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Stock option incentives and firm performance

Hillegeist, Stephen A.; Peñalva, Fernando - IESE Business School, Universidad de Navarra - 2004

This paper analyzes the performance consequences of employee stock options for a broad sample of firms during the period 1996-1999. Our tests are performed separately for the top 5 executives and all other employees. We estimate the expected level of option incentives based on each firm's...

Persistent link: https://www.econbiz.de/10005030177

Non-cost-raising discrimination: A rationale for functional separation in broadband open access

Hervas-Drane, Andres - IESE Business School, Universidad de Navarra - 2011

I present a vertical differentiation model to assess the quality-wise strategy of an incumbent telecommunications operator under open access regimes. I show that it is always profitable for an incumbent subject to wholesale regulation to degrade wholesale quality in a non-recoverable fashion....

Persistent link: https://www.econbiz.de/10010833009

Business model innovation: Creating value in times of change

Amit, Raphael; Zott, Christoph - IESE Business School, Universidad de Navarra - 2010

We highlight business model innovation as a way for general managers and entrepreneurs to create and appropriate value, especially in times of economic change. Business model innovation, which involves designing a modified or new activity system, relies on recombining the existing resources of a...

Persistent link: https://www.econbiz.de/10008641474

The determinants of changes in the organization of production: Evidence from Spanish plant-level data

Bayo, Alberto; Galdon-Sanchez, Jose E.; Gil, Ricard - IESE Business School, Universidad de Navarra - 2009

In this paper we empirically examine the determinants of changes in the organization of production using detailed information on a data set from a new plant-level survey of 1003 plants covering the full range of manufacturing industries in Spain. In particular, and among many other things,...

Persistent link: https://www.econbiz.de/10005010454

Shareholder value creators in the S&P 500: 1991-2010

Fernandez, Pablo; Aguirreamalloa, Javier; Corres, Luis - IESE Business School, Universidad de Navarra - 2011

shareholders ($4.5 trillion). In 1991-1999 it created value ($5.1 trillion), but in 2000-2010 it destroyed $9.6 trillion. The market value of the S&P 500 was $2.8 trillion in 1991 and $11.4 trillion in 2010. We also calculate the created shareholder value of the 500 companies during the 18-year...

Persistent link: https://www.econbiz.de/10008913293

Efficient public-private partnerships

Moszoro, Marian - IESE Business School, Universidad de Navarra - 2010

This paper presents a model to assess the efficiency of the capital structure in public-private partnerships (PPP). A main argument supporting the PPP approach to investment projects is the transfer of managerial skills and know-how from the private partner to the investment vehicle. The paper...

Persistent link: https://www.econbiz.de/10008751321

Opportunism in public-private project financing

Moszoro, Marian - IESE Business School, Universidad de Navarra - 2010

Opportunism, either governmental or private, may become a powerful deterrent against public-private project financing, especially considering the scale of the investment in infrastructure. The parties can secure themselves against counterparty opportunism by assigning the investor an exit (put)...

Persistent link: https://www.econbiz.de/10008751322

Descensos memorables en las cotizaciones: Telepizza y Boston Chicken

Fernandez, Pablo - IESE Business School, Universidad de Navarra - 2006

En este documento se analizan dos empresas con actividades muy similares: Boston Chicken, una cadena de más de 1.700 restaurantes especializados en comida casera, y TelePizza, una cadena de más de 700 pizzerías. Ambas crecieron mucho en la década de los noventa y tuvieron un período de...

Persistent link: https://www.econbiz.de/10004970682

Beta = 1 does a better job than calculated betas

Fernandez, Pablo; Bermejo, Vicente - IESE Business School, Universidad de Navarra - 2009

We compute the correlations of the annual stock returns (1989-2008) of the Dow Jones companies with a) Rm; and with b) Rm; and find that the second correlation (assuming beta = 1 for all companies) is higher than the first one, on average, and for all companies except Caterpillar and General...

Persistent link: https://www.econbiz.de/10008479532

Equity lending markets and ownership structure

Saffi, Pedro A.C.; Sturgess, Jason - IESE Business School, Universidad de Navarra - 2009

ownership structure and the market for equity lending and stock prices. We find that both total institutional ownership and … ownership concentration (measured by the Herfindahl index, single largest holding and number of investors) are important … determinants of equity lending supply and short sale constraints. More concentrated ownership structures increase short sale …

Persistent link: https://www.econbiz.de/10008463048