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Information Aggregation, Investment, and Managerial Incentives

Albagli, Elias; Hellwig, Christian; Tsyvinski, Aleh - C.E.P.R. Discussion Papers - 2011

and its investment decisions leads to a systematic premium in the firm's share price relative to expected dividends. Noisy … firm shifts its dividend risk to the upside, which amplifies the overvaluation and explains the premium. Second, we argue … that explicitly linking managerial compensation to share prices gives managers an incentive to manipulate the firm …

Persistent link: https://www.econbiz.de/10009275969

Incentives and Managerial Experience in Multi-Task Teams: Evidence from Within a Firm

Griffith, Rachel; Neely, Andrew - C.E.P.R. Discussion Papers - 2007

This paper exploits a quasi-experimental setting to estimate the impact that a multi-dimensional group incentive scheme …

Persistent link: https://www.econbiz.de/10005662113

Mentoring and Segregation: Female-Led Firms and Gender Wage Policies

Cardoso, Ana Rute; Winter-Ebmer, Rudolf - C.E.P.R. Discussion Papers - 2007

We explore the impact of mentoring of females and gender segregation on wages using a large longitudinal data set for Portugal. Female managers can protect and mentor female employees by paying them higher wages than male-led firms would do. We find that females can enjoy higher wages in...

Persistent link: https://www.econbiz.de/10005666556

Resource Allocation and Firm Scope

Friebel, Guido; Raith, Michael - C.E.P.R. Discussion Papers - 2006

-intervention" puzzle concerning the limits of firm size and scope. In addition, we provide an incentive-based argument for the prevalence …

Persistent link: https://www.econbiz.de/10005666612

Incentives for Managers and Inequality Among Workers: Evidence from a Firm Level Experiment

Bandiera, Oriana; Barankay, Iwan; Rasul, Imran - C.E.P.R. Discussion Papers - 2006

We present evidence from a firm level experiment in which we engineered an exogenous change in managerial compensation from fixed wages to performance pay based on the average productivity of lower-tier workers. Theory suggests that managerial incentives affect both the mean and dispersion of...

Persistent link: https://www.econbiz.de/10005788932

Social Connections and Incentives in the Workplace: Evidence from Personnel Data

Bandiera, Oriana; Barankay, Iwan; Rasul, Imran - C.E.P.R. Discussion Papers - 2009

We present evidence on the effect of social connections between workers and managers on productivity in the workplace. To evaluate whether the existence of social connections is beneficial to the firm's overall performance, we explore how the effects of social connections vary with the strength...

Persistent link: https://www.econbiz.de/10005791992

The Flattening Firm and Product Market Competition

Guadalupe, Maria; Wulf, Julie - C.E.P.R. Discussion Papers - 2009

This paper establishes a causal effect of product market competition on various characteristics of organizational design. Using a unique panel dataset on firm hierarchies of large U.S. firms (1986-1999) and a quasi-natural experiment (trade liberalization), we find that increasing competition...

Persistent link: https://www.econbiz.de/10005792092

The Quality of Entrepreneurs

Hvide, Hans K - C.E.P.R. Discussion Papers - 2005

What determines the quality of entrepreneurs? To address this question, the paper proposes a simple model of the interaction between individual workers’ decision to become entrepreneurs and established firms’ effort to keep their best workers and ideas. The main prediction from the model is...

Persistent link: https://www.econbiz.de/10005792326

Optimal Incentive Contracts under Moral Hazard When the Agent is Free to Leave

Englmaier, Florian; Muehlheusser, Gerd; Roider, Andreas - C.E.P.R. Discussion Papers - 2010

We characterize optimal incentive contracts in a moral hazard framework extended in two directions. First, after effort …

Persistent link: https://www.econbiz.de/10008554231

Family Ties and Organizational Design: Evidence from Chinese Private Firms

Cai, Hongbin; Li, Hongbin; Park, Albert; Zhou, Li-An - C.E.P.R. Discussion Papers - 2010

Analyzing data from a unique survey of managers of Chinese private firms, we investigate how family ties with firm heads affect managerial compensation and job assignment. We find that family managers earn higher salaries and receive more bonuses, hold higher positions, and are given more...

Persistent link: https://www.econbiz.de/10008468597