Results 171 to 180 of about 6,238 (217)
The Leverage Ratchet Effect [PDF]
SSRN Electronic Journal, 2013 ABSTRACTFirms’ inability to commit to future funding choices has profound consequences for capital structure dynamics. With debt in place, shareholders pervasively resist leverage reductions no matter how much such reductions may enhance firm value. Shareholders would instead choose to increase leverage even if the new debt is junior and would reduce ...
Anat R. Admati +3 more
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The ratchet effect: A learning perspective
Journal of Economic Theory, 2023zbMATH Open Web Interface contents unavailable due to conflicting licenses.
V. Bhaskar, Nikita Roketskiy
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The ratchet effect and the planner's expectations
European Economic Review, 1990Abstract This paper discusses the occurrence of the famous ratchet effect in a Soviet-type economy. Typically, planners do not have a precise knowledge of the enterprise's capacities and plans may be viewed as the planner's expectations of these capacities.
Roland, Gérard, Szafarz, Ariane
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Worker Cooperation and the Ratchet Effect
Journal of Labor Economics, 2000Workers paid by the piece should be happy to introduce new techniques that increase output, but firms always seem to reduce the piece rate when workers start earning too much money. Workers respond by restricting output and keeping good new ideas to themselves. We show that this outcome is inevitable in a competitive environment.
Carmichael, H Lorne, MacLeod, W Bentley
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The Ratchet Effect: Theory and Empirical Evidence
Management Science, 2020Using current performance to set future targets can discourage effort and reduce performance. Our study examines whether this ratchet effect also undermines incentives of high-level managers and executives. We use a dynamic model to show that empirical tests used in prior literature can falsely reject the null hypothesis of no ratchet effect.
Michal Matejka +2 more
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THE COGNITIVE RATCHET - THE RATCHET EFFECT AS A FUNDAMENTAL PRINCIPLE IN EVOLUTION AND COGNITION
Cybernetics and Systems, 2001Is the evolution and performance of cognition an asymmetric, directed process? The standard externalist definition of evolution as a mechanism of variation and selection cannot account for directed developments such as an increase in complexity of cognition.
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Controlled multiple reversals of a ratchet effect
Nature, 2006A single particle confined in an asymmetric potential demonstrates an anticipated ratchet effect by drifting along the 'easy' ratchet direction when subjected to non-equilibrium fluctuations. This well-known effect can, however, be dramatically changed if the potential captures several interacting particles.
Clécio C, de Souza Silva +3 more
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