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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

Give Credit Where Credit Is Due : Tracing Value Added in Global Production Chains

Koopman, Robert - 2010

This paper provides both a conceptual framework for decomposing a country's gross exports into value-added components by source and a new bilateral database on value-added trade. Our parsimonious framework integrates all previous measures of vertical specialization and value-added trade in the...

Persistent link: https://www.econbiz.de/10012462230

International Trade Effects of Value Added Taxation

Krugman, Paul - 1989

The actual value added tax systems used in many countries differ significantly from the completely general VAT that has been the focus of most economic analyses. In practice, VAT systems exempt broad classes of consumer goods and services. This has important implications for the effect of the...

Persistent link: https://www.econbiz.de/10012475878

On the Divergence between CPI and PPI as Inflation Gauges : The Role of Supply Chains

Wei, Shang-Jin - 2018

This paper starts by documenting a new fact that consumer price index (CPI) and producer price index (PPI) used to move in tandem within a given country around the world, but start to diverge after 2000. Understanding the source of divergence is important as it potentially affects optimal...

Persistent link: https://www.econbiz.de/10012453395

Measures of Participation in Global Value Chains and Global Business Cycles

Wang, Zhi - 2017

This paper makes two methodological contributions. First, it proposes a framework to decompose total production activities at the country, sector, or country-sector level, to different types, depending on whether they are for pure domestic demand, traditional international trade, simple GVC...

Persistent link: https://www.econbiz.de/10012455459

A Portrait of Trade in Value Added over Four Decades

Johnson, Robert C. - 2016

We combine data on trade, production, and input use to document changes in the value added content of trade between 1970 and 2009. The ratio of value-added to gross exports fell by roughly 10 percentage points worldwide. The ratio declined 20 percentage points in manufacturing, but rose in...

Persistent link: https://www.econbiz.de/10012455706

Demand for Value Added and Value-Added Exchange Rates

Bems, Rudolfs - 2015

We examine the role of cross-border input linkages in governing how international relative price changes influence demand for domestic value added. We define a novel value-added real effective exchange rate (REER), which aggregates bilateral value-added price changes, and link this REER to...

Persistent link: https://www.econbiz.de/10012457597

Value-Added Exchange Rates

Bems, Rudolfs - 2012

This paper updates the conceptual foundations for measuring real effective exchange rates (REERs) to allow for vertical specialization in trade. We derive a value-added REER describing how demand for the value added that a country produces changes as the price of its value added changes relative...

Persistent link: https://www.econbiz.de/10012460162

Fragmentation and Trade in Value Added over Four Decades

Johnson, Robert C. - 2012

We combine data on trade, production, and input use to compute the value added content of trade for forty-two countries from 1970 to 2009. For the world, the ratio of value added to gross trade falls by ten to fifteen percentage points, with two-thirds of this decline in the last two decades....

Persistent link: https://www.econbiz.de/10012460474

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