Francesco Bova

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brown bag series for their helpful comments and suggestions. Abstract Gray marketing, the selling of branded goods outside of manufacturer-authorized channels, is a factor in many industries. Using a model of di¤erentiated Cournot competition, we analyze how gray markets a¤ect the strategy used to enter low-priced foreign markets. In particular, we examine(More)
Evidence suggests that managers have an incentive to keep information opaque with the market when negotiating with non-manager employees who can extract above-market rents from the firm. We provide empirical evidence which suggests that employee ownership mitigates this incentive. Using a matched sample design and employing a rich set of proxies for(More)
We investigate the persistence of year-over-year changes in the components of operating profit. Using industry-level data, we find that changes in the volume of output exhibit a more persistent effect on profitability than changes in output prices, labor cost, labor productivity, intermediate input cost, and intermediate input productivity. Furthermore, we(More)
The practice of compensating executives with equity-based pay has come under recent scrutiny due to concerns that it induces excessive risk-taking. In this study, we assess the impact of stock-based pay for non-executive employees on corporate risk-taking. We cite evidence that granting an equity stake to non-executive employees increases both their level(More)
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