Relational Investing: The Worker's Perspective
Edward P. Lazear, Richard B. Freeman

NBER Working Paper No.w5436
Issued in January 1996

---- Abstract -----

Workers who hold a firm's stock make decisions other than those that pure capital owners would make, but there exist institutions and compensation packages that will generally lead workers to favor efficient firm decisions. Workers care about their firm-specific rents and may seek shares in their firm to use them to protect those rents. Their views toward firm decisions will differ depending on their firm-specific human capital and tenure in the firm. The workers most favorable to efficient firm decisions are the very young and very old, who have the least amount to lose in employment rent and those with larger shares of ownership. An appropriate severance pay policy will induce workers to choose efficient outcomes even if it calls for their own layoffs. Single company based defined contribution pension funds, which hold shares in their own firm, are likely to tilt worker- owners to favor efficient decisions when layoffs and other changes are modest, but not when the changes are huge. Pension funds are more likely to buy up shares and successfully change behavior in small firms, in firms that are highly levered, and when the investment community has diverse views on the benefit from changing a firm's current irresponsible policies.

http://papers.nber.org/papers/w5436.pdf

Globalization and the Market for Teammates
Edward P. Lazear

NBER Working Paper No.w6579
Issued in May 1998

---- Abstract -----

The globalization of firms is explored at theoretical and empirical levels. The idea is that a global firm is a multi-cultural team. The existence of a global firm is somewhat puzzling. Combining workers who have different cultures, legal systems, and languages imposes costs on the firm that would not be present were all workers to conform to one standard. In order to offset the costs of cross-cultural dealing, there must be complementarities between the workers that are sufficiently important to overcome the costs. Disjoint and relevant skills create an environment where the gains from complementarities can be significant. It is also necessary that teammates be able to communicate with one another. The search for the best practice' is analyzed and empirical support from an examination of trading patterns is provided.

http://papers.nber.org/papers/w6579.pdf

I've read the 4 abstracts.His language is plain and fluent,and his mathematics is not very hard.
I considered the most important idea he conceal behind the text is "liberty".

I am out of the office until 8/20 and have no access to email. 

Thanks,

Ed Lazear


这教授还是挺和蔼的啊