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Executive compensation and stock options : an inconvenient truth

Danthine, Jean-Pierre; Donaldson, John B. - 2008

to be incompatible with the fact that the bulk of many high-proffile managers' compensation is in the form of various …

Persistent link: https://www.econbiz.de/10003961700

Move a little closer? : information sharing and the spatial clustering of bank branches

Qi, Shusen; Haas, Ralph de; Ongena, Steven; Straetmans, … - 2018 - This version: 27 February 2018

We study how information sharing between banks influences the geographical clustering of branches. A spatial oligopoly …

Persistent link: https://www.econbiz.de/10011875705

Dynamic principal-agent models

Renner, Philipp; Schmedders, Karl - 2016

We consider discrete time dynamic principal--agent problems with continuous choice sets and potentially multiple agents. We prove the existence of a unique solution for the principal's value function only assuming continuity of the functions and compactness of the choice sets. We do this by a...

Persistent link: https://www.econbiz.de/10011516045

New and revised results for "Building reputation for contract renewal: implications for performance dynamics and contract duration"

Kummer, Vanessa; Meusel, Maik; Renner, Philipp; … - 2016

In this paper we present some new results for the dynamic agent model by Iossa and Rey (2014, "Building Reputation for Contract Renewal: Implications for Performance Dynamics and Contract Duration,'' Journal of the European Economic Association, 12, 549−574) while also correcting some errors...

Persistent link: https://www.econbiz.de/10011518748

Portfolio delegation and market efficiency

Malamud, Semyon; Petrov, Evgeny - 2014

managers and convex compensation contracts. We show that convex incentives lead to significant equilibrium mispricing, but … strong or too weak and hurt investors as a whole. For example, investors' utility may be decreasing in the average managers …

Persistent link: https://www.econbiz.de/10010337960

Investing in managerial honesty

Gibson, Rajna; Sohn, Matthias; Tanner, Carmen; Wagner, … - 2017

This paper studies how investors infer CEO commitment to honesty from earnings management and how these perceptions – in conjunction with investors’ own social and moral preferences – shape their investment choices. We conduct two laboratory experiments simulating investment choices. Our...

Persistent link: https://www.econbiz.de/10011626498

Director independence as strategic behavior

Wagner, Alexander F. (contributor) - 2007

This paper analyzes board independence and competence as distinct, but inextricably linked aspects of board effectiveness. Competent directors add shareholder value because they have better information about the quality of projects. While a CEO cares about shareholder value, he also wants his...

Persistent link: https://www.econbiz.de/10003550804

Executive compensation : the view from general equilibrium

Danthine, Jean-Pierre (contributor); … - 2007

firm to risk averse managers. The optimal contract has two main components: an incentive component corresponding to a non … and that maximizing the discounted sum of future dividends will be her objective. Linking managers' compensation to … overall economic performance is also required to make sure that managers use the appropriate stochastic discount factor to …

Persistent link: https://www.econbiz.de/10003550864

Portfolio selection with active risk monitoring

Paolella, Marc S.; Polak, Pawel - 2015

The paper proposes a framework for large-scale portfolio optimization which accounts for all the major stylized facts of multivariate financial returns, including volatility clustering, dynamics in the dependency structure, asymmetry, heavy tails, and nonellipticity. It introduces a so-called...

Persistent link: https://www.econbiz.de/10011410659

Human capital and employment risks diversification

St.-Amour, Pascal - 2015 - Current version: June 8, 2015

Both educational expenditures and attainment have increased sharply over the last decades, despite rising prices of education, and stagnating income returns to human capital. This paper emphasizes conditional employment risks diversification as additional motivation for education demand. Job...

Persistent link: https://www.econbiz.de/10011410698

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