In this paper, a formal rent-seeking theory of the …rm is developed. The main idea is that integration (compared to non-integration) facilitates rentseeking for the integrating party, but makes it harder for the integrated one. In a one-period model, this implies that the rent-seeking contest becomes more uneven and the parties rent-seek less. Here, integration is optimal. In the in…nitely-repe...

Managerial rent extraction is a non-trivial phenomenon during acquisitions: in a sample of 364 deals from 1999-2005, over one target CEO in four experiences compensation increases due to option grants received just before the acquisition while target shareholders suffer losses. Indeed, the top quartile of rent extraction CEOs pocket an average of 19 million dollars from option awards granted se...

The theory of rent seeking with its origins in the observations of Gordon Tullock (1967) or to use Jagdish Bhagwati's (1982) proposed term, the theory of directly unproductive profit-seeking activities is concerned with the potentially adverse effects on resource allocation of incentives to capture and defend artificially-contrived rents and transfers. The scope for social loss proposed by the ...

Silencing within the yeast ribosomal DNA (rDNA) repeats protects the integrity of this highly repetitive array by inhibiting hyperrecombination and repressing transcription from foreign promoters. Using affinity purification combined with highly sensitive mixture mass spectrometry, we have analyzed the protein interaction network involved in suppressing homologous recombination within the rDNA ...

China’s new round tenure reform has devolved collective forests to individuals on an egalitarian basis. To balance the equity–efficiency dilemma, forestland transfers are highly advocated by policymakers. However, the forestland rental market is still inactive after the reform. To examine the role of off-farm employment in forestland transfers, a simultaneous Tobit system of equations was emplo...

Most cities in Germany regularly publish a booklet called the Mietspiegel. It basically contains a verbal description of an expert system. It allows the calculation of the estimated fair rent for a flat. By hand, one may need a weekend to do so. With our computerized version, the Munich Rent Advisor, the user just fills in a form in a few minutes and the rent is calculated immediately. We also ...