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Long-term employment relations when agents are present biased
Englmaier, Florian; Fahn, Matthias; Schwarz, Marco A. - 2016
principal to keep the agent below his outside option. Moreover, under limited liability, implemented effort can be inefficiently … principal maximizes profits by offering a menu of contracts to naive agents: a virtual contract - which agents plan to choose in … the future - and a real contract which they end up choosing. This virtual contract motivates the agent and allows the …
Persistent link: https://www.econbiz.de/10011557767
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Corporate deductibility provisions and managerial incentives
Köthenbürger, Marko; Stimmelmayr, Michael - 2013
Using an agency model of firm behavior, the paper analyzes whether the cost of investment should be tax exempt. The findings suggest that, when managers engage in wasteful capital expenditures, welfare may decline if the cost of investment is tax deductible, as commonly advocated. The extent to...
Persistent link: https://www.econbiz.de/10010227267
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Subprime crisis and board (in-)competence : private vs. public banks in Germany
Hau, Harald; Thum, Marcel - 2009
We examine evidence for a systematic underperformance of Germany's state-owned banks in the current financial crisis and study if the bank losses can be traced to the quality of bank governance. For this purpose, we examine the biographical background of 593 supervisory board members in the 29...
Persistent link: https://www.econbiz.de/10003850179
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Corporate taxation and corporate governance
Köthenbürger, Marko; Stimmelmayr, Michael - 2009
The effects of corporate taxation on firm behavior have been extensively discussed in the neoclassical model of firm behavior which abstracts from agency problems. As emphasized by the corporate governance literature, corporate investment behavior is however crucially influenced by diverging...
Persistent link: https://www.econbiz.de/10003923146
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Fighting for talent : risk-shifting, corporate volatility, and organizational change
Friebel, Guido; Giannetti, Mariassunta - 2002
to small firms. Our model identifies the economic forces behind this trend. Small firms with little capital at risk are … subject to risk-shifting. They realize more of their workers risky ideas, helping small firms to poach creative workers from … firms take excessive risk, average enterprise profitability decreases, while bankruptcy increases. Moreover, large firms …
Persistent link: https://www.econbiz.de/10011539048
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Privatization in Italy 1993-2002 : goals, institutions, outcomes, and outstanding issues
Goldstein, Andrea - 2003
This paper describes the privatization program in Italy during the 1990s and puts that policy in the context of macroeconomic adjustment, general market deregulation, and promotion of private investment in the provision of public infrastructure. The wave of state divestitures reached Italy later...
Persistent link: https://www.econbiz.de/10011507688
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Export decision under risk
Sousa, José de; Disdier, Anne-Célia; Gaigné, Carl - 2016
regularities by developing a new firmbased trade model wherein managers are risk averse. Higher volatility induces the reallocation …
Persistent link: https://www.econbiz.de/10011547934
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The efficiency costs of dividend taxation with managerial firms : presented at CESifo Area Conference on Public Sector Economics, April 2015
Köthenbürger, Marko; Stimmelmayr, Michael - 2015
The paper analyzes the efficiency costs of dividend taxation in an effort-based corporate agency model in which non-verifiable managerial effort enhances taxable profits. We show that investment changes following a rise in dividend taxes might not be sufficient to infer the efficiency cost of...
Persistent link: https://www.econbiz.de/10011374208
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Social interaction and sickness absence
Lindbeck, Assar (contributor); Palme, Mårten (contributor);  … - 2008
Persistent link: https://www.econbiz.de/10003635259
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Bounded rationality and socially optimal limits on choice in a self-selection model
Sheshinski, Eytan - 2003
When individuals choose from whatever alternatives available to them the one that maximizes their utility then it is always desirable that the government provide them with as many alternatives as possible. Individuals, however, do not always choose what is best for them and their mistakes may be...
Persistent link: https://www.econbiz.de/10011505924