Начала политической экономии и податного обложения = The principles of political economy and taxation

(1975). The Limits of Organization. Journal of Economic Issues: Vol. 9, No. 3, pp. 543-544.

The Limits of Organization

Testing Trade-Off and Pecking Order Predictions about Dividends and Debt

In this landmark book, Scott Page redefines the way we understand ourselves in relation to one another. The Difference is about how we think in groups--and how our collective wisdom exceeds the sum of its parts. Why can teams of people find better solutions than brilliant individuals working alone? And why are the best group decisions and predictions those that draw upon the very qualities that make each of us unique? The answers lie in diversity--not what we look like outside, but what we look like within, our distinct tools and abilities. The Difference reveals that progress and innovation may depend less on lone thinkers with enormous IQs than on diverse people working together and capitalizing on their individuality. Page shows how groups that display a range of perspectives outperform groups of like-minded experts. Diversity yields superior outcomes, and Page proves it using his own cutting-edge research. Moving beyond the politics that cloud standard debates about diversity, he explains why difference beats out homogeneity, whether you're talking about citizens in a democracy or scientists in the laboratory. He examines practical ways to apply diversity's logic to a host of problems, and along the way offers fascinating and surprising examples, from the redesign of the Chicago "El" to the truth about where we store our ketchup. Page changes the way we understand diversity--how to harness its untapped potential, how to understand and avoid its traps, and how we can leverage our differences for the benefit of all.

Prologue to The Difference: How the Power of Diversity Creates Better Groups, Firms, Schools, and Societies

In this study, I summarize the current state of executive compensation, discuss measurement and incentive issues, document recent trends in executive pay in both U.S. and international firms, and analyze the evolution of executive pay over the past century. Most recent analyses of executive compensation have focused on efficient-contracting or managerial-power rationales for pay, while ignoring or downplaying the causes and consequences of disclosure requirements, tax policies, accounting rules, legislation, and the general political climate. A major theme of this study is that government intervention has been both a response to and a major driver of time trends in executive compensation over the past century, and that any explanation for pay that ignores political factors is critically incomplete.

Executive Compensation: Where We Are, and How We Got There

We use panel data on S&P 1500 companies to identify external network connections between directors and CEOs. We find that firms with more powerful CEOs are more likely to appoint directors with ties to the CEO. Using changes in board composition due to director death and retirement for identification, we find that CEO-director ties reduce firm value, particularly in the absence of other governance mechanisms to substitute for board oversight. Moreover, firms with more CEO-director ties engage in more value-destroying acquisitions. Overall, our results suggest that network ties with the CEO weaken the intensity of board monitoring.

/pdf/external-networking-and-internal-firm-governance-47o8m820h5.pdf

External Networking and Internal Firm Governance

We find strong evidence that three key dimensions of national culture (trust, hierarchy, and individualism) affect merger volume and synergy gains. The volume of cross-border mergers is lower when countries are more culturally distant. In addition, greater cultural distance in trust and individualism leads to lower combined announcement returns. These findings are robust to year and country-level fixed effects, time-varying country-pair and deal-level variables, as well as instrumental variables for cultural differences based on genetic and somatic differences. The results are the first large-scale evidence that cultural differences have substantial impacts on multiple aspects of cross-border mergers.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1968987_code999292.pdf?abstractid=1545514&mirid=3

Lost in Translation? The Effect of Cultural Values on Mergers Around the World

https://msbfile03.usc.edu/digitalmeasures/kahern/intellcont/Ahern_et_al_JFE_2015-1.pdf

Lost in translation? the effect of cultural values on mergers around the world

This paper shows that managers are influenced by their social peers when making corporate policy decisions. Using biographical information about executives and directors of U.S. public companies, w...

Cesare Fracassi

Papers

External Networking and Internal Firm Governance

Lost in Translation? The Effect of Cultural Values on Mergers Around the World

Lost in translation? the effect of cultural values on mergers around the world

External Networking and Internal Firm Governance

Corporate Finance Policies and Social Networks