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CEO Compensation and Cash-Flow Shocks : Evidence from Changes in Environmental Regulations

Choi, Seungho; Levine, Ross; Park, Jonghyeon; Xu, Simon - National Bureau of Economic Research - 2024

This paper investigates how shocks to expected cash flows influence CEO incentive compensation. Exploiting changes in compliance with environmental regulations as shocks to expected future cash flows, we find that adverse shocks typically prompt corporate boards to recalibrate CEO compensation...

Persistent link: https://www.econbiz.de/10014486193

Moonshot : Public R&D and Growth

Kantor, Shawn Everett; Whalley, Alexander T. - National Bureau of Economic Research - 2023

We estimate the long-term effect of public R&D on growth in manufacturing by analyzing new data from the Cold War era Space Race. We develop a novel empirical strategy that leverages US-Soviet rivalry in space technology to isolate windfall R&D spending. Our results demonstrate that public R&D...

Persistent link: https://www.econbiz.de/10014322858

Producing Health : Measuring Value Added of Nursing Homes

Einav, Liran; Finkelstein, Amy; Mahoney, Neale - National Bureau of Economic Research - 2022

We develop a stylized model that allows us to estimate a value-added measure for nursing homes ("SNFs") which accounts for patient selection both into and out of a SNF. We use the model, together with detailed data on the physical and mental health of about 6 million Medicare SNF patients...

Persistent link: https://www.econbiz.de/10013361969

Are Hospital Quality Indicators Causal?

Chandra, Amitabh; Dalton, Maurice; Staiger, Douglas - National Bureau of Economic Research - 2023

Hospitals play a key role in patient outcomes and spending, but efforts to improve their quality are hindered because we do not know whether hospital quality indicators are causal or biased. We evaluate the validity of commonly used quality indicators, such as mortality, readmissions, inpatient...

Persistent link: https://www.econbiz.de/10014421215

Offshore Hedge Funds : Survival and Performance 1989-1995

Brown, Stephen J. - 1997

We examine the performance of the offshore hedge fund industry over the period 1989 through 1995 using a database that … little evidence of differential manager skill. We develop endogenous style categories for relative fund performance measures …

Persistent link: https://www.econbiz.de/10012472919

What Gets Measured Gets Managed : Investment and the Cost of Capital

He, Zhiguo; Liao, Guanmin; Wang, Baolian - National Bureau of Economic Research - 2022

-owned enterprise (SOE) performance evaluation policy. To improve capital allocative efficiency, in 2010, regulators switched from using … return on equity (ROE) to economic value added (EVA) when evaluating SOE performance. This EVA policy adopts a one …-specific costs of capital. We show that SOEs did respond to the performance evaluation reform by altering their investment decisions …

Persistent link: https://www.econbiz.de/10012938744

Performance Evaluation of Zero Net-Investment Strategies

Jordà, Òscar - 2011

This paper introduces new nonparametric statistical methods to evaluate zero-cost investment strategies. We focus on directional trading strategies, risk-adjusted returns, and the investor's decisions under uncertainty as the core of our analysis. By relying on classification tools with a long...

Persistent link: https://www.econbiz.de/10012461508

Measuring Returns to Experience Using Supervisor Ratings of Observed Performance : The Case of Classroom Teachers

Bell, Courtney A.; James, Jessalynn K.; Taylor, Eric S.; … - National Bureau of Economic Research - 2023

performance. We compare two difference-in-differences strategies: the two-way fixed effects estimator common in the literature …

Persistent link: https://www.econbiz.de/10013537780

What's My Employee Worth? The Effects of Salary Benchmarking

Cullen, Zoë B.; Li, Shengwu; Perez-Truglia, Ricardo - National Bureau of Economic Research - 2022

While U.S. legislation prohibits employers from sharing information about their employees' compensation with each other, companies are still allowed to acquire and use more aggregated data provided by third parties. Most medium and large firms report using this type of data to set salaries, a...

Persistent link: https://www.econbiz.de/10013435132

Common Ownership, Competition, and Top Management Incentives

Anton, Miguel; Ederer, Florian; Giné, Mireia; Schmalz, … - National Bureau of Economic Research - 2022

and a difference-in-differences design we document that managerial incentives are less performance-sensitive in firms with …

Persistent link: https://www.econbiz.de/10013477278