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The Economic Value of Flexibility when there is Disagreement

Boot, Arnoud W.A.; Thakor, Anjan V. - Tinbergen Instituut - 2003

We develop an economic theory of “flexibility”, which we interpret as the discretion orability to make a decision that others disagree with. We show that flexibility is essentiallyan option for the decisionmaker, and can be valued as such. The value of the flexibilityoption is decreasing in...

Persistent link: https://www.econbiz.de/10011249540

Go Public or Stay Private: A Theory of Entrepreneurial Choice

Boot, Arnoud W.A.; Gopalan, Radhakrishnan; Thakor, Anjan V. - Tinbergen Instituut - 2003

In this paper we analyze an entrepreneur /manager's choice between private and public ownership in a setting in which management needs some "elbow room" or autonomy to optimally manage the firm. In public capital markets, the corporate governance regime in place exposes the firm to exogenous...

Persistent link: https://www.econbiz.de/10011256028

Disagreement and Flexibility: A Theory of Optimal Security Issuance and Capital Structure

Boot, Arnoud W.A.; Thakor, Anjan V. - Tinbergen Instituut - 2003

In this paper we introduce flexibility as an economic concept and apply it to the firm’ssecurity issuance decision and capital structure choice. Flexibility is the ability to makedecisions that one thinks are best even when others disagree. The firm’s management valuesflexibility because it...

Persistent link: https://www.econbiz.de/10011242147

Risk Modelling and Management: An Overview

Chang, Chia-Lin; Allen, David E.; McAleer, Michael; … - Tinbergen Instituut - 2013

papers that were presented at the 2011 Madrid International Conference on “Risk Modelling and Management” (RMM2011). The … papers cover the following topics: currency hedging strategies using dynamic multivariate GARCH, risk management of risk … under the Basel Accord: A Bayesian approach to forecasting value-at-risk of VIX futures, fast clustering of GARCH processes …

Persistent link: https://www.econbiz.de/10011256696

A Real Options Perspective on R&D Portfolio Diversification

Bekkum, Sjoerd van; Pennings, Enrico; Smit, Han - Tinbergen Instituut - 2007

portfolio risk, and changes diversification arguments when a portfolio is constructed. When R&D projects exhibit option …. Real option theory argues that research projects with conditional phases have option-like risk and return properties, and … are different from unconditional projects. We show that although the risk of a portfolio always depends on the correlation …

Persistent link: https://www.econbiz.de/10011257428

Social Relations and Relational Incentives

Dur, Robert; Tichem, Jan - Tinbergen Instituut - 2012

This paper studies how social relationships between managers and employees affect relational incentive contracts. To …

Persistent link: https://www.econbiz.de/10011255564

Welfare Effects of Distortionary Company Car Taxation

Gutiérrez-i-Puigarnau, Eva; Ommeren, Jos van - Tinbergen Instituut - 2007

In Europe, company cars are offered by employers as fringe benefits to their employees at a lower price than employees pay in the car market, mainly due to favourable taxation of company cars. We analyse the welfare effects of favourable taxation of company cars for the Netherlands. The...

Persistent link: https://www.econbiz.de/10011255708

Knowing that You Matter, Matters! The Interplay of Meaning, Monetary Incentives, and Worker Recognition

Kosfeld, Michael; Neckermann, Susanne; Yang, Xiaolan - Tinbergen Instituut - 2014

We manipulate workers' perceived meaning of a job in a field experiment. Half of the workers are informed that their job is important, the other half are told that their job is of no relevance. Results show that workers exert more effort when meaning is high, corroborating previous findings on...

Persistent link: https://www.econbiz.de/10011255946

The Effect of Noise in a Performance Measure on Work Motivation

Sloof, Randolph; Praag, C. Mirjam van - Tinbergen Instituut - 2008

This paper reports the results of an individual real effort laboratory experiment where subjects are paid for measured performance. Measured performance equals actual performance plus noise. We compare a stable environment where the noise is small with a volatile environment where the noise is...

Persistent link: https://www.econbiz.de/10011255986

Distortionary Company Car Taxation: Deadweight Losses through Increased Car Ownership

Ommeren, Jos N. van; Gutierrez-i-Puigarnau, Eva - Tinbergen Instituut - 2011

This discussion paper led to a publication in Empirical Economics 2013, 45(3), 1189-1204. We analyse the effects of distortionary company car taxation through increased household carownership for the Netherlands. We use several identification strategies and demonstrate thatfor about 20 percent...

Persistent link: https://www.econbiz.de/10011256023

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