Similar Search Results

Offsetting the Incentives: Risk Shifting and Benefits of Benchmarking in Money Management

Basak, Suleyman; Pavlova, Anna; Shapiro, Alex - C.E.P.R. Discussion Papers - 2005

Money managers are rewarded for increasing the value of assets under management, and predominantly so in the mutual fund industry. This gives the manager an implicit incentive to exploit the well-documented positive fund-flows to relative-performance relationship by manipulating her risk...

Persistent link: https://www.econbiz.de/10005666418

Optimal Asset Allocation and Risk Shifting in Money Management

Basak, Suleyman; Pavlova, Anna; Shapiro, Alex - C.E.P.R. Discussion Papers - 2006

Persistent link: https://www.econbiz.de/10005666676

Managerial Leverage is Limited By the Extent of the Market: Hierarchies, Specialization and the Utilization of Lawyers' Human Capital

Garicano, Luis; Hubbard, Thomas - C.E.P.R. Discussion Papers - 2005

This paper examines hierarchies’ role in the organization of human-capital-intensive production. We develop an equilibrium model of hierarchical organization, then provide empirical evidence using confidential data on thousands of law offices from the 1992 Census of Services. We show how the...

Persistent link: https://www.econbiz.de/10005497763

The Return to Knowledge Hierarchies

Garicano, Luis; Hubbard, Thomas - C.E.P.R. Discussion Papers - 2007

Hierarchies allow individuals to leverage their knowledge through others' time. This mechanism increases productivity and amplifies the impact of skill heterogeneity on earnings inequality. To quantify this effect, we analyze the earnings and organization of U.S. lawyers and use the equilibrium...

Persistent link: https://www.econbiz.de/10005136470

Intertemporal movie distribution: Versioning when customers can buy both versions

Calzada, Joan; Valletti, Tommaso - C.E.P.R. Discussion Papers - 2011

We study a model of film production, distribution and consumption. The studio can release two goods, a theatrical and a video version, and has to decide on its versioning and sequencing strategy. In contrast with the previous literature, we allow for the possibility that consumers watch both...

Persistent link: https://www.econbiz.de/10008854538

Development Uncorked: Reputation Acquisition in the New Market for Chilean Wines in the UK

Macchiavello, Rocco - C.E.P.R. Discussion Papers - 2010

This paper studies learning effects in new markets using a panel of relationships between Chilean wineries and distributors in the UK. Controlling for winery, distributors and time effects, FOB prices increase by at least three percent with every additional year in a relationship while export...

Persistent link: https://www.econbiz.de/10008468665

Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK

Mayer, Colin; Schoors, Koen; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2002

examine various theories concerning the relation between finance and activities. We also report that the relations differ … across countries; for example, bank backed VC firms in Germany and Japan are as involved in early stage finance as other … funds in these countries, whereas they tend to invest in relatively late stage finance in Israel and the UK. We consider the …

Persistent link: https://www.econbiz.de/10005504226

Moral Hazard and Non-Exclusive Contracts

Bisin, Alberto; Guaitoli, Danilo - C.E.P.R. Discussion Papers - 1998

This paper studies equilibria for economies characterized by moral hazard (hidden action), in which the set of contracts marketed in equilibrium is determined by the interaction of financial intermediaries. The crucial aspect of the environment that we study is that intermediaries are restricted...

Persistent link: https://www.econbiz.de/10005497778

Institutional Weakness and Stock Price Volatility

Hale, Galina B; Razin, Assaf; Tong, Hui - C.E.P.R. Discussion Papers - 2006

We establish an empirical regularity that a weak creditor protection index is associated with high stock price volatility. Using a standard Tobin Q model we demonstrate two distinct mechanisms that are responsible for increased volatility: credit guarantees and weak creditor protection that...

Persistent link: https://www.econbiz.de/10005497956

Generational Accounting, Solidarity and Pension Losses

Vries, Casper G de; Teulings, Coen N - C.E.P.R. Discussion Papers - 2004

The creeping stock market collapse eroded the wealth of funded pension systems. This led to political tensions between generations due to the fuzzy definition of property rights on the pension funds wealth. We argue that this problem can best be resolved by the introduction of generational...

Persistent link: https://www.econbiz.de/10005498139