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Short-Termism as Optimal Investment Policy

Brusco, Sandro - C.E.P.R. Discussion Papers - 1999

Models of managerial short-termism rely on a number of assumption, such as limited availability of capital, fixed compensation schemes and an additive impact of managerial ability on revenue. We discuss the role of these assumption in generating short-termism. We show that when managerial...

Persistent link: https://www.econbiz.de/10005791287

Optimal Capital Allocation Using RAROC(tm) and EVA

Stoughton, Neal; Zechner, Josef - C.E.P.R. Discussion Papers - 2004

This Paper analyses firms’ capital allocation decisions when optimal capital structure is linked to the risk of underlying assets and when equity capital is costly and cannot be raised instantaneously. In the model, division managers receive private information and authority is delegated to...

Persistent link: https://www.econbiz.de/10005662320

Persistent effects of empires: Evidence from the partitions of Poland

Grosfeld, Irena; Zhuravskaya, Ekaterina - C.E.P.R. Discussion Papers - 2013

We use spatial regression discontinuity analysis to test whether the historical partition of Poland among three empires …—Russia, Austria-Hungary, and Prussia—has a persistent effect on political outcomes in contemporary Poland and to examine the channels …

Persistent link: https://www.econbiz.de/10011083639

Advantage Through Training? A Microeconometric Evaluation of the Employment Effects of Active Labour Market Programmes in Poland

Puhani, Patrick A - C.E.P.R. Discussion Papers - 1998

in Poland. The analysis is based on retrospective monthly calendar information on the labour force state and Active …

Persistent link: https://www.econbiz.de/10005792494

Is Poland at Risk of a Boom-and-Bust Cycle in the Run-Up to Euro Adoption?

Eichengreen, Barry; Steiner, Katharina - C.E.P.R. Discussion Papers - 2008

We ask whether Poland is at risk of the boom-bust problem that has afflicted economies around the time of euro adoption …. Our answer, inevitably, is mixed. On the one hand the fact that Poland is an outlier, credit-growth wise, accentuates the … Poland. And it is certainly conceivable that the same policies and country characteristics (not always visible to the …

Persistent link: https://www.econbiz.de/10005124037

Wage and Pension Pressure on the Polish Budget

Crombrugghe, Alain L de - C.E.P.R. Discussion Papers - 1997

This paper studies the role of wage and pension pressures in explaining the budget deficit crisis of 1991–2 after the remarkable 1990 Polish economic stabilization and liberalization. It also explains the persistence of the high tax wedge that later helped overcome the budget crisis. The...

Persistent link: https://www.econbiz.de/10005136543

Problems of Post-CMEA Trade and Payments

Rosati MEP, Dariusz - C.E.P.R. Discussion Papers - 1992

The demise of the CMEA trading system in 1991 and the shift to convertible currency settlements and world market prices was expected to bring about a severe contraction of intra-group trade, coupled with large imbalances in trade between Eastern Europe and the former Soviet Union. The observed...

Persistent link: https://www.econbiz.de/10005136560

Economic Change in Poland

Blanchard, Olivier J; Layard, Richard Grenville - C.E.P.R. Discussion Papers - 1990

Poland has tackled its economic problems with courage and, thus far, success. Hyperinflation has ceased, the well …

Persistent link: https://www.econbiz.de/10005281301

Privatisation in Poland: What Was the Government Trying to Achieve?

De Fraja, Gianni; Roberts, Barbara M - C.E.P.R. Discussion Papers - 2007

This paper uses the sequencing of privatisation to infer the objective pursued by the Polish government in the privatisation of its large manufacturing firms in the second half of the 1990's. We construct a model of mixed oligopoly, and use it to evaluate the privatisation process; our analysis...

Persistent link: https://www.econbiz.de/10005661699

Fiscal Norming of Wages to Promote Employment with Monopoly Unions

Crombrugghe, Alain L de; de Walque, Gregory - C.E.P.R. Discussion Papers - 1997

The paper analyses how a firm-level tax (or subsidy) calculated on the average wage relative to a pre-set norm may promote employment. We assume a monopoly union setting wages at the firm level to maximize that part of the wage bill exceeding the reservation wage. The fiscal device affects union...

Persistent link: https://www.econbiz.de/10005662313

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