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Do managers with limited liability take more risky decisions? An information acquisition model
Malcomson, James M. - 2010
Risk-neutral individuals take more risky decisions when they have limited liability. Risk-neutral managers may not when …
Persistent link: https://www.econbiz.de/10010275809
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Uncertainty and the Cost of Bank vs. Bond Finance
Grimme, Christian - 2019
How does uncertainty affect the costs of raising finance in the bond market and via bank loans? Empirically, this paper finds that heightened uncertainty is accompanied by an increase in corporate bond yields and a decrease in bank lending rates. This finding can be explained with a model that...
Persistent link: https://www.econbiz.de/10012892132
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When Pro-Poor Microcredit Institutions Favor Richer Borrowers - A Moral Hazard Story
Biancini, Sara; Venet, Baptiste; Ettinger, David - 2021
We suggest an explanation for the existence of “mission drift”, the tendency for Microfinance Institutions (MFIs) to lend money to wealthier borrowers rather than to the very poor. We focus on the relationship between MFIs and external funding institutions. We assume that both the MFIs and...
Persistent link: https://www.econbiz.de/10013245624
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Selection into Leadership and Dishonest Behavior of Leaders : A Gender Experiment
Grosch, Kerstin - 2020
Leaders often have to weigh ethical against monetary consequences. Such situations may evoke psychological costs from being dishonest and dismissing higher monetary benefits for others. In a within-subjects experiment, we analyze such a dilemma. We first measure individual dishonest behavior...
Persistent link: https://www.econbiz.de/10012824596
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CEO Compensation : Evidence from the Field
Edmans, Alex; Gosling, Tom; Jenter, Dirk - 2021
We survey directors and investors on the objectives, constraints, and determinants of CEO pay. 67% of directors would sacrifice shareholder value to avoid controversy on CEO pay, implying they face significant constraints other than participation and incentive compatibility. These constraints...
Persistent link: https://www.econbiz.de/10013220138
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The Demand for Executive Skills
Hansen, Stephen; Sadun, Raffaella; Ramdas, Tejas; … - 2021
We use a unique corpus of job descriptions for C-suite positions to document skills requirements in top managerial occupations across a large sample of firms. A novel algorithm maps the text of each executive search into six separate skill clusters reflecting cognitive, interpersonal, and...
Persistent link: https://www.econbiz.de/10013222191
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The Market for CEOs
Cziraki, Peter; Jenter, Dirk - 2021
We study the market for CEOs of large publicly-traded US firms, analyze new CEOs’ prior connections to the hiring firm, and explore how hiring choices are determined. Firms are hiring from a surprisingly small pool of candidates. More than 80% of new CEOs are insiders, defined as current or...
Persistent link: https://www.econbiz.de/10013222199
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Discrimination, Managers, and Firm Performance : Evidence from "Aryanizations" in Nazi Germany
Huber, Kilian; Lindenthal, Volker; Waldinger, Fabian - 2021
Large-scale increases in discrimination can lead to dismissals of highly qualified managers. We investigate how … expulsions of senior Jewish managers, due to rising discrimination in Nazi Germany, affected large corporations. Firms that lost … Jewish managers experienced persistent reductions in stock prices, dividends, and returns on assets. Aggregate market value …
Persistent link: https://www.econbiz.de/10013314854
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Are Women Less Effective Leaders than Men? Evidence from Experiments Using Coordination Games
Heursen, Lea; Ranehill, Eva; Weber, Roberto - 2021
We study whether one reason behind female underrepresentation in leadership is that female leaders are less effective at coordinating action by followers. Two experiments using coordination games investigate whether female leaders are less successful than males in persuading followers to...
Persistent link: https://www.econbiz.de/10013314898
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The Effects of COVID-19 on U.S. Small Businesses : Evidence from Owners, Managers, and Employees
Alekseev, Georgij; Amer, Safaa; Gopal, Manasa; Kuchler, … - 2021
We analyze a large-scale survey of owners, managers, and employees of small businesses in the United States to …
Persistent link: https://www.econbiz.de/10013315291