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Wage growth and inequality change during rapid economic transition

Gang, Ira N.; Stuart, Robert C.; Yun, Myeong-Su - 2006

East Germany, a unique socialist command economy prior to the 1990s, underwent rapid transition to a market …-oriented economic system. This transition has been of intense interest given the environment of Eastern Germany vis-a-vis Western … Germany, a setting different from most other transition economies. However, changes in the Eastern wage structure during …

Persistent link: https://www.econbiz.de/10010266345

Heterogeneous patterns of financial development: Implications for Asian financial integration

Bun, Linh; Singh, Nirvikar - 2015

This paper analyzes detailed differences in patterns of financial development across the major Asian economies, including three of the region's largest economies (China, Japan and South Korea), to understand how these differences might affect possibilities for greater regional financial...

Persistent link: https://www.econbiz.de/10011406335

Agency theory versus managerial ownership theories: understanding the non-linear relationship between managerial incentives and firm risk.

Stathopoulos, Konstantinos; Espenlaub, Susanne; Walker, … - Manchester Business School - 2006

This paper provides new UK evidence on the relationship between managerialincentives and firm risk using a hand-collected database of 3307 executive yearobservations (698 CEO years and 2609 other executive years). We find that therelation between pay performance sensitivity and firm risk...

Persistent link: https://www.econbiz.de/10005870001

Misvaluation of UK Executive Stock Options: Who Benefits?

Lee, Edward; Lin, Yueh-Neng; Stathopoulos, Konstantinos - Manchester Business School - 2006

This paper examines the effect of using different option valuation models to calculatethe fair market value of Executive Stock Options (ESOs) granted to executivedirectors of UK firms. Our key objective is to demonstrate empirically that somecompanies will have greater incentive and benefit from...

Persistent link: https://www.econbiz.de/10005870083

UK Executive Stock Option Valuation: A Conditional Model

Lee, Edward; Stathopoulos, Konstantinos; Vonatsos, … - Manchester Business School - 2006

We value UK executive stock options (ESOs) as American options that areawarded conditional on the probability of the holders achieving some performancecriteria. Unlike the standard Black and Scholes (BS) model, which is universally usedboth in the literature and practice, this provides a more...

Persistent link: https://www.econbiz.de/10005870089

Financialization made in Germany: A review

Detzer, Daniel - 2019

This article examines the spread of financialization in Germany before the financial crisis. It provides an up-to date overview on the literature on financialization and reviews which of the phenomena typically associated with financialization have emerged in Germany. In particular, the article...

Persistent link: https://www.econbiz.de/10012061719

Firm dynamics and the minimum wage: A putty-clay approach

Aaronson, Daniel; French, Eric; Sorkin, Isaac - 2013

putty-clay model is also consistent with the small short-run employment effects of minimum wage hikes commonly found in … empirical work. However, unlike monopsony-based explanations for small short-run employment effects, the model implies that the …

Persistent link: https://www.econbiz.de/10010352173

Unemployment invariance

Karanassou, Marika; Snower, Dennis J. - 2002

This paper provides a critique of the "unemployment invariance hypothesis", according to which the behavior of the labor market ensures that the long-run unemployment rate is independent of the size of the capital stock, productivity and the labor force. Using Solow growth and endogenous growth...

Persistent link: https://www.econbiz.de/10010281026

Beyond dualism: Multisegmented labor markets in Ghana

Heintz, James; Slonimczyk, Fabian - 2007

to formal and informal employment. Persistent earnings differentials are used as indicators of limited mobility across … segments of the employed labor force. We find evidence of labor market segmentation between formal and informal employment and … between different categories of informal employment which cannot be fully explained by human capital, physical asset, or …

Persistent link: https://www.econbiz.de/10010287864

How to find plausible, severe, and useful stress scenarios

Breuer, Thomas; Jandacka, Martin; Rheinberger, Klaus; … - 2009

We give a precise operational definition to three requirements the Basel Committee on Banking Supervision specifies for stress tests: Plausibility and severity of stress scenarios as well as suggestiveness of risk reducing actions. The basic idea of our approach is to define a suitable region of...

Persistent link: https://www.econbiz.de/10013370067