What is good for a country's biggest businesses is not good for its overall economy, at least in the late 20 th century. More turnover in a country's list of top ten businesses from 1975 to 1996 is associated with faster per capita GDP growth, productivity growth, and (in low income countries) capital accumulation. This accords with Schumpeter's early… (More)
Forty gay men who had recently learned that they were infected with human immunodeficiency virus (HIV) were interviewed to determine the frequency with which they voluntarily informed physicians, dentists, friends, family members, and current and past sexual partners of their positive test results. Ninety percent of the subjects informed a personal… (More)
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Using an extended history of debt, equity, and merger transactions, we examine long-term firm-advisor relations and find that hard-to-value firms are more likely to maintain dedicated relations (underwriters or merger advisors). Firms that retain predominantly one advisor over their entire transaction history, however, pay higher underwriting/advisory fees,… (More)
In social psychology, agentic behavior connotes excessive obedience to a proximate authority, and is mitigated by a rival authority or peer voicing dissent. Corporate governance reformers advocate non-CEO chairs and independent directors, respectively, as potential rival authorities and dissenting peers – plausibly to mitigate excessive director loyalty to… (More)