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Happiness and the Human Development Index: Australia is NOT a Paradox

Leigh, Andrew; Wolfers, Justin - C.E.P.R. Discussion Papers - 2006

In 'Happiness and the Human Development Index: The Paradox of Australia,' Blanchflower and Oswald (2005) observe an … apparent puzzle: they claim that Australia ranks highly in the Human Development Index (HDI), but relatively poorly in … happiness. However, when we compare their happiness data with the HDI, Australia appears happier, not sadder, than its HDI score …

Persistent link: https://www.econbiz.de/10005136466

Distributional Impact of Commodity Price Shocks: Australia over a Century

Bhattacharyya, Sambit; Williamson, Jeffrey G - C.E.P.R. Discussion Papers - 2013

. Using a GARCH model, we find that Australia experienced more volatility than many commodity exporting poor countries between …

Persistent link: https://www.econbiz.de/10011084231

Ambiguity, Disagreement, and Allocation of Control in Firms

Dicks, David L.; Fulghieri, Paolo - C.E.P.R. Discussion Papers - 2015

We present a novel source of disagreement grounded in decision theory: ambiguity aversion. We show that ambiguity aversion generates endogenous disagreement between a firm's insider and outside shareholders, creating a new rationale for corporate governance systems. In our paper, optimal...

Persistent link: https://www.econbiz.de/10011213312

Managerial Incentives and Stock Price Manipulation

Peng, Lin; Röell, Ailsa A - C.E.P.R. Discussion Papers - 2009

This paper presents a rational expectations model of optimal executive compensation in a setting where managers are in a position to manipulate short-term stock prices, and managers' propensity to manipulate is uncertain. Stock-based incentives elicit not only productive effort, but also costly...

Persistent link: https://www.econbiz.de/10005014567

Delegated Activism and Disclosure

Dasgupta, Amil; Zachariadis, Konstantinos - C.E.P.R. Discussion Papers - 2011

Mutual funds are significant blockholders in many corporations. Concerns that funds vote in a pro-management manner to garner lucrative pensions contracts led the SEC to mandate the disclosure of proxy votes. We present a model of mutual fund voting in the presence of potential business ties. We...

Persistent link: https://www.econbiz.de/10009321841

Agency Conflicts, Ownership Concentration, and Legal Shareholder Protection

Burkart, Mike; Panunzi, Fausto - C.E.P.R. Discussion Papers - 2001

This Paper analyses the interaction between legal shareholder protection, managerial incentives, and ownership concentration. In our framework, blockholder and manager are distinct parties and the presence of a blockholder can both protect and hurt minority shareholders. Legal shareholder...

Persistent link: https://www.econbiz.de/10005662105

Globalization and the 'New Enterprise'

Marin, Dalia; Verdier, Thierry - C.E.P.R. Discussion Papers - 2002

Globalization has been identified by many experts as a new way firms organize their activities. This Paper surveys recent work that examines the role of trade integration between similar and dissimilar countries for these changes in corporate organization. It is shown that international...

Persistent link: https://www.econbiz.de/10005662173

Defensive and Strategic Restructuring in Central European Enterprises

Grosfeld, Irena; Roland, Gérard - C.E.P.R. Discussion Papers - 1995

This paper interprets the existing evidence on enterprise restructuring in Poland, Hungary and the Czech Republic. Despite differences in restructuring policies, the pattern of observed restructuring appears similar in the three countries. Contrary to initial expectations, managers of SOEs have...

Persistent link: https://www.econbiz.de/10005662184

Executive Compensation as an Agency Problem

Bebchuk, Lucian Arye; Fried, Jesse - C.E.P.R. Discussion Papers - 2003

This Paper provides an overview of the main theoretical elements and empirical underpinnings of a ‘managerial power’ approach to executive compensation. Under this approach, the design of executive compensation is viewed not only as an instrument for addressing the agency problem between...

Persistent link: https://www.econbiz.de/10005662270

Executive Compensation and Stock Options: An Inconvenient Truth

Danthine, Jean-Pierre; Donaldson, John B - C.E.P.R. Discussion Papers - 2008

We reexamine the issue of executive compensation within a general equilibrium production context. Intertemporal optimality places strong restrictions on the form of a representative manager's compensation contract, restrictions that appear to be incompatible with the fact that the bulk of many...

Persistent link: https://www.econbiz.de/10005666708

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