We argue that risk sharing motivates the bank-wide structure of bonus pay. In the presence of financial frictions that make external financing costly, the optimal contract between shareholders and employees involves some degree of risk sharing whereby bonus pay partially absorbs earnings shocks....

With the future of work increasingly data-driven, platforms automate decisions based on the collection of vast quantities of user data. However, non-users constitute a challenge as they provide little to no data for either platforms or other users. We focus on a category of (non-)users that has...

This paper shows evidence for the hypothesis that the CEO opportunistically times share repurchases around her grants of at-the-money stock options. We find that firms decrease their repurchase activity in the quarter before the stock option grant to the CEO. When the option grant constitutes a...

This paper examines the potential economic spillover effects of a home sharing platform---Airbnb---on the growth of a complimentary local service---restaurants. By circumventing traditional land-use regulation and providing access to underutilized inventory, Airbnb is attracting visitors of a...

We argue that risk sharing motivates the bank-wide structure of bonus pay. In the presence of financial frictions that make external financing costly, the optimal contract between shareholders and employees involves some degree of risk sharing whereby bonus pay partially absorbs earnings shocks....

This research investigates any connections between executive pay incentives and share buybacks, and between share buybacks and investment levels. It expands the existing evidence base with UK-specific data using econometric, case study and survey techniques. The report will be followed by...

This paper analyzes taxation of an Internet platform attracting users from different jurisdictions. When corporate income tax rates are different in the two jurisdictions, the platform distorts prices and outputs in order to shift profit to the low-tax country. We analyze the comparative statics...

The short-term rental accommodation market has experienced incredible growth as a result of technological innovations. This article explores the impact of this phenomenon on property and the concept of ownership in Australia. It does so, first by drawing on Kellen Zale's framework of sharing,...

This Policy Brief analyses the main forms by which workers are able to share in the profits and ownership of the companies they work in. It also examines the risks and opportunities of financial participation for workers and poses some questions about how practice should be regulated. Its main...