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Indirect Incentives of Hedge Fund Managers
Lim, Jongha - 2013
managers. Flows respond quickly and strongly to performance; lagged performance has a monotonically decreasing impact on flows … times as large as direct incentives from incentive fees and returns to managers' own investment in the fund. For new funds … generated for their investors in a given year, managers receive close to another dollar in direct performance fees plus the …
Persistent link: https://www.econbiz.de/10012459758
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Did Robert Bork Understate the Competitive Impact of Mergers? Evidence from Consummated Mergers
Ashenfelter, Orley C. - 2014
of oligopoly concerns resulting from mergers. In this paper, we provide a critique of Bork's views on merger policy from …
Persistent link: https://www.econbiz.de/10012458727
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Intellectual Property Protection Lost and Competition : An Examination Using Machine Learning
Acikalin, Utku U.; Caskurlu, Tolga; Hoberg, Gerard; … - National Bureau of Economic Research - 2022
We examine the impact of lost intellectual property protection on innovation, competition, acquisitions, lawsuits and employment agreements. We consider firms whose ability to protect intellectual property (IP) using patents is weakened following the Alice Corp. vs. CLS Bank International...
Persistent link: https://www.econbiz.de/10013462719
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Financial Incentives and Earnings of Disability Insurance Recipients : Evidence from a Notch Design
Ruh, Philippe - 2018
Most countries reduce Disability Insurance (DI) benefits for beneficiaries earning above a specified threshold. Such an earnings threshold generates a discontinuous increase in tax liability--a notch--and creates an incentive to keep earnings below the threshold. Exploiting such a notch in...
Persistent link: https://www.econbiz.de/10012452891
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Unintended Consequences of Rewards for Student Attendance : Results from a Field Experiment in Indian Classrooms
Visaria, Sujata - 2016
In an experiment in non-formal schools in Indian slums, a reward scheme for attending a target number of school days increased average attendance when the scheme was in place, but had heterogeneous effects after it was removed. Among students with high baseline attendance, the incentive had no...
Persistent link: https://www.econbiz.de/10012456151
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The Effect of Performance-Based Incentives on Educational Achievement : Evidence from a Randomized Experiment
Levitt, Steven D. - 2016
We test the effect of performance-based incentives on educational achievement in a low-performing school district using a randomized field experiment. High school freshmen were provided monthly financial incentives for meeting an achievement standard based on multiple measures of performance...
Persistent link: https://www.econbiz.de/10012456567
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Fund Managers, Career Concerns, and Asset Price Volatility
Guerrieri, Veronica - 2009
We propose a model where investors hire fund managers to invest either in risky bonds or in riskless assets. Some … managers have superior information on the default probability. Looking at the past performance, investors update beliefs on … their managers and make firing decisions. This leads to career concerns which affect investment decisions, generating a …
Persistent link: https://www.econbiz.de/10012463750
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Straight Talkers and Vague Talkers : The Effects of Managerial Style in Earnings Conference Calls
Dzieliński, Michał - 2017
Managers conducting earnings conference calls display distinctive styles in their word choice. Some CEOs and CFOs are … find earnings news less informative when managers are vague; they respond less and more slowly as a result. Thus …
Persistent link: https://www.econbiz.de/10012455256
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Tips and Tells from Managers : How Analysts and the Market Read Between the Lines of Conference Calls
Druz, Marina - 2015
Stock prices react significantly to the tone (negativity of words) managers use on earnings conference calls. This …
Persistent link: https://www.econbiz.de/10012457675
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CEO Investment Cycles
Pan, Yihui - 2013
This paper documents the existence of a CEO Investment Cycle, in which firms disinvest early in a CEO's tenure and increase investment subsequently, leading to "cyclical" firm growth in assets as well as in employment over CEO tenure. The CEO investment cycle occurs for both firings and...
Persistent link: https://www.econbiz.de/10012459331