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How Do Employers Use Compensation History? : Evidence from a Field Experiment
Barach, Moshe - 2017
We report the results of a field experiment in which treated employers could not observe the compensation history of their job applicants. Treated employers responded by evaluating more applicants, and evaluating those applicants more intensively. They also responded by changing what kind of...
Persistent link: https://www.econbiz.de/10012950302
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Illiquidity and Under-Valuation of Firms
Gale, Douglas - 2012
firms' investment decisions. We characterize the conditions under which fire sales occur in equilibrium and their … consequences on firms' investment decisions. We also show that endogenous financial crises may arise in this environment, with … restore the efficiency of equilibria …
Persistent link: https://www.econbiz.de/10013116475
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Banking Permits : Economic Efficiency and Distributional Effects
Bosetti, Valentina; Carraro, Carlo; Massetti, Emanuele - 2021
equilibrium interest rate. Most importantly, this paper analyses the efficiency and distributional consequences of allowing … banking on carbon emissions, technological progress, and optimal investment decisions is quantified and the incentives that …
Persistent link: https://www.econbiz.de/10013316607
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CEO Compensation
Frydman, Carola; Jenter, Dirk - CESifo - 2010
This paper surveys the recent literature on CEO compensation. The rapid rise in CEO pay over the past 30 years has sparked an intense debate about the nature of the pay-setting process. Many view the high level of CEO compensation as the result of powerful managers setting their own pay. Others...
Persistent link: https://www.econbiz.de/10008799732
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CEO Compensation
Frydman, Carola; Jenter, Dirk - 2021
This paper surveys the recent literature on CEO compensation. The rapid rise in CEO pay over the past 30 years has sparked an intense debate about the nature of the pay-setting process. Many view the high level of CEO compensation as the result of powerful managers setting their own pay. Others...
Persistent link: https://www.econbiz.de/10013316120
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Do Bubbles Lead to Overinvestment? : A Revealed Preference Approach
Chirinko, Robert S. - 2011
firms in making their investment decisions.We use a revealed preference approach that relies on the pattern of investment … spending – combined with investment theory – to estimate the discount rates used by managers. The standard story predicts that … firms with high stock prices and good investment opportunities should have discount rates that do not differ systematically …
Persistent link: https://www.econbiz.de/10013123799
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Investment Shocks, Tax Evasion and the Consumption Puzzle : A DSGE Analysis with Financial Frictions
Chiarini, Bruno - 2016
explaining the consumption path after a Marginal Efficiency of Investment shock. We use an otherwise standard medium-scale New …
Persistent link: https://www.econbiz.de/10012984510
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Do Dividend Taxes Affect Corporate Investment
Alstadsæter, Annette - 2014
dividend tax cut raises efficiency by improving allocation of investment … data and triple-difference estimators, we find that this dividend tax cut affects allocation of corporate investment. Cash …-constrained firms increase investment after the dividend tax cut relative to cash-rich firms. Reallocation is stronger among closely …
Persistent link: https://www.econbiz.de/10013047347
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Do Dividend Taxes Affect Corporate Investment?
Alstadsæter, Annette; Jacob, Martin; Michaely, Roni - CESifo - 2014
dividend tax cut raises efficiency by improving allocation of investment. … data and triple-difference estimators, we find that this dividend tax cut affects allocation of corporate investment. Cash …-constrained firms increase investment after the dividend tax cut relative to cash-rich firms. Reallocation is stronger among closely …
Persistent link: https://www.econbiz.de/10011067198
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Fundamentals, Misvaluation, and Investment: The Real Story
Chirinko, Robert S.; Schaller, Huntley - CESifo - 2007
Is real investment fully determined by fundamentals or is it sometimes affected by stock market misvaluation? We … introduce three new tests that: measure the reaction of investment to sales shocks for firms that may be overvalued; use Fama … misvaluation into standard investment equations to estimate the quantitative effect of misvaluation on investment. Overall, the …
Persistent link: https://www.econbiz.de/10005766115