Search results for "jel:L82"
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La presse en tant que mécanisme de gouvernance disciplinaire
2011
Fraud is a cause of substantial costs for firms. Fraud disclosure by the press would hence improve firms’ rates of return. I study to what extent the French press acts as a watchdog-type mechanism of governance and what the determinants of this mechanism are. To address these issues, I investigate the efficacy of the French press in detecting fraud committed by firms before an official verdict by the courts. I observe that the French press can play an important role as a watchdog, but this role de- pends on its search for maximizing profits. Thus, the press selects the firms and the frauds on which it publishes articles.
Job Creation in Spain: Productivity Growth, Labour Market Reforms or both?
2010
The benefits implied by changing the growth model are at the heart ofthe heated political and economic debate in Spain. Increases in productivity and the reallocation of employment towards more innovative sectors are defended as the panacea for most of the ills afflicting the Spanish economy. In this paper we use a DSGE model with price rigidities, and labour market search frictions a la Mortensen-issarides, to assess the effects of the change in the growth model onunemployment. In so doing, we assume that the vigorous demand shock which has been mostly responsible for recent economic growth in Spain will be successfully substituted by a productivity shock as the main driver of Spain‘s…