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What Explains the Rise in CEO Pay in Germany? A Panel Data Analysis for 1977-2009

Fabbri, Francesca; Marin, Dalia - CESifo - 2012

The compensation of executive board members in Germany has become a highly controversial topic since Vodafone’s hostile takeover of Mannesmann in 2000 and it is again in the spotlight since the outbreak of the financial crisis of 2009. Based on unique panel data evidence of the 500 largest...

Persistent link: https://www.econbiz.de/10009653374

Contracts and Inequity Aversion

Englmaier, Florian; Wambach, Achim - CESifo - 2002

Using the concept of Inequity Aversion we derive in a Moral Hazard setting several results which differ from conventional contract theory. Our three key insights are: First, inequity aversion plays a crucial role in the design of optimal contracts. Second, there is a strong tendency towards...

Persistent link: https://www.econbiz.de/10005766116

Entrepreneurship, Economic Conditions, and the Great Recession

Fairlie, Robert W. - CESifo - 2013

The “Great Recession” resulted in many business closings and foreclosures, but what effect did it have on business formation? On the one hand, recessions decrease potential business income and wealth, but on the other hand they restrict opportunities in the wage/salary sector leaving the net...

Persistent link: https://www.econbiz.de/10010877680

Homeownership and Entrepreneurship: The Role of Mortgage Debt and Commitment

Bracke, Philippe; Hilber, Christian; Silva, Olmo - CESifo - 2014

We study the link between homeownership, mortgage debt, and entrepreneurship using a model of occupational choice and housing tenure where homeowners commit to mortgage payments. Our model predicts that, as long as mortgage rates exceed the rate of interest on liquid wealth: (i) mortgage debt,...

Persistent link: https://www.econbiz.de/10010948829

Behind the GATE Experiment: Evidence on Effects of and Rationales for Subsidized Entrepreneurship Training

Fairlie, Robert W.; Karlan, Dean; Zinman, Jonathan - CESifo - 2014

Theories of market failures and targeting motivate the promotion of entrepreneurship training programs and generate testable predictions regarding heterogeneous treatment effects from such programs. Using a large randomized evaluation in the United States, we find no strong or lasting effects on...

Persistent link: https://www.econbiz.de/10010948873

Innovation, Trade, and Finance

Egger, Peter; Keuschnigg, Christian - CESifo - 2011

This paper proposes a model where heterogeneous firms choose whether to undertake R&D or not. Innovative firms are more productive, have larger investment opportunities and lower own funds for necessary tangible continuation investments than non-innovating firms. As a result, they are...

Persistent link: https://www.econbiz.de/10009228619

Indian Entrepreneurial Success in the United States, Canada and the United Kingdom

Fairlie, Robert W.; Krashinsky, Harry A.; … - CESifo - 2013

Kingdom and Canada -- we examine the performance of Indian entrepreneurs and explanations for their success. We find that … business income of Indian entrepreneurs in the United States is substantially higher than the national average and is higher … than any other immigrant group. Approximately half of the average difference in income between Indian entrepreneurs and the …

Persistent link: https://www.econbiz.de/10010721607

Employee Spinouts, Social Networks, and Family Firms

Rauch, James E. - CESifo - 2013

Recently collected data show that, within any manufacturing industry, vertically integrated firms tend to have larger, higher productivity plants, account for the bulk of sales, and also sell externally most of the inputs they produce. In a weak contracting environment characteristic of...

Persistent link: https://www.econbiz.de/10010723536

Identity and Entrepreneurship

Falck, Oliver; Heblich, Stephan; Lüdemann, Elke - CESifo - 2009

We incorporate the concept of social identity into a stylized model of occupational choice and analyze whether an individual’s identity affects his or her decision to become an entrepreneur. We argue that an entrepreneurial identity results from an individual’s socialization. This could be...

Persistent link: https://www.econbiz.de/10004979425

Entrepreneurship, Organization Capital and the Evolution of the Firm

Oshima, Atsushi; Ravikumar, B.; Riezman, Raymond - CESifo - 2008

We view the entrepreneur as an agent who possesses human capital in the form of specific skills or talents. When she starts a firm, her human capital is essential to the firm and it has substantial private value. The entrepreneur transforms her human capital over time into what we call...

Persistent link: https://www.econbiz.de/10005181266