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The effect of monitoring on CEO pay practices in a matching equilibrium
Chaigneau, Pierre; Sahuguet, Nicolas - London School of Economics (LSE) - 2013
We present a model of efficient contracting with endogenous matching and limited monitoring in which firms compete for CEOs. The model explains the association between limited monitoring and CEO pay practices such as pay-for-luck, high salaries, a low pay-performance sensitivity, and a more...
Persistent link: https://www.econbiz.de/10010746551
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Strong managers, weak boards?
Adams, Renee B.; Ferreira, Daniel - London School of Economics (LSE) - 2009
Many governance reform proposals are based on the view that boards have been too friendly to executives, for example, by awarding them excessive pay. Although boards are often on friendly terms with executives, it is less clear that they have systematically failed to function in the interests of...
Persistent link: https://www.econbiz.de/10011126080
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Agency conflicts, ownership concentration, and legal shareholder protection
Burkart, Mike; Panunzi, Fausto - London School of Economics (LSE) - 2001
This paper analyzes the interaction between legal shareholder protection, managerial incentives, and outside ownership concentration. Legal protection a¤ects both the expropriation of shareholders and the blockholder's incentives to monitor. Because of this latter e¤ect and its repercussion on...
Persistent link: https://www.econbiz.de/10011071555
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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 … China that exhibits many of the traits common to CEO labour markets in the West. …
Persistent link: https://www.econbiz.de/10010745536
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High impact, low probability? An empirical analysis of risk in the economics of climate change
Dietz, Simon - London School of Economics (LSE) - 2009
To what extent does economic analysis of climate change depend on low-probability, high-impact events? This question has received a great deal of attention lately, with the contention increasingly made that climate damage could be so large that societal willingness to pay to avoid extreme...
Persistent link: https://www.econbiz.de/10010746080
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Fluctuations in uncertainty
Bloom, Nicholas - London School of Economics (LSE) - 2013
This review article tries to answer four questions: (i) what are the stylized facts about uncertainty over time; (ii …) why does uncertainty vary; (iii) do fluctuations in uncertainty matter; and (iv) did higher uncertainty worsen the Great … Recession of 2007-2009? On the first question both macro and micro uncertainty appears to rise sharply in recessions. On the …
Persistent link: https://www.econbiz.de/10011126328
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Corporate ownership structure and performance in Europe
Grant, Jeremy; Kirchmaier, Thomas - London School of Economics (LSE) - 2004
In this paper, we show that ownership structures vary considerably across Europe, and that the dominant form of ownership is not necessarily the most efficient one. These findings are in contradiction to similar research based on US samples. The results also demonstrate that firms without a...
Persistent link: https://www.econbiz.de/10010884735
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Corporate R&D and productivity in Germany and the United Kingdom
Bond, Stephen; Harhoff, Dietmar; Van Reenen, John - London School of Economics (LSE) - 2003
This paper analyzes differences in R&D spending and in the impact of R&D on productivity between German and UK firms. We confirm that German firms spend significantly larger amounts on R&D than their UK counterparts, even after controlling for firm size and industry effects. Using a dynamic...
Persistent link: https://www.econbiz.de/10010745353
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The dark side of 'good' corporate governance: compliance-fuelled book-cooking activities
Kirchmaier, Thomas; Selvaggi, Mariano - London School of Economics (LSE) - 2006
activity) and the risk of endorsing flawed business plans swell. This confirms a burgeoning sentiment among business leaders …
Persistent link: https://www.econbiz.de/10010745362
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Evolution of decision and control rights in venture capital contracts: an empirical analysis
Bienz, Carsten; Walz, Uwe - London School of Economics (LSE) - 2006
We analyze the structure and evolution of the allocation of decision and control rights in venture capital contracts by using a sample of 464 contracts between venture capitalists (VC) and portfolio firms from Germany. We focus on the evolution of control and decisions rights along three time...
Persistent link: https://www.econbiz.de/10010745436