This paper examines how direct involvement of employees in corporate governance affects executive compensation. German law mandates that half of the supervisory board seats belong to employee representatives in firms with over 2,000 domestic employees. For identification, we exploit this...

Two types of intervention are commonly implemented in networks: characteristic intervention which influences individuals' intrinsic incentives, and structural intervention which targets at the social links among individuals. In this paper we provide a general framework to evaluate the distinct...

In a multi-agent contracting setting, agents' performances are related due to both correlating noise and effort spillover. We study the optimal linear contract in which the agents are risk averse. Putting compensation weights on peers' performances helps to filter out common noise, which relaxes...

We examine the selection of fund self-declared benchmarks. While the incidence of style mismatched benchmarks is high at the beginning of our sample (41% of fund assets/34% of funds), it declines significantly over time. This decline is driven primarily by existing funds changing their...

Food security is one of the main challenges facing humanity, and increasing crop yields is critical to meet the growing global food demand. Grain production in China has remarkably improved since its founding in 1949, but the growth remains uneven across regions. The goal of this research was to...

In order to investigate the effect of temperature on the tensile strength of perforated Ti-6Al-4V (TC4) alloy, the tensile mechanical properties of TC4 alloy with various micro-hole array distributions were obtained at a temperature in a range from 20 o C to 500 o C by using a novel...

Copyright owners produce and distribute creative works in exchange for financial benefits as rewards. Meanwhile, users pay for the access to these works for personal enjoyment, which become the incentive to future copyright creation. Theoretically, this is an ideal circulation of copyright...

Among a variety of enforcement strategies, copyright law enforcement function as strongest safeguard to control and eliminate copyright infringement. As traditional strategy, copyright law enforcement is fundamentally distinguished from the first type by DRM system. Because copyright law...