The theory presented in this paper models a dynamic interaction between reputation and underwriting pressure in analyst research. We examine how these conflicting incentives affect the analysts' forecasts strategy and how investment banks may design compensation contracts that induce their...

This paper proposes a model to analyze the dynamic relationship between incentives contracts and analysts' effort in providing accurate research when both long term reputational concerns and short term incentives matter. We show that the analyst's compensation contract reflects his contribution...

[fre] Cet article propose une théorie des entretiens d ’ évaluation alternative à celle d ’ une mesure ex post de la performance lorsque l ’ autonomie se développe , les salaires restant peu flexibles . Notre modèle d ’ agence avec travail en équipe met en évidence que de fortes...

This paper aims at analyzing the relationships between teamwork, autonomy and individual evaluation interviews. Within an agency model with teamwork, we show that a production technology characterized by strong horizontal interdependencies and super-modularity does not ensure coordination within...

In this paper, we develop a Principal-Agent model with both monetary and non-monetary incentives. We show that the latter are always more efficient, that is Pareto-dominate, monetary incentives. Indeed, we not only show that all what monetary incentives can do, non-monetary incentives can do it...

In this paper, we develop a model of innovation-based growth to address the issue of skill-biased technical change over the long run. We show that innovations fluctuate endogenously from skilled to unskilled sectors, thereby generating periods of increasing and decreasing wage inequality. This...

The growth of socially responsible investment (SRI) on public financial markets has drawn considerable academic attention over the last decade. Discarding from the previous literature, this article sets up to analyze the Private Equity channel, which is shown to have the potentiality to foster...