Learn More
1 China's thirteen years of economic reforms (1979-1991) have achieved an average GNP annual growth rate of 8.6%. What makes China's reforms differ from those of Eastern Europe and the Soviet Union is the sustained entry and expansion of the non-state sector. We argue that the organization structure of the economy matters. Unlike their unitary hierarchical(More)
Jump-starting stock markets in transition economies has proved difficult. These countries lack effective legal governance structures and face severe information problems. Yet not all financial markets failed because of adverse conditions. Using China's initial stock market development as a case study, this article suggests that administrative governance can(More)
BACKGROUND Many bacteria efficiently degrade lignocellulose yet the underpinning genome-wide metabolic and regulatory networks remain elusive. Here we revealed the "cellulose degradome" for the model mesophilic cellulolytic bacterium Clostridium cellulolyticum ATCC 35319, via an integrated analysis of its complete genome, its transcriptomes under glucose,(More)
This paper studies incentives and loss of control in a hierarchy model which combines and generalizes the models of Williamson, Calvo-Wellisz and Keren-Levhari. In our model of the hierarchy, the levels of effort from managers and workers, the wage scales, the span of control and, in particular, the total number of tiers are all endogenous. Using optimal(More)
We model organization as the command-and-communication network of managers erected on top of technology (which is modeled as a collection of plants). In our framework, the role of a manager is to deal with shocks that affect the plants that he oversees directly or indirectly. Organizational form is then an instrument for (a) economizing on managerial costs,(More)
We compare the performance of organizational forms (M-form and U-form) in experimenting with uncertain projects. In our framework, organizational forms a¤ect the information structure of an organization and thus the way to coordinate changes. Compared to the U-form, the M-form organization achieves better coordination in " attribute matching " but su¤ers(More)
In this paper …nancial contagion and crises are endogenized through the interactions among corporations, banks and the interbank market. We show that the lack of …nancial disciplines in a single-bank-…nancing economy generates in-formational problems and thus the malfunction of the interbank market, which constitutes a mechanism of …nancial contagion and(More)