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Demand is growing for a better understanding of how assets are priced in countries outside of the U.S.While financial data are available for many firms world-wide, it is important to have a reliable andreplicable method of constructing high-quality systematic risk factors from these data. This...
Persistent link: https://www.econbiz.de/10009249004
This paper summarizes the short selling restrictions adopted—mainly on anemergency basis—in the time period of July 2008 up to mid-June 2010 in 56countries around the world. It is a supplement to a recent article of theauthors (Gruenewald et al., 2010) and gives a detailed overview of...
Persistent link: https://www.econbiz.de/10009354076
CEO compensation has increased substantially over the past 15 years, but so has forcedturnover. Motivated by this observation, we investigate whether part of the developmentof CEO pay can be explained by a premium which compensates CEOs for increased job risk.We ¯nd that for the CEOs of the...
Persistent link: https://www.econbiz.de/10005868976
This paper analyzes the independence of boards of directors as an optimally chosen, non-contractible behavior. A board behaves loyally to a CEO when it agrees to a negative NPV-pro ject, giving the CEO private benefits. While the CEO benefitsfrom competent directors because they help him make...
Persistent link: https://www.econbiz.de/10005858055
Recent organizational theories suggest that there is a tradeoff between loyalty and competence. This paper tests several such theories in the context of public agencies. Prime ministers, chancellors, and kings alike need to secure the (efficient or inefficient) loyalty of their agencies, such as...
Persistent link: https://www.econbiz.de/10005858370
In recent years, tradeable permits (TP) have become widespread in use. One noteworthy point is that the international experience is rather small. Europe has only relatively recently begun to develop such programs. There is a wealth of resources available that comment on the rise of these...
Persistent link: https://www.econbiz.de/10005858371
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Persistent link: https://www.econbiz.de/10008989443
Competent public agencies are associated with better economic outcomes. Beyond competence, political leaders need to secure the loyalty of their agencies. Unfortunately, several theories predict a tradeoff between these two valued features. This paper finds that recruitment into agencies is...
Persistent link: https://www.econbiz.de/10003394384