257431
245 1 0 $a Essays in corporate governance and labor.
300 $a 201 p.
500 $a Advisers: Lawrence F. Katz; Caroline M. Hoxby; Jeremy Stein.
500 $a Source: Dissertation Abstracts International, Volume: 63-04, Section: A, page: 1465.
502 $a Thesis (Ph.D.)--Harvard University, 2002.
520 $a My dissertation consists of three empirical essays at the intersection of Corporate Finance, Industrial Organization and Labor Economics. In the first chapter I investigate how firm behavior responds to shocks to managerial discretion using a new data set from the supermarket industry. I use state anti-takeover legislation as a source of exogenous variation in corporate governance. I find that managers who face a diminished threat of hostile takeovers (and, hence, enjoy more discretion) expand in local markets, but enter new markets with lower probability. As a result, their firms operate stores in fewer markets. The results suggest that the two dominant theories of managerial preferences (empire building and effort minimization) are not mutually exclusive: managers with greater discretion build an empire, but one that is not too costly to manage.
520 $a In the second chapter, I extend my analysis to examine the impact of three generations of state anti-takeover regulation on the product market decisions of a large set of manufacturing firms. The results show that managers who are insulated from the threat of hostile takeovers reduce the effort devoted to increasing firm growth, market share and diversification into different industries. The laws have a stronger effect in firms that compete in growing and concentrated industries. The effect of the laws depends on firm corporate governance mechanisms as well. These patterns of behavior are consistent with the view that managers have private costs of exerting effort regarding product market decisions.
520 $a In collaboration with Albert Saiz, I study in the third chapter whether speaking a foreign language has an impact on earnings. We use a variety of empirical strategies to address this question for a representative sample of US college graduates. OLS regressions with a complete set of controls to minimize concerns about omitted variable biases, propensity score methods and panel data techniques all lead to similar conclusions. The hourly earnings of those who speak a foreign language are over 2 percent higher than of those who do not. We obtain higher and more imprecise point estimates using state high school graduation and college entry and graduation requirements as instrumental variables.
590 $a School code: 0084.
650 4 $a Economics, Finance. $3 626650
650 4 $a Economics, General. $3 1017424
650 4 $a Economics, Labor. $3 1019135
690 $a 0501
690 $a 0508
690 $a 0510
710 2 0 $a Harvard University. $3 528741
773 0 $t Dissertation Abstracts International $g 63-04A.
790 $a 0084
790 1 0 $a Hoxby, Caroline M., $e advisor
790 1 0 $a Katz, Lawrence F., $e advisor
790 1 0 $a Stein, Jeremy, $e advisor
791 $a Ph.D.
792 $a 2002
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3051335