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Incentive schemes, private information and the double-edged role of competition for agents
Bannier, Christina E.; Feess, Eberhard; Packham, Natalie - Center for Financial Studies - 2014
This paper examines the effect of imperfect labor market competition on the efficiency of compensation schemes in a setting with moral hazard, private information and risk-averse agents. Two vertically differentiated firms compete for agents by offering contracts with fixed and variable...
Persistent link: https://www.econbiz.de/10010958515
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Incentive schemes, private information and the double-edged role of competition for agents
Bannier, Christina E.; Feess, Eberhard; Packham, Natalie - 2014
This paper examines the effect of imperfect labor market competition on the efficiency of compensation schemes in a setting with moral hazard, private information and risk-averse agents. Two vertically differentiated firms compete for agents by offering contracts with fixed and variable...
Persistent link: https://www.econbiz.de/10010420344
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The future of securitization
Franke, Günter; Krahnen, Jan Pieter - Center for Financial Studies - 2008
Securitization is a financial innovation that experiences a boom-bust cycle, as many other innovations before. This paper analyzes possible reasons for the breakdown of primary and secondary securitization markets, and argues that misaligned incentives along the value chain are the primary cause...
Persistent link: https://www.econbiz.de/10010986376
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Money in motion: Dynamic portfolio choice in retirement
Horneff, Wolfram J.; Maurer, Raimond H.; Mitchell, Olivia S. - Center for Financial Studies - 2007
Retirees confront the difficult problem of how to manage their money in retirement so as to not outlive their funds while continuing to invest in capital markets. We posit a dynamic utility maximizer who makes both asset location and allocation decisions when managing her retirement financial...
Persistent link: https://www.econbiz.de/10010958527
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Lifecycle impacts of the financial and economic crisis on household optimal consumption, portfolio choice, and labor supply
Chai, Jingjing; Maurer, Raimond H.; Mitchell, Olivia S.; … - Center for Financial Studies - 2011
The direct financial impact of the financial crisis has been to deal a heavy blow to investment-based pensions; many … economic shocks, and it also explores how people may react by changing their consumption, saving and investment, work and …-varying investment opportunities and countercyclical risky labor income dynamics. We show that households near retirement will reduce …
Persistent link: https://www.econbiz.de/10010958546
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Performance and market share: Evidence from the German mutual fund industry
Krahnen, Jan Pieter; Schmid, Frank A.; Theissen, Erik - Center for Financial Studies - 1997
may react to past fund performance when making their investment decisions. We estimated a model relating past performance …
Persistent link: https://www.econbiz.de/10010958570
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Money-back guarantees in individual pension accounts: Evidence from the German pension reform
Maurer, Raimond H.; Schlag, Christian - Center for Financial Studies - 2002
The German Retirement Saving Act instituted a new funded system of supplementary pensions coupled with a general reduction in the level of state pay-as-you-go old-age pensions. In order to qualify for tax relief, the providers of supplementary savings products must offer a guarantee of the...
Persistent link: https://www.econbiz.de/10010986377
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The subsidy to infrastructure as an asset class
Andonov, Aleksandar; Kräussl, Roman; Rauh, Joshua - 2018
We investigate the characteristics of infrastructure as an asset class from an investment perspective of a limited …
Persistent link: https://www.econbiz.de/10011903850
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Governance und Vertragsstrukturen in der deutschen VC Industrie: Eine empirische Einschätzung
Bienz, Carsten; Hirsch, Julia; Walz, Uwe - Center for Financial Studies - 2008
Diese Arbeit analysiert die wesentlichen Elemente der Vertragsstrukturen in der Venture Capital-Industrie. Aufbauend auf einem sehr umfangreichen und detaillierten Datensatz, der die Verträge zwischen Venture Capital-Investoren und deren Portfoliounternehmen abbildet, werden die Kontroll-,...
Persistent link: https://www.econbiz.de/10010986442
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The dynamics of venture capital contracts
Bienz, Carsten; Hirsch, Julia - Center for Financial Studies - 2005
We analyze the degree of contract completeness with respect to staging of venture capital investments using a hand …-collected German data set of contract data from 464 rounds into 290 entrepreneurial firms. We distinguish three forms of staging (pure … milestone financing, pure round financing and mixes). Thereby, contract completeness reduces when going from pure milestone …
Persistent link: https://www.econbiz.de/10010986443