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Financial Markets, Industry Dynamics, and Growth

Abstract : This paper introduces corporate governance frictions into a growth model with endogenous market structure. Managers engage in corporate resource diversion and empire building. Shareholders discipline managers with incentive compensation contracts. A reform that mitigates corporate governance frictions boosts firms' entry and,
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https://halshs.archives-ouvertes.fr/halshs-01947973
Contributor : Maurizio Iacopetta <>
Submitted on : Friday, December 7, 2018 - 12:43:09 PM
Last modification on : Wednesday, February 5, 2020 - 2:44:04 PM
Long-term archiving on: : Friday, March 8, 2019 - 2:16:47 PM

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Maurizio Iacopetta, Raoul Minetti, Pietro Peretto. Financial Markets, Industry Dynamics, and Growth. The Economic Journal, In press, ⟨10.1111/ecoj.12635⟩. ⟨halshs-01947973⟩

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