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Not So Lucky Any More: CEO Compensation in Financially Distressed Firms

Kang, Qiang; Mitnik, Oscar A. - Institute for the Study of Labor (IZA) - 2008

There is a debate on whether executive pay reflects rent extraction due to "managerial power" or is the result of arms-length bargaining in a principal-agent framework. In this paper we offer a test of the managerial power hypothesis by empirically examining the CEO compensation of U.S. public...

Persistent link: https://www.econbiz.de/10005761844

After the Farm Crisis: Religiosity in the Rural United States

Orman, Wafa Hakim - Institute for the Study of Labor (IZA) - 2013

The farm crisis in the United States in the 1980s had profound effects on rural, agricultural regions of the country, but almost no impact on urban and suburban areas. I use a difference-in-difference methodology and find that religiosity as measured by religious attendance increased...

Persistent link: https://www.econbiz.de/10010685369

Mortgage Indebtedness and Household Financial Distress

Georgarakos, Dimitris; Lojschova, Adriana; … - Institute for the Study of Labor (IZA) - 2009

Using comparable survey data from twelve European countries we investigate households' attitudes towards mortgage indebtedness. We find that a given debt burden creates much higher distress in Southern countries, France and Belgium, where fewer households have a mortgage outstanding relative to...

Persistent link: https://www.econbiz.de/10008558942

Banks Information Policies, Financial Literacy and Household Wealth

Fort, Margherita; Manaresi, Francesco; Trucchi, Serena - Institute for the Study of Labor (IZA) - 2012

We investigate the causal effect of financial literacy on financial assets, exploiting banks information policies for identification. In Italy, banks who belong to the PattiChiari consortium have implemented policies aimed at increasing transparency and procedural simplification. These policies...

Persistent link: https://www.econbiz.de/10010959735

Discounting Financial Literacy: Time Preferences and Participation in Financial Education Programs

Meier, Stephan; Sprenger, Charles - Institute for the Study of Labor (IZA) - 2008

Many policy makers and economists argue that financial literacy is key to financial well-being. But why do many individuals remain financially illiterate despite the apparent importance of being financially informed? This paper presents results of a field study linking individual decisions to...

Persistent link: https://www.econbiz.de/10005761687

Exponential Growth Bias and Financial Literacy

Almenberg, Johan; Gerdes, Christer - Institute for the Study of Labor (IZA) - 2011

The tendency to underestimate the future value of a variable growing at a constant rate, an example of exponential growth bias, has been linked to household financial decision making. We show that exponential growth bias and standard measures of financial literacy are negatively correlated in a...

Persistent link: https://www.econbiz.de/10009151027

Bringing Financial Literacy and Education to Low and Middle Income Countries: The Need to Review, Adjust, and Extend Current Wisdom

Holzmann, Robert - Institute for the Study of Labor (IZA) - 2010

This paper presents a World Bank led and Russia trust fund financed work program to measure financial capability and the effectiveness of financial education in low and middle income countries. The two activities and their staging have been motivated by the lessons of high-income countries with...

Persistent link: https://www.econbiz.de/10008466447

Changes in Income Distributions and the Role of Tax-Benefit Policy During the Great Recession: An International Perspective

Bargain, Olivier; Callan, Tim; Doorley, Karina; Keane, … - Institute for the Study of Labor (IZA) - 2013

This paper examines the impact on inequality and poverty of the economic crisis in four European countries, namely … 2010, was one of great economic turmoil, yet it is unclear whether changes in inequality and poverty rates over this time … decreasing inequality and relative poverty in the UK, France and especially in Ireland, a country where rising unemployment would …

Persistent link: https://www.econbiz.de/10011128034

Protecting Child Nutritional Status in the Aftermath of a Financial Crisis: Evidence from Indonesia

Giles, John T.; Satriawan, Elan - Institute for the Study of Labor (IZA) - 2014

In response to concerns over the vulnerability of the young in the wake of Indonesia's 1997-1998 economic crises, the Government of Indonesia implemented a supplementary feeding program to support early childhood nutritional status. This paper exploits heterogeneity in duration of program...

Persistent link: https://www.econbiz.de/10011105051

The Income Distribution in the UK: A Picture of Advantage and Disadvantage

Jenkins, Stephen P. - Institute for the Study of Labor (IZA) - 2015

is evidence about real income levels and inequality, and the prevalence of affluence and of poverty. …

Persistent link: https://www.econbiz.de/10011167205