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Forecasting and Turning Point Predictions in a Bayesian Panel VAR Model

Canova, Fabio; Ciccarelli, Matteo - C.E.P.R. Discussion Papers - 2001

We provide methods for forecasting variables and predicting turning points in panel Bayesian VARs. We specify a … point and average forecasts are provided. An application to the problem of forecasting the growth rate of output and of … predicting turning points in the G-7 illustrates the approach. A comparison with alternative forecasting methods is also provided. …

Persistent link: https://www.econbiz.de/10005504253

Forecasting Time Series Subject to Multiple Structural Breaks

Pesaran, M Hashem; Pettenuzzo, Davide; Timmermann, Allan G - C.E.P.R. Discussion Papers - 2004

This Paper provides a novel approach to forecasting time series subject to discrete structural breaks. We propose a …

Persistent link: https://www.econbiz.de/10005791366

Restructuring Production and Work

Lindbeck, Assar; Snower, Dennis J. - C.E.P.R. Discussion Papers - 1995

The paper analyses the contemporary organizational restructuring of production and work and derives some salient implications for the labour market. The analysis focuses on the switch from occupational specialization at 'Tayloristic' organizations to multi-tasking at 'holistic' organizations....

Persistent link: https://www.econbiz.de/10005504765

Bonus Culture: Competitive Pay, Screening, and Multitasking

Bénabou, Roland; Tirole, Jean - C.E.P.R. Discussion Papers - 2013

This paper analyzes the impact of labor market competition and skill-biased technical change on the structure of compensation. The model combines multitasking and screening, embedded into a Hotelling-like framework. Competition for the most talented workers leads to an escalating reliance on...

Persistent link: https://www.econbiz.de/10011083769

The structure of CEO pay: pay-for-luck and stock-options

Chaigneau, Pierre; Sahuguet, Nicolas - C.E.P.R. Discussion Papers - 2012

We develop a stylized model of efficient contracting in which firms compete for CEOs. The optimal contracts are designed to retain and insure CEOs. The retention motive explains pay-for-luck in executive compensation, while the insurance feature explains asymmetric pay-for-luck. We show that the...

Persistent link: https://www.econbiz.de/10011084007

What Explains the Rise in CEO Pay in Germany? A Panel Data Analysis for 1977-2009

Fabbri, Francesca; Marin, Dalia - C.E.P.R. Discussion Papers - 2012

The compensation of executive board members in Germany has become a highly controversial topic since Vodafone's hostile takeover of Mannesmann in 2000 and it is again in the spotlight since the outbreak of the financial crisis of 2009. Based on unique panel data evidence of the 500 largest firms...

Persistent link: https://www.econbiz.de/10011084253

Equity Vesting and Managerial Myopia

Edmans, Alex; Fang, Vivian; Lewellen, Katharina A. - C.E.P.R. Discussion Papers - 2014

This paper links the CEO’s concerns for the current stock price to reductions in real investment. These concerns depend on the amount of equity he intends to sell in the short-term, but actual equity sales are an endogenous decision. We use the amount of stock and options scheduled to vest in...

Persistent link: https://www.econbiz.de/10011084396

Do Female Executives Make a Difference? The Impact of Female Leadership on Gender Gaps and Firm Performance

Flabbi, Luca; Macis, Mario; Moro, Andrea; Schivardi, Fabiano - C.E.P.R. Discussion Papers - 2014

We analyze a matched employer-employee panel data set and find that female leadership has a positive effect on female wages at the top of the distribution, and a negative one at the bottom. Moreover, performance in firms with female leadership increases with the share of female workers. This...

Persistent link: https://www.econbiz.de/10011084603

Corporate Venture Capital: The Upside of Failure and Competition for Talent

Chemla, Gilles; de Bettignies, Jean-Etienne - C.E.P.R. Discussion Papers - 2003

We consider the motives for a firm to engage in corporate venturing. We argue that in case of failure of a new venture, corporate venture capitalists (CVC) have a strategic advantage relative to traditional venture capitalists (VC) in creating rents after rehiring or refinancing the...

Persistent link: https://www.econbiz.de/10005067369

Is Seniority-Based Pay Used as a Motivation Device? Evidence from Plant Level Data

Bayo-Moriones, Alberto; Sánchez, Galdón; Enrique, José; … - C.E.P.R. Discussion Papers - 2004

In this Paper we use data from industrial plants to investigate if seniority-based pay is used as a motivational device for production workers. Alternatively, seniority-based pay could simply be a wage-setting rule not necessarily related to the provision of incentives. Unlike previous papers,...

Persistent link: https://www.econbiz.de/10005656357