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Market based compensation, price informativeness and short-term trading

Calcagno, Riccardo; Heider, Florian - 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 there-fore takes a picture of managerial performance before the long-term value of a...

Persistent link: https://www.econbiz.de/10011604781

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

Spare tyres with a hole: Investment funds under stress and credit to firms

Nicoletti, Giulio; Rariga, Judit; D'Acri, Costanza Rodriguez - 2024

We study the impact of a liquidity shock affecting investment funds on the financing conditions of firms. The abrupt … liquidity needs of investment funds, triggered by the outbreak of the Covid-19 pandemic, prompted a retrenchment from bond …, and indirectly via banks. According to our results, the spreads of corporate bonds held by investment funds increased …

Persistent link: https://www.econbiz.de/10014543626

Does gender diversity in the workplace mitigate climate change?

Altunbaðs, Yener; Gambacorta, Leonardo; Reghezza, Alessio - 2022

We match firm-corporate governance characteristics with firm-level carbon dioxide (CO2) emissions over the period 2009-2019 to study the relationship between gender diversity in the workplace and firm carbon emissions. We find that a 1 percentage point increase in the percentage of female...

Persistent link: https://www.econbiz.de/10013272141

Does Gender Diversity in the Workplace Mitigate Climate Change?

Altunbas, Yener; Gambacorta, Leonardo; Reghezza, Alessio; … - 2022

Persistent link: https://www.econbiz.de/10013298602

Risk spillover among hedge funds: The role of redemptions and fund failures

Klaus, Benjamin; Rzepkowski, Bronka - 2009

within the same investment style are adversely affected through both channels of risk spillover. In addition, we find that …

Persistent link: https://www.econbiz.de/10011605158

Commonality in hedge fund returns: driving factors and implications

Bussière, Matthieu; Hoerova, Marie; Klaus, Benjamin - 2014

We measure the commonality in hedge fund returns, identify its main driving factor and analyse its implications for financial stability. We find that hedge funds’ commonality increased significantly from 2003 until 2006. We attribute this rise mainly to the increase in hedge funds’ exposure...

Persistent link: https://www.econbiz.de/10011605703

Mutual funds and safe government bonds: Do returns matter?

Graziano, Marco; Habib, Maurizio Michael - 2024

This paper investigates the sensitivity of the demand for safe government debt to currency unhedged and hedged excess returns in a sample of US mutual funds. We find evidence of active rebalancing towards government bonds that offer relatively higher returns on an unhedged basis, in particular...

Persistent link: https://www.econbiz.de/10014543600

Insurance corporations' balance sheets, financial stability and monetary policy

Kaufmann, Christoph; Leyva, Jaime; Storz, Manuela - 2024

The euro area insurance sector and its relevance for real economy financing have grown significantly over the last two decades. This paper analyses the effects of monetary policy on the size and composition of insurers' balance sheets, as well as the implications of these effects for financial...

Persistent link: https://www.econbiz.de/10014543633

Investor heterogeneity and large-scale asset purchases

Breckenfelder, Johannes; De Falco, Veronica - 2024

Large-Scale Asset Purchases can impact the price of securities directly, when securities are targeted by the central bank, or indirectly through portfolio re-balancing of private investors. We quantify both the direct and the portfolio re-balancing impact, emphasizing the role of investor...

Persistent link: https://www.econbiz.de/10014543663

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