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Fishing for excuses and performance evaluation
Larmande, François; Ponssard, Jean-Pierre - 2014
We study a principal-agent model in which the agent can provide ex post additional relevant information regarding his performance. In particular, he can provide a legitimate excuse, that is, evidence that a poor result is only due to factors outside his control. However, building a convincing...
Persistent link: https://www.econbiz.de/10010229868
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Green national accounting for welfare and sustainability : a taxonomy of assumptions and results
Asheim, Geir B. - 2002
This paper summarizes assumptions made and results obtained in parts of the literature on welfare and sustainability … combinations. This taxonomy is used to organize results in welfare and sustainability accounting. The analysis illustrates how …
Persistent link: https://www.econbiz.de/10011514087
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To consolidate or not to consolidate? : a multi-step analysis to assess needed fiscal sustainability
Afonso, António; Alves, José; Jalles, João Tovar - 2022
specifically on their degree of success, notably in terms of fiscal sustainability. The "need" to consolidate is based on having a … primary balance above or below the debt-stabilizing primary balance (provided by the IMF's Debt Sustainability Analysis) for … each country. We then link the need for and the actual (historical) existence of fiscal adjustments to their sustainability …
Persistent link: https://www.econbiz.de/10012938962
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The circular economy
Fullerton, Don - 2024
Research about the circular economy is dominated by engineers, architects, and social scientists in fields other than economics. The concepts they study can be useful in economic models of policies – to reduce virgin materials extraction, to encourage green design, and to make better use of...
Persistent link: https://www.econbiz.de/10014529224
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Measuring alpha in the fund management industry : do female managers perform better?
Babalos, Vassilios; Caporale, Guglielmo Maria; … - 2013
This paper examines the performance of 358 European diversified equity mutual funds controlling for gender differences. Fund performance is evaluated against funds' designated market indices and representative style portfolios. Consistently with previous studies, no significant differences in...
Persistent link: https://www.econbiz.de/10009752997
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Ranking of VaR and ES Models : performance in developed and emerging markets
Zikovic, Sasa; Filer, Randall Keith - 2012
An inherent problem with comparing and ranking competing Value at Risk (VaR) and Expected shortfall (ES) models is that they measure only a single realization of the underlying data generation process. The question is whether there is any significant statistical difference in the performance of...
Persistent link: https://www.econbiz.de/10009665398
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Goals and rules in central bank design
Walsh, Carl E. - 2015
Beginning with the Reserve Bank of New Zealand Act of 1989, central banking reforms have focused on assigning clear goals for which monetary policy authorities can be held accountable. Inflation targeting regimes provide examples of such goal-based policy frameworks. An alternative approach,...
Persistent link: https://www.econbiz.de/10010503465
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Selectivity, Market Timing and the Morningstar Star-Rating System
Antypas, Antonios; aporale, Guglielmo Maria; … - 2009
This paper evaluates the Morningstar mutual fund ranking system. We find that indeed higher Morningstar ratings are associated with higher returns on the portfolios including respectively five-, four-, three-, two- and one-star funds only (STAR5 to STAR1). We then perform an unconditional and...
Persistent link: https://www.econbiz.de/10003817961
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Balanced scorecards : a relational contract approach
Kvaløy, Ola; Olsen, Trond E. - 2021
Reward systems based on balanced scorecards typically connect pay to an index, i.e. a weighted sum of multiple performance measures. We show that such an index contract may indeed be optimal if performance measures are non-verifiable so that the contracting parties must rely on self-enforcement....
Persistent link: https://www.econbiz.de/10012438700
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Choking under pressure : evidence of the causal effect of audience size on performance
Böheim, René; Grübl, Dominik; Lackner, Mario - 2018
We analyze performance under pressure and estimate the causal effect of audience size on the success of free throws in top-level professional basketball. We use data from the National Basketball Association (NBA) for the seasons 2007/08 through 2015/16. We exploit the exogenous variation in...
Persistent link: https://www.econbiz.de/10011902857