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A Corporate Beauty Contest
Graham, John R. - 2010
worrisome because psychology research shows that baby-faced-looking people often possess qualities opposite to those projected …
Persistent link: https://www.econbiz.de/10012462745
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Macroeconomics of Mental Health
Abramson, Boaz; Boerma, Job; Tsyvinski, Aleh - National Bureau of Economic Research - 2024
We develop an economic theory of mental health. The theory is grounded in classic and modern psychiatric literature, is disciplined with micro data, and is formalized in a life-cycle heterogeneous agent framework. In our model, individuals experiencing mental illness have pessimistic...
Persistent link: https://www.econbiz.de/10014528393
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Empire-Builders and Shirkers : Investment, Firm Performance, and Managerial Incentives
Aggarwal, Rajesh K. - 1999
to identify whether managers have private benefits or costs, we estimate the joint relationships between incentives and … investment are increasing in managerial incentives. These results are consistent with managers having private costs of investment … shareholders and managers in which managers have private benefits or private costs of investment. Managers overinvest when they …
Persistent link: https://www.econbiz.de/10012471449
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Who’s Paying Attention? Measuring Common Ownership and Its Impact on Managerial Incentives
Gilje, Erik P. - 2019
We derive a measure that captures the extent to which overlapping ownership structures shift managers' incentives to … possibility that the growth of common ownership has had a significant impact on managerial incentives …
Persistent link: https://www.econbiz.de/10012479596
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Dynamic Incentive Accounts
Edmans, Alex - 2009
Contracts in a dynamic model must address a number of issues absent from static frameworks. Shocks to firm value may weaken the incentive effects of securities (e.g. cause options to fall out of the money), and the impact of some CEO actions may not be felt until far in the future. We derive the...
Persistent link: https://www.econbiz.de/10012463326
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Bank CEO Incentives and the Credit Crisis
Fahlenbrach, Rüdiger - 2009
We investigate whether bank performance during the credit crisis of 2008 is related to CEO incentives and share … no evidence that banks with CEOs whose incentives were better aligned with the interests of their shareholders performed …
Persistent link: https://www.econbiz.de/10012463437
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A Calibratable Model of Optimal CEO Incentives in Market Equilibrium
Edmans, Alex - 2007
This paper presents a unified framework for understanding the determinants of both CEO incentives and total pay levels … endogenize both elements of compensation. The model's closed form solutions yield testable predictions for how incentives should …
Persistent link: https://www.econbiz.de/10012465278
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Managerial Incentive Problems : A Dynamic Perspective
Holmstrom, Bengt - 1999
The paper studies how a person's concern for a future career may influence his or her incentives to put in effort or …
Persistent link: https://www.econbiz.de/10012471936
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CEO Incentives and Firm Size
Baker, George P. - 1998
What determines CEO incentives? A confusion exists among both academics and practitioners about how to measure the … strength of CEO incentives, and how to reconcile the enormous differences in pay sensitivities between executives in large and … small firms. We show that while one measure of CEO incentives (the dollar change in CEO wealth per dollar change in firm …
Persistent link: https://www.econbiz.de/10012471944
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Do Private Equity Managers Earn Their Fees? Compensation, Ownership, and Cash Flow Performance
Robinson, David T. - 2012
We study the relation between compensation practices, incentives, and performance in private equity using new data that … performance incentives, we find no evidence that higher compensation or lower managerial ownership are associated with worse net … productivity of manager skills, and in which managers with higher compensation earn back their pay by delivering higher gross …
Persistent link: https://www.econbiz.de/10012460717