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Governance with Poor Investor Protection: Evidence from Top Executive Turnover in Italy

Volpin, Paolo - C.E.P.R. Discussion Papers - 2002

This Paper studies the determinants of executive turnover and firm valuation as a function of ownership and control structure in Italy, a country that features low legal protection for investors, firms with controlling shareholders, and pyramidal groups. The results suggest that there is poor...

Persistent link: https://www.econbiz.de/10005136454

Corporate Governance Externalities

Acharya, Viral V; Volpin, Paolo - C.E.P.R. Discussion Papers - 2008

We argue that the choice of corporate governance by a firm affects and is affected by the choice of governance by other firms. Firms with weaker governance give higher payoffs to their management to incentivize them. This forces firms with good governance to also pay their management more than...

Persistent link: https://www.econbiz.de/10005136630

Foreign Direct Investment and Spillovers through Workers' Mobility

Fosfuri, Andrea; Motta, Massimo; Rønde, Thomas - C.E.P.R. Discussion Papers - 1999

We analyze a model where a multinational firm can use a superior technology in a foreign subsidiary only after training a local worker. Technological spillovers from foreign direct investment arise when this worker is later hired by a local firm. Pecuniary spillovers arise when the foreign...

Persistent link: https://www.econbiz.de/10005124087

Job Stability Trends, Layoffs and Transitions to Unemployment - An Empirical Analysis for West Germany

Bergemann, Annette; Mertens, Antje - C.E.P.R. Discussion Papers - 2004

This Paper studies the evolution of job stability in West Germany. Using data from the German Socio-Economic Panel, we first show that the median elapsed tenure declined for men between 1984 and 1999. Second, estimating proportional Cox hazard models with competing risks and controls for stock...

Persistent link: https://www.econbiz.de/10005136402

The High Unemployment Trap

Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 1992

A model of the labour market under firing restrictions and endogenous quits is constructed. It is shown that in the spirit of Blanchard and Summers (1988), the model can generate multiple equilibria, with a low-quits/high-unemployment equilibrium coexisting with a high-quits/low-unemployment...

Persistent link: https://www.econbiz.de/10005791589

Policy Complementarities: The Case for Fundamental Labour Market Reform

Coe, David T; Snower, Dennis J. - C.E.P.R. Discussion Papers - 1997

The paper analyses complementarities among a variety of labour market policies. It shows: (a) that a wide range of labour market institutions (e.g. unemployment benefits, job security legislation and payroll taxes) have complementary effects on unemployment; and thus (b) that policies aimed at...

Persistent link: https://www.econbiz.de/10005791663

Performance Pay, CEO Dismissal, and the Dual Role of Takeovers

Burkart, Mike; Raff, Konrad - C.E.P.R. Discussion Papers - 2012

We propose that an active takeover market provides incentives by offering acquisition opportunities to successful … performance-based pay are non-monotonic in the intensity of the takeover threat. In firms with weak boards, turnover (performance …-based pay) increases (decreases) with the intensity of the takeover threat. When choosing its acquisition policy and the quality …

Persistent link: https://www.econbiz.de/10011083799

Competition and Well-Being

Brandts, Jordi; Riedl, Arno; Winden, Frans A.A.M. van - C.E.P.R. Discussion Papers - 2006

This paper experimentally studies the effects of competition in an environment where people's actions can not be contractually fixed. We find that, in comparison with no competition, the presence of competition does neither increase efficiency nor does it yield any gains in earnings for the...

Persistent link: https://www.econbiz.de/10005123778

Gender Differences in Performance in Competitive Environments: Evidence from Professional Tennis Players

Paserman, M. Daniele - C.E.P.R. Discussion Papers - 2007

This paper uses data from nine tennis Grand Slam tournaments played between 2005 and 2007 to assess whether men and women respond differently to competitive pressure in a setting with large monetary rewards. In particular, it asks whether the quality of the game deteriorates as the stakes become...

Persistent link: https://www.econbiz.de/10005791507

Managers' Mobility, Trade Status, and Wages

Mion, Giordano; Opromolla, Luca David - C.E.P.R. Discussion Papers - 2011

This paper investigates whether the arrival of managers with export experience, i.e. experience acquired through participation in the export activity of previous employers, is related to firms' international trade status and to what extent this relationship is of a causal nature. We construct a...

Persistent link: https://www.econbiz.de/10008854539

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