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Eisenkopf, Gerald (contributor) - 2005

Persistent link: https://www.econbiz.de/10003462570

Are Fund Managers Rewarded for Taking Cyclical Risks?

Ryan, Ellen - 2022

, which may keep managers from fully internalising the effects of adverse outcomes on their portfolios. The fact that market … discipline may not be sufficient to ensure prudential behaviour among managers, combined with the externalities of this risk …

Persistent link: https://www.econbiz.de/10013298369

Ranking, Risk-Taking and Effort : An Analysis of the ECB's Foreign Reserves Management

Scalia, Antonio; Sahel, Benjamin - 2021

The investment of the ECB reserves in US dollars and yen, delegated to a network of portfolio managers in the …. Employing a new data set on individual portfolio variables during 2002-2009, we study this peculiar tournament and show the … existence of risk-shifting behaviour by reserve managers related to their year-to-date ranking: interim losers increase relative …

Persistent link: https://www.econbiz.de/10013315986

Market-Based Compensation, Price Informativeness and Short-Term Trading

Calcagno, Riccardo - 2007

This paper shows that there is a natural trade-off when designing market-based executive compensation. The benefit of market-based pay is that the stock price aggregates speculators' dispersed information and therefore takes a picture of managerial performance before the long-term value of a...

Persistent link: https://www.econbiz.de/10012777574

Deterring gaming with imperfect evaluation methods

Eisenkopf, Gerald (contributor) - 2006

Persistent link: https://www.econbiz.de/10003462653

Limited Liability, Strategic Default and Bargaining Power

Balatti, Mirco; López-Quiles, Carolina - 2021

In this paper we examine the effects of limited liability on mortgage dynamics. While the literature has focused on default rates, renegotiation, or loan rates individually, we study them together as equilibrium outcomes of the strategic interaction between lenders and borrowers. We present a...

Persistent link: https://www.econbiz.de/10013243789

On Policy Interactions among Nations : When Do Cooperation and Commitment Matter?

Kempf, Hubert - 2014

This paper offers a framework to study commitment and cooperation issues in games with multiple policymakers. To reconcile some puzzles in the recent literature on the nature of policy interactions among nations, we prove that games characterized by different commitment and cooperation schemes...

Persistent link: https://www.econbiz.de/10012751598

Monetary Policy Committees : Meetings and Outcomes

Berk, Jan Marc; Bierut, Beata K. - 2021

Monetary Policy Committees differ in the way the interest rate proposal is prepared and presented in the policy meeting. In this paper we show analytically how different arrangements could affect the voting behaviour of individual MPC members and therefore policy outcomes. We then apply our...

Persistent link: https://www.econbiz.de/10013316353

DSGE Nash : Solving Nash Games in Macro Models

Minesso, Massimo Ferrari; Pagliari, Maria Sole - 2022

This paper presents DSGE Nash, a toolkit to solve for pure strategy Nash equilibria of global games in macro models. Although primarily designed to solve for Nash equilibria in DSGE models, the toolkit encompasses a broad range of options including solutions up to the third order, multiple...

Persistent link: https://www.econbiz.de/10014080812

Ranking, risk-taking and effort: an analysis of the ECB's foreign reserves management

Scalia, Antonio; Sahel, Benjamin - 2011

Persistent link: https://www.econbiz.de/10011605423

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