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Stock-Based Compensation and CEO (Dis)Incentives
Benmelech, Efraim - 2008
Stock-based compensation is the standard solution to agency problems between shareholders and managers. In a dynamic … managers to work harder, it also induces them to hide any worsening of the firm's investment opportunities by following largely …-valued while managers hide the bad news to shareholders. We find that a firm-specific compensation package based on both stock and …
Persistent link: https://www.econbiz.de/10012464915
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Production Targets
Caruana, Guillermo - 2006
than its static analog. We then test the theory using monthly production targets of the Big Three U.S. auto manufacturers …
Persistent link: https://www.econbiz.de/10012466713
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Social Insurance, Information Revelation, and Lack of Commitment
Golosov, Mikhail - 2014
We study the optimal provision of insurance against unobservable idiosyncratic shocks in a setting in which a benevolent government cannot commit. A continuum of agents and the government play an infinitely repeated game. Actions of the government are constrained only by the threat of reverting...
Persistent link: https://www.econbiz.de/10012458032
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Finite mixture analysis of beauty-contest data from multiple samples
Bosch Domènech, Antoni; García Montalvo, José; … - 2004 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10002111627
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Dynamic Oligopoly Pricing with Asymmetric Information : Implications for Horizontal Mergers
Sweeting, Andrew; Tao, Xuezhen; Yao, Xinlu - National Bureau of Economic Research - 2021
We model differentiated product pricing by firms that possess private information about serially-correlated state variables, such as their marginal costs, and can use prices to signal information to rivals. In a dynamic game, signaling can raise prices significantly above static complete...
Persistent link: https://www.econbiz.de/10012496143
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“Nash-in-Nash” Bargaining : A Microfoundation for Applied Work
Collard-Wexler, Allan - 2014
oligopoly. This paper proposes a non-cooperative foundation for "Nash-in-Nash" bargaining that extends the Rubinstein (1982 …
Persistent link: https://www.econbiz.de/10012458024
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Who’s Paying Attention? Measuring Common Ownership and Its Impact on Managerial Incentives
Gilje, Erik P. - 2019
We derive a measure that captures the extent to which overlapping ownership structures shift managers' incentives to …
Persistent link: https://www.econbiz.de/10012479596
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A Theory of Income Smoothing When Insiders Know More Than Outsiders
Acharya, Viral V. - 2011
We consider a setting in which insiders have information about income that outside shareholders do not, but property rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent with outsiders' expectations based on publicly...
Persistent link: https://www.econbiz.de/10012460961
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Bounded Rationality and Strategic Complementarity in a Macroeconomic Model : Policy Effects, Persistence and Multipliers
Bomfim, Antulio N. - 1996
Motivated by recent developments in the bounded rationality and strategic complementarity literatures, we examine an intentionally simple and stylized aggregative economic model, when the assumptions of fully rational expectations and no strategic interactions are relaxed. We show that small...
Persistent link: https://www.econbiz.de/10012473377
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Sequential Bargaining Under Asymmetric Information
Grossman, Sanford J. - 1986
We analyze an infinite stage, alternating offer bargaining game in which the buyer knows the gains from trade but the seller does not. Under weak assumptions the game has a unique candidate Perfect Sequential Equilibrium, and it can be solved by backward induction. Equilibrium involves the...
Persistent link: https://www.econbiz.de/10012477163