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Incentive Pay and Bank Risk-Taking: Evidence from Austrian, German, and Swiss Banks
Hau, Harald; Efing, Matthias; Kampkötter, Patrick; … - National Bureau of Economic Research (NBER) - 2014
. Moreover, pre-crisis incentive pay appears too strong for an optimal trade-off between trading income and risk which maximizes …
Persistent link: https://www.econbiz.de/10010969346
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Political Booms, Financial Crises
Ordonez, Guillermo L.; Herrera, Helios; Trebesch, Christoph - National Bureau of Economic Research (NBER) - 2014
We show that political booms, measured by the rise in governments' popularity, predict financial crises above and beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in emerging economies. We show that governments in emerging...
Persistent link: https://www.econbiz.de/10010969377
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Assessing the Impacts of the Prescription Drug User Fee Acts (PDUFA) on the FDA Approval Process
Philipson, Tomas; Berndt, Ernst R.; Gottschalk, Adrian H. B. - National Bureau of Economic Research (NBER) - 2004
Congress enacted and renewed the Prescription Drug User Fee Acts (PDUFA) in 1992, and renewed it in 1997 and 2002, mandating FDA performance goals in reviewing and acting on drug applications within specified time periods. In turn, the FDA was permitted to levy user fees on drug sponsors...
Persistent link: https://www.econbiz.de/10005084928
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The Effect of FDA Advisories on Branded Pharmaceutical Firms' Valuations and Promotion Efforts
Conti, Rena M.; Huskamp, Haiden A.; Berndt, Ernst R. - National Bureau of Economic Research (NBER) - 2011
The US Food and Drug Administration (FDA) expends considerable efforts in regulating medications approved for use. Yet the impact of medication labeling changes on brand pharmaceutical products, and whether and what firms do to respond to increased information regarding the safety and efficacy...
Persistent link: https://www.econbiz.de/10009325511
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Consumer Product Safety Regulation in the United States and the United Kingdom: The Case of Bicycles
Moore, Michael John; Magat, Wesley A. - National Bureau of Economic Research (NBER) - 1995
We study the effects of bicycle safety regulations in both the United States and the United Kingdom on bicycle accident rates for various population age groups. We find small, statistically significant decreases in the accident rates as the stock of bicycles increases its compliance with the...
Persistent link: https://www.econbiz.de/10005012911
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Financial Risk in the Biotechnology Industry
Golec, Joseph H.; Vernon, John A. - National Bureau of Economic Research (NBER) - 2007
paper we examine this industry along a number of dimensions and estimate its average financial risk. Specifically, we use … (CAPM) do not capture all of the types of systematic risk that influence firm cost of capital. In particular, the CAPM does … not reflect the empirical evidence that supports both a size-related and a book-to-market related systematic risk factor …
Persistent link: https://www.econbiz.de/10005050410
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Black Box Warnings and Drug Safety: Examining the Determinants and Timing of FDA Warning Labels
Begosh, Allan; Goldsmith, John; Hass, Ed; Lutter, Randall W. - National Bureau of Economic Research (NBER) - 2006
significant risk of a serious or life-threatening adverse event. Using a unique data set, one that includes all new molecular …
Persistent link: https://www.econbiz.de/10005575064
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Did the Community Reinvestment Act (CRA) Lead to Risky Lending?
Benmelech, Efraim; Agarwal, Sumit; Bergman, Nittai; … - National Bureau of Economic Research (NBER) - 2012
Yes, it did. We use exogenous variation in banks' incentives to conform to the standards of the Community Reinvestment Act (CRA) around regulatory exam dates to trace out the effect of the CRA on lending activity. Our empirical strategy compares lending behavior of banks undergoing CRA exams...
Persistent link: https://www.econbiz.de/10010950687
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Seeking Alpha: Excess Risk Taking and Competition for Managerial Talent
Acharya, Viral V.; Pagano, Marco; Volpin, Paolo - National Bureau of Economic Research (NBER) - 2013
We present a model in which managers are risk-averse and firms compete for scarce managerial talent ("alpha"). When …-insurance among employees. In anticipation, risk-averse managers may churn across firms or undertake aggregate risks in order to delay … the revelation of their true quality. The result is excessive risk-taking with pay for short-term performance and an …
Persistent link: https://www.econbiz.de/10010950720
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Vulnerable Banks
Landier, Augustin; Greenwood, Robin; Thesmar, David - National Bureau of Economic Research (NBER) - 2012
explains how the distribution of bank leverage and risk exposures contributes to a form of systemic risk. We compute bank … injections. We apply the framework to European banks vulnerable to sovereign risk in 2010 and 2011. …
Persistent link: https://www.econbiz.de/10010950739