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Bovenberg, Ary Lans; Teulings, Coen N. - 2008

of firm-specific risks. Whereas globalisation has increased firm-specific risk by intensifying competition, globalisation … of capital markets has also greatly increased the scope for diversification of firm-specific risk. Diversification of … this risk on the capital market is an efficient form of social insurance. Reducing the claims of workers on the surplus of …

Persistent link: https://www.econbiz.de/10010276859

Heterogeneous life-cycle profiles, income risk and consumption inequality

Primiceri, Giorgio E.; van Rens, Thijs - 2007

Was the increase in income inequality in the US due to permanent shocks or merely to an increase in the variance of transitory shocks? The implications for consumption and welfare depend crucially on the answer to this question. We use CEX repeated cross-section data on consumption and income to...

Persistent link: https://www.econbiz.de/10010276396

Retained State Shareholding in Chinese PLCs : Does Government Ownership Reduce Corporate Value?

Tian, Lihui; Estrin, Saul - 2005

The role of government shareholding in corporate performance is central to an understanding of China?s newly privatized large firms. In this paper, we analyze shareholders as agents that can both harm and benefit companies. We examine the ownership structure of 826 listed corporations and find...

Persistent link: https://www.econbiz.de/10010262209

Executive compensation, firm performance, and chaebols in Korea: evidence from new panel data

Kato, Takao; Kim, Woochan; Lee, Ju Ho - 2005

This paper provides the first rigorous econometric estimates on the pay-performance relations for executives of Korean firms with and without Chaebol affiliation. To do so, we have assembled for the first time panel data (that provide information not only on executive compensation and firm...

Persistent link: https://www.econbiz.de/10010267324

Social networks in the boardroom

Kramarz, Francis; Thesmar, David - 2006

This paper provides empirical evidence consistent with the facts that (1) social networks may strongly affect board composition and (2) social networks may be detrimental to corporate governance. Our empirical investigation relies on a unique dataset on executives and outside directors of...

Persistent link: https://www.econbiz.de/10010267612

Firm performance and managerial turnover: the case of Ukraine

Muravyev, Alexander; Talavera, Oleksandr; Bilyk, Olga; … - 2009

The paper studies whether and how CEO turnover in Ukrainian firms is related to their performance. Based on a novel dataset covering Ukrainian joint stock companies in 2002-2006, the paper finds statistically significant negative association between the past performance of firms measured by...

Persistent link: https://www.econbiz.de/10010271280

Ownership or Performance: What Determines Board of Directors' Turnover in Italy?

Brunello, Giorgio; Graziano, Clara; Parigi, Bruno Maria - 2000

This paper studies the turnover of board of directors members in a sample of 72 companies listed on the Milan Stock Exchange during the period 1988-1996. We investigate whether board members change more frequently when company performance is poor, as the literature suggests, and whether and how...

Persistent link: https://www.econbiz.de/10010276137

The value relevance of top executive departures: evidence from the Netherlands

Cools, Kees; van Praag, C. Mirjam - 2007

On theoretical grounds, monitoring of top executives by the (supervisory) board is expected to be value relevant. The empirical evidence is ambiguous and we analyze three non-competing explanations for this ambiguity: (i) The positive effect on firm value of board monitoring is hidden in stock...

Persistent link: https://www.econbiz.de/10010276315

What explains the rise in CEO pay in Germany? A panel data analysis for 1977 - 2009

Fabbri, Francesca; Marin, Dalia - 2012

The compensation of executive board members in Germany has become a highly controversial topic since Vodafone's hostile takeover of Mannesmann in 2000 and it is again in the spotlight since the outbreak of the financial crisis of 2009. Based on unique panel data evidence of the 500 largest firms...

Persistent link: https://www.econbiz.de/10010282632

Risk, delegation, and project scope

Roider, Andreas - 2007

exogenous risk and delegation. That is, we show that only if exogenous risk is sufficiently large, the risk-neutral principal … may prefer to delegate authority over decisions to the risk-averse agent. Intuitively, for incentive reasons, the … principal may optimally want to allow the agent to reduce his risk exposure. Nevertheless, even endogenous risk may be higher …

Persistent link: https://www.econbiz.de/10010268503

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