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Our paper evaluates recent regulatory proposals mandating the deferral of bonus payments and claw-back clauses in the financial sector. We study a broadly applicable principal agent setting, in which the agent exerts effort for an immediately observable task (acquisition) and a task for which...
Persistent link: https://www.econbiz.de/10010518015
This paper provides a complete characterization of optimal contracts in principal-agent settings where the agent's action has persistent effects. We model general information environments via the stochastic process of the likelihood-ratio. The martingale property of this performance metric...
Persistent link: https://www.econbiz.de/10011891844
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Die Netzstrukturen im Bereich der Telekommunikation entwickeln sich weiter und erfordern neue Investitionen. Die notwendige Regulierung kann dabei verschiedene Formen annehmen und zu unterschiedlichen Zeitpunkten ansetzen. Die Autoren beschreiben die Netzinfrastruktur in Deutschland und zeigen...
Persistent link: https://www.econbiz.de/10010314832
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This paper provides a complete characterization of optimal contracts in principal-agent settings where the agent's action has persistent effects. We model general information environments via the stochastic process of the likelihood-ratio. The martingale property of this performance metric...
Persistent link: https://www.econbiz.de/10011892403
This paper characterizes optimal compensation contracts in principal-agent settings where the agent's action has persistent effects. As additional informative signals arrive over time, deferred compensation has the benefit of exploiting better performance measurement which, for any information...
Persistent link: https://www.econbiz.de/10012854803
This paper characterizes optimal compensation contracts in principal-agent settings where the agent's action has persistent effects. As additional informative signals arrive over time, deferred compensation has the benefit of exploiting better performance measurement which, for any information...
Persistent link: https://www.econbiz.de/10012830017