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Eijffinger, Sylvester; Hoeberichts, M.M.; Schaling, E. - Tilburg University, Center for Economic Research - 1998

one is transparency of actual monetary policy, the second aspect is the question of who bears final responsibility for …. Transparency enhances the central bank’s accountability. Another way to make the central bank accountable is to shift final … central bank lower. The paper shows that accountability through transparency leads to a lower expected rate of inflation and …

Persistent link: https://www.econbiz.de/10011092603

Your Morals are Your Moods

Kirchsteiger, G.; Rigotti, L.; Rustichini, A. - Tilburg University, Center for Economic Research - 2000

We test the effect of players' moods on their behavior in a gift-exchange game.In the first stage of the game, player 1 chooses a transfer to player 2.In the second stage, player 2 chooses an effort level.Higher effort is more costly for player 2, but it increases player 1's payoff.We say that...

Persistent link: https://www.econbiz.de/10011091714

Pay Enough - Or Don't Pay at All

Gneezy, U.; Rustichini, A. - Tilburg University, Center for Economic Research - 1998

Abstract: Economics seems largely based on the assumption that monetary incentives improve performance. By contrast, a large literature in psychology, including a rich tradition of experimental work, claims just the opposite. In this paper we present and discuss a set of experiments designed to...

Persistent link: https://www.econbiz.de/10011092590

Skill, Strategy and Passion : An Empirical Analysis of Soccer

Palomino, F.A.; Rigotti, L.; Rustichini, A. - Tilburg University, Center for Economic Research - 1998

Persistent link: https://www.econbiz.de/10011092690

The Disciplining Role of Leverage in Dutch Firms

de Jong, A. - Tilburg University, Center for Economic Research - 2001

In this study we investigate the role of leverage in disciplining overinvestment problems.We measure the relationships between leverage, Tobin s q and corporate governance characteristics for Dutch listed firms.Besides, our empirical analysis tests for determinants of leverage from tax and...

Persistent link: https://www.econbiz.de/10011090661

Is Leverage Effective in Increasing Performance Under Managerial Moral Hazard?

Calcagno, R. - Tilburg University, Center for Economic Research - 2000

We consider a model in which the principal-agent relation between inside shareholders and the management affects the firm value.We study the effect of financing the project with risky debt in changing the incentive for a risk-neutral shareholder (the principal) to implement the project-value...

Persistent link: https://www.econbiz.de/10011091167

Why Individual Investors want Dividends

Dong, M.; Robinson, C.; Veld, C.H. - Tilburg University, Center for Economic Research - 2003

The question of why individual investors want dividends is investigated by submitting a questionnaire to a Dutch consumer panel.The respondents indicate that they want dividends, partly because the transaction costs of cashing in dividends are lower than the transaction costs involved in selling...

Persistent link: https://www.econbiz.de/10011092049

The Managerial Labor Market and the Governance Role of Shareholder Control Structures in the UK

Renneboog, Luc; Trojanowski, G. - Tilburg University, Center for Economic Research - 2002

We simultaneously analyze two mechanisms of the managerial labor market: CEO turnover and monetary remuneration schemes.Sample selection models and hazard analyses applied to a random sample of 250 firms listed on the London Stock Exchange over a six-year pre-Cadbury period show that managerial...

Persistent link: https://www.econbiz.de/10011092291