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Asymmetric Wage Adjustment and Employment in European Firms
Marotzke, Petra - 2017
We explore the impact of wage adjustment on employment with a focus on the role of downward nominal wage rigidities. We …. Our findings confirm the presence of wage rigidities in Europe: first, collective pay agreements reduce the probability of … downward wage adjustment; second, the rise in the probability of downward base wage responses following a decrease in demand is …
Persistent link: https://www.econbiz.de/10012945757
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Market-Based Compensation, Price Informativeness and Short-Term Trading
Calcagno, Riccardo - 2007
This paper shows that there is a natural trade-off when designing market-based executive compensation. The benefit of market-based pay is that the stock price aggregates speculators' dispersed information and therefore takes a picture of managerial performance before the long-term value of a...
Persistent link: https://www.econbiz.de/10012777574
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Credit Shocks and the European Labour Market
Bodnár, Katalin - 2018
within the Wage Dynamics Network (WDN) of the ESCB. We first derive a set of indices measuring difficulties in accessing the …
Persistent link: https://www.econbiz.de/10012928642
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Finance and diversification
Manganelli, Simone; Popov, Alexander - 2010
We study how financial market efficiency affects a measure of diversification of output across industrial sectors borrowed from the portfolio allocation literature. Using data on sector-level value added for a wide cross section of countries and for various levels of disaggregation, we construct...
Persistent link: https://www.econbiz.de/10011605305
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Lending relationships in loan renegotiation: Evidence from corporate loans
Plessen-Mátyás, Katharina - 2021
This paper presents evidence that personal relationships between corporate borrowers and bank loan officers improve the outcomes of loan renegotiation. Analysing a bank reorganization in Greece in the mid-2010s, I find that firms that experience an exogenous interruption in their loan officer...
Persistent link: https://www.econbiz.de/10012605249
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The shifts and the shocks: Bank risk, leverage, and the macroeconomy
Kuvshinov, Dmitry; Richter, Björn; Zimmermann, Kaspar - 2022
This paper studies the long-run evolution of bank risk and its links to the macroeconomy. Using data for 17 advanced economies, we show that the riskiness of bank assets declined materially between 1870 and 2016. But even though bank assets have become safer, the losses on these assets are...
Persistent link: https://www.econbiz.de/10013368002
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Finance and Diversification
Manganelli, Simone - 2010
We study how financial market efficiency affects a measure of diversification of output across industrial sectors borrowed from the portfolio allocation literature. Using data on sector-level value added for a wide cross section of countries and for various levels of disaggregation, we construct...
Persistent link: https://www.econbiz.de/10013136834
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The Shifts and the Shocks : Bank Risk, Leverage, and the Macroeconomy
Kuvshinov, Dmitry; Zimmermann, Kaspar; Richter, Björn - 2022
This paper studies the long-run evolution of bank risk and its links to the macroeconomy. Using data for 17 advanced economies, we show that the riskiness of bank assets declined materially between 1870 and 2016. But even though bank assets have become safer, the losses on these assets are...
Persistent link: https://www.econbiz.de/10013405230
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Lending Relationships in Loan Renegotiation : Evidence from Corporate Loans
Papoutsi, Melina - 2021
This paper presents evidence that personal relationships between corporate borrowers and bank loan officers improve the outcomes of loan renegotiation. Analysing a bank reorganization in Greece in the mid-2010s, I find that firms that experience an exogenous interruption in their loan officer...
Persistent link: https://www.econbiz.de/10013227323
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Delegated portfolio management: a survey of the theoretical literature
Stracca, Livio - 2005
This paper provides a selective review of the theoretical literature on delegated portfolio management as a principal-agent relationship. The main focus of the paper is to review the analytical issues raised by the peculiar nature of the delegated portfolio management relationship within the...
Persistent link: https://www.econbiz.de/10011604566