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Risk and the CEO Market : Why Do Some Large Firms Hire Highly-Paid, Low-Talent CEOS?
Edmans, Alex - 2010
This paper presents a market equilibrium model of CEO assignment, pay and incentives under risk aversion and heterogeneous moral hazard. Each of the three outcomes can be summarized by a single closed-form equation. In assignment models without moral hazard, allocation depends only on firm size...
Persistent link: https://www.econbiz.de/10013143463
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Ironing out the kinks in executive compensation : linking incentive pay to average stock prices
Tian, Yisong Sam - In: Journal of banking & finance 37 (2013) 2, pp. 415-432
Persistent link: https://www.econbiz.de/10009705644
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Tournament incentives and IPO failure risk
Colak, Gonul; Gounopoulos, Dimitrios; Loukopoulos, … - In: Journal of banking & finance 130 (2021), pp. 1-21
Persistent link: https://www.econbiz.de/10013164862
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Asset Management Contracts and Equilibrium Prices
Buffa, Andrea M - 2014
We derive equilibrium asset prices when fund managers deviate from benchmark indices to exploit noise-trader induced … distortions but fund investors constrain these deviations. Because constraints force managers to buy assets that they underweight …. Noise traders bias prices upward because constraints make it harder for managers to underweight overvalued assets, which …
Persistent link: https://www.econbiz.de/10013047402
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The Information Pharms Race and Competitive Dynamics of Precision Medicine : Insights from Game Theory
Berndt, Ernst R. - 2017
market power. Multiple precision medicine market situations now resemble game theory constructs such as the prisoners …
Persistent link: https://www.econbiz.de/10012943199
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An Aggregative Games Approach to Merger Analysis in Multiproduct-Firm Oligopoly
Nocke, Volker - 2018
Using an aggregative games approach, we analyze horizontal mergers in a model of multiproduct-firm price competition with nested CES or nested logit demands. We show that the Herfindahl index provides an adequate measure of the welfare distortions introduced by market power, and that the induced...
Persistent link: https://www.econbiz.de/10012919859
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Last-In First-Out Oligopoly Dynamics
Abbring, Jaap H. - 2010
This paper extends the static analysis of oligopoly structure into an infinite-horizon setting with sunk costs and …
Persistent link: https://www.econbiz.de/10012757954
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Production Targets
Caruana, Guillermo; Einav, Liran - 2021
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/10013243651
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Optimal Tariffs in Consistent Conjectural Variations Equilibrium
Turnovsky, Stephen J. - 2021
This paper analyzes the determination of the optimal tariff under the assumption of Consistent Conjectural Variations (CCV). A general characterization of the CCV equilibrium is given. We show that (i) there are, in general, a multiplicity of such equilibria, and (ii) under certain restrictions,...
Persistent link: https://www.econbiz.de/10013247283
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Business Cycles and Oligopoly Supergames : Some Empirical Evidence on Prices and Margins
Domowitz, Ian; Petersen, Bruce C.; Hubbard, R. Glenn - 2021
There has been a significant interest on a theoretical level in the application of supergames to oligopoly behavior …
Persistent link: https://www.econbiz.de/10013216122