Showing 1 - 10 of 464
What mental models do individuals use to approximate their tax schedule? Using an incentivized income-tax forecasting task, we estimate the prevalence of the "schmeduling" heuristics for constructing mental representations of nonlinear incentive schemes. We find evidence of widespread adoption...
Persistent link: https://www.econbiz.de/10012455796
Expansion of the use of student test score data to measure teacher performance has fueled recent policy interest in … using those data to measure the effects of school administrators as well. However, little research has considered the … for the same principals. We also find that the most conceptually unappealing models, which over-attribute school effects …
Persistent link: https://www.econbiz.de/10012460092
within economics, indicating that heights are now widely accepted as a useful measure of human welfare. Much of this new work …
Persistent link: https://www.econbiz.de/10012464113
This paper assesses the validity and accuracy of firms' backward patent citations as a measure of knowledge flows from …. Using survey-based measures of the dimensions of knowledge flows, we identify sources of systematic measurement error … and direction of measurement error bias suggests that measuring knowledge flows with patent citations can lead to …
Persistent link: https://www.econbiz.de/10012460369
demonstrates that publications likely suffer from non-classical measurement error. Using horse race and instrumental variable … models, we confirm that the Gold Standard data are relatively free from measurement error but show that the Clarivate data … suffer from non-classical measurement error. We employ a variety of methods to adjust the Clarivate data for false negatives …
Persistent link: https://www.econbiz.de/10014436975
This paper proposes a Bayesian method of performance evaluation for investment managers. We begin with a flexible set of prior beliefs that can be elicited without any reference to probability distributions or their parameters. We then combine these prior beliefs with a general multi-factor...
Persistent link: https://www.econbiz.de/10012471727
We study the impact of government-led incentive systems by examining a staggered reform in the Chinese state-owned enterprise (SOE) performance evaluation policy. To improve capital allocative efficiency, in 2010, regulators switched from using return on equity (ROE) to economic value added...
Persistent link: https://www.econbiz.de/10012938744
Measuring the performance of private equity investments (buyout and venture) has historically only been possible over long horizons because the IRR on a fund is only observable following the fund's final distribution. We propose a new approach to evaluating performance using actual prices paid...
Persistent link: https://www.econbiz.de/10012480859
We present a comprehensive analysis of the performance and flows of U.S. actively-managed equity mutual funds during the COVID-19 crisis of 2020. We find that most active funds underperform passive benchmarks during the crisis, contradicting a popular hypothesis. Funds with high sustainability...
Persistent link: https://www.econbiz.de/10012481406
We study the long-run outcomes associated with hedge funds' compensation structure. Over a 22-year period, the aggregate effective incentive fee rate is 2.5 times the average contractual rate (i.e., around 50% instead of 20%). Overall, investors collected 36 cents for every dollar earned on...
Persistent link: https://www.econbiz.de/10012481649