Knowledge-based firms seeking competitive advantage often draw on the public knowledge stream – ideas embedded in public commons institutions – as the foundation for private knowledge – ideas firms protect through private intellectual property (IP) institutions. However, we have a limited understanding of the converse relationship: the impact of private knowledge strategies on public knowledge ...

Local daily newspapers have historically played an important role in U.S. democracy by providing citizens with information about local policy issues. However, recent decades struggled to compete new online platforms for readers’ attention. Private equity investors—who specialize reorganizing struggling firms distressed sectors—have entered the industry. How do these owners affect newspaper cont...

Our analysis examines whether or not there exists a differential impact of ownership between two distinct governance regimes: market-centered (US firms) and bank-centered (Japanese firms). We find that significant owners in the US are often quite effective in carrying out the monitoring function, although the potential to consume private benefits increases as ownership stakes rise. In Japan our...

investment institutions with substantial shareholdings in a firm have the resources and incentives to monitor and influence management decisions. whether the institutions actually monitor and exert pressure on managers is an empirical question.this study is designed to provide insights into the monitoring role of institutional investors by examining whether institutional ownership affects the i...

The economic literature on PPPs has generally overlooked agency problems within private consortia. We provide a first contribution in this direction, relying on a simple incomplete contracts framework where a Builder and an Operator set up a Special Purpose Vehicle (SPV) to carry out a contract with the government. Because of incomplete contracts, the bundling of tasks is imperfect, and the SPV...

Managers engage in income smoothing either to communicate private information about future earnings to investors (informativeness hypothesis) or to distort financial performance for opportunistic purposes (opportunism hypothesis). Business cycles and the monitoring role of institutional ownership may affect the earnings informativeness of income smoothing. The purpose of this research is to exa...

This paper presents how log-linear models can be used for modelling and forecasting structural changes of Finnish non-industrial private forest ownership. Two crosssectional sets of data, which were collected in conjunction with two separate surveys by means of mail questionnaires in 1975 and 1990, were employed. A total of six nonindustrial private forest holding and ownership attributes are f...