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Incentive Pay and Bank Risk-Taking : Evidence from Austrian, German, and Swiss Banks
Efing, Matthias - 2014
We use payroll data on 1.2 million bank employee years in the Austrian, German, and Swiss banking sector to identify … document an economically significant correlation of incentive pay with both the level and volatility of bank trading income … share in the capital markets divisions with the strength of incentive pay in unrelated bank divisions like retail banking …
Persistent link: https://www.econbiz.de/10012458200
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Earnings Quality and Stock Returns
Chan, Konan - 2001
An exclusive focus on bottom-line income misses important information about the quality of earnings. Accruals (the difference between accounting earnings and cash flow) are reliably, negatively associated with future stock returns. Earnings increases that are accompanied by high accruals,...
Persistent link: https://www.econbiz.de/10012470416
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In Search of Distress Risk in Emerging Markets
Asis, Gonzalo - 2020
This paper employs a novel multi-country dataset of corporate defaults to develop a model of distress risk specific to emerging markets. The data suggest that global financial variables such as US interest rates and shifts in global liquidity and risk aversion have significant predictive power...
Persistent link: https://www.econbiz.de/10012481796
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Measuring the Returns to R&D : The Depreciation Problem
Hall, Bronwyn H. - 2007
Measuring the private returns to R&D requires knowledge of its private depreciation or obsolescence rate, which is inherently variable and responds to competitive pressure. Nevertheless, most of the previous literature has used a constant depreciation rate to construct R&D capital stocks and...
Persistent link: https://www.econbiz.de/10012465175
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How Airline Markets Work...Or Do They? Regulatory Reform in the Airline Industry
Borenstein, Severin - 2007
Following a brief review of the U.S. domestic airline industry under regulation (1938-1978), we study the changes that have occurred in pricing, service, and competition in the 28 years since deregulation. We then examine some of the major public policy issues facing the industry: (a) the...
Persistent link: https://www.econbiz.de/10012465197
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Women, Wealth and Mobility
Edlund, Lena - 2007
The extent of and changes in inter-generational mobility of wealth are central to understanding dynamics of wealth inequality but hard to measure. Using estate tax returns data, we observe that the share of women among the very wealthy (top 0.01%) in the United States peaked in the late 1960s,...
Persistent link: https://www.econbiz.de/10012465491
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Big Business Stability and Economic Growth : Is What's Good for General Motors Good for America?
Fogel, Kathy - 2006
What is good for big business need not generally advance a country's overall economy. Big business turnover correlates with rising income, productivity, and (in high income countries) faster capital accumulation; consistent with Schumpeter's (1912) creative destruction and recent formalizations...
Persistent link: https://www.econbiz.de/10012466271
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In Search of Distress Risk
Campbell, John Y. - 2006
This paper explores the determinants of corporate failure and the pricing of financially distressed stocks using US data over the period 1963 to 2003. Firms with higher leverage, lower profitability, lower market capitalization, lower past stock returns, more volatile past stock returns, lower...
Persistent link: https://www.econbiz.de/10012466303
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Diagnosing Discrimination : Stock Returns and CEO Gender
Wolfers, Justin - 2006
A vast labor literature has found evidence of a "glass ceiling", whereby women are under-represented among senior management. A key question remains the extent to which this reflects unobserved differences in productivity, preferences, prejudice, or systematically biased beliefs about the...
Persistent link: https://www.econbiz.de/10012466682
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Inertia and Incentives : Bridging Organizational Economics and Organizational Theory
Henderson, Rebecca - 2005
Organizational theorists have long acknowledged the importance of the formal and informal incentives facing a firm's employees, stressing that the political economy of a firm plays a major role in shaping organizational life and firm behavior. Yet the detailed study of incentive systems has...
Persistent link: https://www.econbiz.de/10012466822