Showing 1 - 10 of 429
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
We examine the performance of the offshore hedge fund industry over the period 1989 through 1995 using a database that includes defunct as well as currently operating funds. The industry is characterized by high attrition rates of funds and little evidence of differential manager skill. We...
Persistent link: https://www.econbiz.de/10012472919
This paper introduces new nonparametric statistical methods to evaluate zero-cost investment strategies. We focus on directional trading strategies, risk-adjusted returns, and the investor's decisions under uncertainty as the core of our analysis. By relying on classification tools with a long...
Persistent link: https://www.econbiz.de/10012461508
% through improved quality and efficiency and reduced inventory. Second, it increased decentralization of decision making, as … better information flow enabled owners to delegate more decisions to middle managers. Third, it increased the use of …
Persistent link: https://www.econbiz.de/10011394862
This paper uses firm-level information to evaluate how crises are transmitted internationally. It constructs a new data … set of financial statistics, industry information, geographic data, and stock returns for over 10,000 companies in 46 …
Persistent link: https://www.econbiz.de/10012470943
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
Both managerial ownership and performance are endogenously determined by exogenous (and only partly observed) changes in the firm's contracting environment. We extend the cross-sectional results of Demsetz and Lehn (1985) and use panel data to show that managerial ownership is explained by key...
Persistent link: https://www.econbiz.de/10012471259
system and the quality of communications between the manager and the staff, had a significant effect on the branch …
Persistent link: https://www.econbiz.de/10012471309
organizations has a long history in the social sciences. The interest in economics, arguably more recent, reflects a general concern … about the sources of competitiveness in organizations. A number of methodological problems have confronted previous attempts … comparable across organizations, and most importantly a unique longitudinal design incorporating data from a period prior to the …
Persistent link: https://www.econbiz.de/10012471410
Do firms systematically over- or underinvest as a result of agency problems? We develop a contracting model between shareholders and managers in which managers have private benefits or private costs of investment. Managers overinvest when they have private benefits and underinvest when they have...
Persistent link: https://www.econbiz.de/10012471449