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What do we know about China's CEO's?: evidence from across the whole economy

Bryson, Alex; Zhou, Minghai - London School of Economics (LSE) - 2012

All that we know about the CEO labour market in China comes from studies of public listed companies and state-owned enterprises (SOEs). This paper is the first to examine the operation of the CEO labour market across all sectors of the Chinese economy. We do so using World Bank enterprise data...

Persistent link: https://www.econbiz.de/10010745536

Who posts performance bonds and why?: evidence from China's CEOs

Bryson, Alex; Forth, John; Zhou, Minghai - London School of Economics (LSE) - 2014

Despite their theoretical value in tackling principal–agent problems at low cost to firms there is almost no empirical literature on the prevalence and correlates of performance bonds posted by corporate executives. We show that they are an important feature in today's CEO labour market in...

Persistent link: https://www.econbiz.de/10011126044

The economic psychology of incentives: an international study of top managers

Pepper, Alexander; Gore, Julie - London School of Economics (LSE) - 2014

The world-wide inflation in executive compensation in recent years has been accompanied by an increase in the prevalence of long-term incentives. This article demonstrates how the subjectively perceived value of long-term incentives is affected by risk aversion, uncertainty aversion, and time...

Persistent link: https://www.econbiz.de/10011126291

Inefficient continuation decisions, job creation costs, and the cost of business cycles

Den Haan, Wouter J.; Sedlacek, Petr - London School of Economics (LSE) - 2014

This paper develops a model according to which the costs of business cycles are nontrivial because they reduce the average level of output. The reason is an interaction between job creation costs and an agency problem. The agency problem triggers separations during economic downturns even though...

Persistent link: https://www.econbiz.de/10011126539

CEO incentive contracts in China: why does city location matter?

Bryson, Alex; Forth, John; Zhou, Minghai - London School of Economics (LSE) - 2013

: the use of Special Economic Zones (SEZs) to attract foreign direct investment (FDI), and the rate at which state owned …

Persistent link: https://www.econbiz.de/10010884490

Say pays! Shareholder voice and firm performance

Cuñat, Vicente; Giné, Mireia; Guadalupe, Maria - London School of Economics (LSE) - 2013

: profitability and labor productivity increase, while overheads and investment fall. In contrast, we find limited effects on pay …

Persistent link: https://www.econbiz.de/10011071266

Executive compensation and product market competition

Cuñat, Vicente; Guadalupe, Maria - London School of Economics (LSE) - 2004

The aim of this paper is to study the effects of product market competition on the explicit compensation packages that firms offer to their executives. In order to measure the net effect of competition we use two different identification strategies. The first exploits cross sectoral variation in...

Persistent link: https://www.econbiz.de/10011071396

Executive compensation and competition in the banking and financial sectors

Cuñat, Vicente; Guadalupe, Maria - London School of Economics (LSE) - 2007

This paper studies the effect of deregulation and increased product market competition on the compensation packages that firms offer to their executives. We use a panel of US executives in the nineties and exploit the deregulation episodes in the banking and financial sectors as quasi-natural...

Persistent link: https://www.econbiz.de/10011071470

Behavioral agency theory: new foundations for theorizing about executive compensation

Pepper, Alexander; Gore, Julie - London School of Economics (LSE) - 2012

This article describes new micro-foundations for theorizing about executive compensation, drawing on the behavioral economics literature and based on a more realistic set of behavioral assumptions than those that have typically been made by agency theorists. We call these micro-foundations...

Persistent link: https://www.econbiz.de/10011071099

Investment, R&D and financial constraints in Britain and Germany

Bond, Stephen; Harhoff, Dietmar; Van Reenen, John - London School of Economics (LSE) - 2003

This paper tests for the importance of cash flow on investment in fixed capital and R&D using firm-level panel data in … investment or R&D. In identical specifications for British firms, cash flow is informative about investment, although not about … the level of R&D spending conditional on the R&D participation decision. In the UK, we also find that investment is less …

Persistent link: https://www.econbiz.de/10010884496