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, on average. The results provide new objective indicators of government efficiency across countries, based on a simple and … universal service, and allow us to shed light on its determinants. The evidence suggests that both technology and management …
Persistent link: https://www.econbiz.de/10012460391
This paper examines the performance of the JTPA performance system, a widely emulated model for inducing efficiency in … weakly, and sometimes perversely, related to long run impacts and (b) that the efficiency gains or losses from cream skimming …
Persistent link: https://www.econbiz.de/10012469712
Using a unique 10-year panel that includes more than 13,300 expected stock market return probability distributions, we find that executives are severely miscalibrated, producing distributions that are too narrow: realized market returns are within the executives' 80% confidence intervals only...
Persistent link: https://www.econbiz.de/10012462440
Miscalibration is a standard measure of overconfidence in both psychology and economics. Although it is often used in lab experiments, there is scarcity of evidence about its effects in practice. We test whether top corporate executives are miscalibrated, and whether their miscalibration impacts...
Persistent link: https://www.econbiz.de/10012464935
Using 14,800 forecasts of one-year S&P 500 returns made by Chief Financial Officers over a 12-year period, we track the individual executives who provide multiple forecasts to study how their beliefs evolve dynamically. While CFOs' return forecasts are systematically unbiased, their confidence...
Persistent link: https://www.econbiz.de/10012482230
Are some management practices akin to a technology that can explain firm and national productivity, or do they simply …-weighted average management score. We present a formal model of "Management as a Technology", and structurally estimate it using panel …
Persistent link: https://www.econbiz.de/10012456349
of technical efficiency and demand on survival, understating the true impacts of both. We further show that young …
Persistent link: https://www.econbiz.de/10012467123
The real business cycle literature has largely ignored the empirical question of what role technology shocks actually … play in business cycles. The observed procyclicality of total factor productivity (TFP) does not prove that technology … other reasons. I address the role of technology by investigating the dynamic interactions of inputs, TFP and two observable …
Persistent link: https://www.econbiz.de/10012472178
The interest in examining job security and job stability has been driven in part by the phenomenon of downsizing. The distinctiveness of downsizing, as opposed to more traditional layoffs, is that the job cuts do not necessarily appear to be driven by shortfalls in demand but instead appear to...
Persistent link: https://www.econbiz.de/10012471008
We investigate the relation between management ownership and corporate performance, as measured by Tobin's Q. In a cross-section of Fortune 500 firms, Tobin's Q first increases and then declines as board of directors holdings rise. For older firms there is weak evidence that Q is lower when a...
Persistent link: https://www.econbiz.de/10012477014