We develop a model where dividend payout, investment and financing decisions are made by managers who attempt to maximize the rents they take from the firm. But the threat of intervention by outside shareholders constrains rents and forces rents and dividends to move in lockstep. Managers are risk-averse, and their utility function allows for habit formation. We show that dividends follow Lintn...

We study ex post information rents in sequential screening models where the agent receives private ex ante and ex post information. The principal has to pay ex post information rents for preventing the agent to coordinate lies about his ex ante and ex post information. When the agent’s ex ante information is discrete, these rents are positive, whereas they are zero in continuous models. Consequ...

Immigration and Housing Rents in American Cities Is there a local economic impact of immigration? Immigration pushes up rents and housing values in US destination cities. The positive association of rent growth and immigrant inflows is pervasive in time series for all metropolitan areas. I use instrumental variables based on a “shift-share” of national levels of immigration into metropolitan ar...

In this paper, we continue to analyze optimal dispatch of generation and transmission topology to meet load as a mixed integer program (MIP) with binary variables representing the state of the transmission element (line or transformer). Previous research showed a 25% savings by dispatching the IEEE 118-bus test case. This paper is an extension of that work. It presents how changing the topology...

Two predominant network forms, Burt and Coleman, are delineated to identify the underlying structure and dynamics of electronic intermediation models. Basic differentiating characteristics between the two network types, including nodes, structures, products, transactions, market maturity, and technology improvement, are identified. Two comparative cases are analyzed to illustrate the utility of...

Did European Labor Markets Become More Competitive in the 1990s? Evidence from Estimated Worker Rents This paper analyses the evolution of quantitative measures of employee rents in Europe during the nineties, using the European Household Panel Survey. One looks at two class of measures: wage differentials between workers along industry and firm size dimensions, and estimated welfare difference...

Using a dynamic equilibrium model of housing tenure choice with fully specified markets for homeownership and rental properties, and endogenous house prices and rents, this paper studies the effect of fundamentals on equilibrium house prices and rents. Lower interest rates, relaxed lending standards, and higher incomes are shown to account for approximately one-half of the increase in the U.S. ...

This paper presents a comparative statics result on a rental housing market. The relationship between the qualities of apartments and their rents is investigated. Our comparative statics considers rent changes when an improvement occurs in a local area of the market. We show that rents go up locally in response to the improvement, but rents go down in the inner area of the city. To show the dis...

In this paper we examine the determinants of economic value and investment behavior of the multi-asset firm when the firm internally produces intangible assets in the process of making fully productive the externally purchased ones and it has market power. The theoretical models are estimated with data from Spanish banks on material (branches, financial), immaterial (advertising and IT) and int...