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The Efficacy of Tournaments for Non-Routine Team Tasks
Englmaier, Florian; Grimm, Stefan; Grothe, Dominik; … - 2021
also render teams’ identity and social-image concerns salient. We study the effects of tournaments on team performance in a …,700 participants), we vary the salience of team identity, social-image concerns, and whether teams face monetary incentives. Increased … salience of team identity does not improve performance. Social-image motivates mainly the top-performing teams. Additional …
Persistent link: https://www.econbiz.de/10013219059
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Inside the Mind of a Stock Market Crash
Giglio, Stefano - 2020
We analyze how investor expectations about economic growth and stock returns changed during the February-March 2020 stock market crash induced by the COVID-19 pandemic, as well as during the subsequent partial stock market recovery. We surveyed retail investors who are clients of Vanguard at...
Persistent link: https://www.econbiz.de/10012832080
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Corporate Debt and Stock Returns : Evidence from U.S. Firms During the 2020 Oil Crash
Arezki, Rabah; Cho, Caleb; Nguyen, Ha; Nguyen, Kate; … - 2022
This paper explores the effect of oil price fluctuations on the stock returns of U.S. oil firms using a strategy of identification through heteroskedasticity exploiting the 2020 oil crash. Results are twofold. First, we find that a decline in oil prices statistically significantly reduces stock...
Persistent link: https://www.econbiz.de/10014083040
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Cryptocurrency Market Reactions to Regulatory News
Auer, Raphael - 2020
Cryptocurrencies are often thought to operate out of the reach of national regulation, but in fact their valuations, transaction volumes and user bases react substantially to news about regulatory actions. The impact depends on the specific regulatory category to which the news relates: events...
Persistent link: https://www.econbiz.de/10012836205
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Low Inflation : High Default Risk and High Equity Valuations
Smarzynska Javorcik, Beata - 2019
We develop an asset-pricing model with endogenous corporate policies that explains how inflation jointly impacts real asset prices and corporate default risk. Our model includes two empirically grounded nominal frictions: fixed nominal coupons and sticky profitability. Taken together, these two...
Persistent link: https://www.econbiz.de/10012892192
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Moral Hazard in Electoral Teams
Cox, Gary W. - 2020
How do parties motivate candidates to exert effort in closed-list elections? If each candidate's primary goal is winning a seat, then those in safe and hopeless list positions have weak incentives to campaign. We present a model in which (i) candidates care about both legislative seats and the...
Persistent link: https://www.econbiz.de/10012830995
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The Perks of Being in the Smaller Team : Incentives in Overlapping Contests
March, Christoph - 2020
We investigate overlapping contests in multi-divisional organizations in which an individual's effort simultaneously determines the outcome of several contests on different hierarchical levels. We show that individuals in smaller units are advantaged in the grand (organization-wide) contest for...
Persistent link: https://www.econbiz.de/10012845683
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Attention-Driven Demand for Bonus Contracts
Dertwinkel-Kalt, Markus - 2019
In many markets supply contracts include a series of small, regular payments made by consumers and a single, large bonus that consumers receive at some point during the contractual period. But, if for instance its production costs exceed its value to consumers, such a bonus creates...
Persistent link: https://www.econbiz.de/10012890631
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Learning from Failures : Optimal Contract for Experimentation and Production
Khalil, Fahad - 2019
Before embarking on a project, a principal must often rely on an agent to learn about its profitability. We model this learning as a two-armed bandit problem and highlight the interaction between learning (experimentation) and production. We derive the optimal contract for both experimentation...
Persistent link: https://www.econbiz.de/10012892041
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Incentives, Self-Selection, and Coordination of Motivated Agents for the Production of Social Goods
Bauer, Kevin; Kosfeld, Michael; von Siemens, Ferdinand - 2021
one team increases social good production by selectively attracting and coordinating motivated agents. We test this … show that social good production more than doubles in the low-incentive team, but only if self-selection is possible. Our …
Persistent link: https://www.econbiz.de/10013217557