This article characterizes the properties of the compensation scheme of delegated portfolio management that would lead to the selection of high risk-high return portfolios. In particular, it provides conditions under which a non-monotone payment structure emerges as an optimal contract, which...

The paper reviews and discusses the literature on the concept of incentive in management; the visions of ancient Greek philosophers, classical economists, scientific management, agency theory, contracts, property theory and transaction costs theory. The discussion shows that the transaction...

New estimates of the cost of living and of the wages in Palencia are presented in order to evaluate the effects of the agrarian capitalism in Castillian working class’ real income from 1751 to 1861. I obtained both prices (incluiding rents) and wages (earned by bricklayers and agricultural...

During recent decades, the creation of value for the shareholder has become in the indisputable objective of all public limited companies. The first consequence of this fact has been the generation of a controversial polemic about the most suitable instruments for the measuring of the efficiency...

Este trabajo estudia los determinantes de las evaluaciones realizadas por los estudiantes a los profesores y programas de la Universidad de los Andes. Se analiza cómo las características del curso, del profesor y el nivel de exigencia afectan el resultado de las evaluaciones. Los resultados...

[EN] This paper analyzes the timing of wage bargaining in a unionized market, assuming that workers are organized in independent unions. In equilibrium, when unions decide the timing of the negotiations, we obtain a staggered wage setting. When firms decide the timing of the negotiations, we...

This article characterizes the properties of the compensation scheme of delegated portfolio management that would lead to the selection of high risk-high return portfolios. In particular, it provides conditions under which a non-monotone payment structure emerges as an optimal contract, which...

Spanish Abstract: Parte de la política de Educación Superior que el Estado mexicano instrumentó hacia las universidades públicas en las últimas tres décadas han sido los distintos programas de estímulos a profesores e investigadores que dedicaban tiempo completo a sus tareas docentes y de...

The English version of this paper can be found at http://ssrn.com/abstract=3628761Spanish Abstract: El presente estudio estima el shock de oferta de primer orden, producto de la reducción de la oferta de trabajo asociada con las medidas de contención y distanciamiento social tomadas por el...