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Corporate Fraud, Governance and Auditing
Immordino, Giovanni; Pagano, Marco - C.E.P.R. Discussion Papers - 2008
when liquidation would be value-increasing. To curb fraud, shareholders optimally choose auditing quality and the … performance sensitivity of managerial pay, taking external corporate governance and auditing regulation into account. For given … managerial pay, it is optimal to rely on auditing when external governance is in an intermediate range. When both auditing and …
Persistent link: https://www.econbiz.de/10005792136
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The effect of audit regimes on applications for long-term care
Lindeboom, Maarten; van der Klaauw, Bas; Vriend, Sandra - C.E.P.R. Discussion Papers - 2015
This paper studies the effects of various audit regimes, differing in the degree of control and the presence of performance incentives, on behavior of care providers filing applications for providing long-term care services to patients. We present evidence from a large-scale field experiment in...
Persistent link: https://www.econbiz.de/10011272714
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Audit rates and compliance: A field experiment in long-term care
Lindeboom, Maarten; van der Klaauw, Bas; Vriend, Sandra - C.E.P.R. Discussion Papers - 2014
-post auditing. Our results do not show significant effects of variations in random audit rates and switching to a conditional audit …
Persistent link: https://www.econbiz.de/10011083445
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Personal Pensions with Risk sharing: Affordable, Adequate and Stable Private Pensions in Europe
Bovenberg, A Lans; Nijman, Theo E - C.E.P.R. Discussion Papers - 2015
Private pension provision faces the challenging task of providing stable income streams during retirement. The challenge has increased markedly in the last decades due to volatile financial markets, falling interest rates and the withdrawal of employers and external insurers as risk bearers of...
Persistent link: https://www.econbiz.de/10011252616
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When Everyone Runs for the Exit
Pedersen, Lasse Heje - C.E.P.R. Discussion Papers - 2009
The dangers of shouting ``fire'' in a crowded theater are well understood, but the dangers of rushing to the exit in the financial markets are more complex. Yet, the two events share several features, and I analyze why people crowd into theaters and trades, why they run, what determines the...
Persistent link: https://www.econbiz.de/10005082543
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A Model of Liquidity Hoarding and Term Premia in Inter-Bank Markets
Acharya, Viral V; Skeie, David - C.E.P.R. Discussion Papers - 2011
Financial crises are associated with reduced volumes and extreme levels of rates for term inter-bank transactions, such as in one-month and three-month LIBOR markets. We provide an explanation of such stress in term lending by modelling leveraged banks’ precautionary demand for liquidity. When...
Persistent link: https://www.econbiz.de/10009385771
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From Value at Risk to Stress Testing: The Extreme Value Approach
Longin, François - C.E.P.R. Discussion Papers - 1999
This article presents an application of extreme value theory to compute the value at risk of a market position. In statistics, extremes of a random process refer to the lowest observation (the minimum) and to the highest observation (the maximum) over a given time-period. Extreme value theory...
Persistent link: https://www.econbiz.de/10005662233
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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
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Optimal Asset Allocation and Risk Shifting in Money Management
Basak, Suleyman; Pavlova, Anna; Shapiro, Alex - C.E.P.R. Discussion Papers - 2006
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/10005666676
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The Comparative Analysis of Settlement Systems
Kobayakawa, Shuji - C.E.P.R. Discussion Papers - 1997
After a rapid expansion of financial transactions, both the authorities and financial institutions became aware of the risk involved in interbank settlement systems. To cope with the risk the systems in most economies have been designed so that large-sized payments are settled in the real time...
Persistent link: https://www.econbiz.de/10005667037