Stockholm School of Economics

About: Stockholm School of Economics is a education organization based out in Stockholm, Sweden. It is known for research contribution in the topics: Population & Entrepreneurship. The organization has 1186 authors who have published 4891 publications receiving 285543 citations. The organization is also known as: Stockholm Business School & Handelshögskolan i Stockholm.

Agency Conflicts, Ownership Concentration, and Legal Shareholder Protection

Abstract: This Paper analyses the interaction between legal shareholder protection, managerial incentives, and ownership concentration. In our framework, blockholder and manager are distinct parties and the presence of a blockholder can both protect and hurt minority shareholders. Legal shareholder protection affects both the expropriation of shareholders and the blockholder's incentives to monitor. Because of this latter effect and its repercussion on managerial incentives, outside ownership concentration and legal shareholder protection can be both substitutes and complements. When legal protection and outside ownership concentration are substitutes, better legal protection may exacerbate rather than alleviate the conflict of interest between large and small shareholders. Moreover, strengthening legal minority shareholder protection may have adverse effects on the behaviour of the manager and of the large shareholder who both enhance share value. Hence, rules aimed at protecting minority shareholders, e.g., equal treatment rules, can be detrimental.

fines, leniency, and rewards in antitrust

Abstract: This article reports results from an experiment studying how FINES, LENIENCY, and REWARDS for whistleblowers affect cartel formation and prices. Antitrust without LENIENCY reduces cartel formation but increases cartel prices: subjects use costly FINES as punishments. LENIENCY improves antitrust by strengthening deterrence but stabilizes surviving cartels: subjects appear to anticipate the lower postconviction prices after reports/LENIENCY. With REWARDS, prices fall at the competitive level. Overall, our results suggest a strong cartel deterrence potential for well-run LENIENCY and REWARD schemes. These findings may also be relevant for similar white-collar organized crimes, such as corruption and fraud.

Disrupting Education? Experimental Evidence on Technology-Aided Instruction in India

Abstract: We study the impact of a personalized technology-aided after-school instruction program in middle-school grades in urban India using a lottery that provided winners with free access to the program Lottery winners scored 037 sigma higher in math and 023 sigma higher in Hindi over just a 45-month period IV estimates suggest that attending the program for 90 days would increase math and Hindi test scores by 06 sigma and 039 sigma respectively We find similar absolute test score gains for all students, but much greater relative gains for academically-weaker students Our results suggest that well-designed, technology-aided instruction programs can sharply improve productivity in delivering education