Our paper evaluates recent regulatory proposals mandating the deferral of bonus payments and claw-back clauses in the financial sector. We study a broadly applicable principal agent setting, in which the agent exerts effort for an immediately observable task (acquisition) and a task for which...

Vor dem Hintergrund einer relativ begrenzten Investitionstätigkeit in Next GenerationAccess (NGA) in Deutschland untersucht dieser Beitrag, welche ökonomischen Anreizstrukturenhinsichtlich von Investitionen in NGA bestehen. Eventuell bestehendeHemmnisse für Investitionen werden analysiert und...

Contractual and regulatory provisions for access affect incentives to invest in an upgraded network and, in particular, a next-generation access network. Investment decisions are made under uncertainty and have to be made over time. This papers provides a framework for taking uncertainty, risk...

This paper proposes an indirect tax approach to derive positive and normative implications of regulatory interference in compensation contracts, focusing on recent mandatory deferral and clawback requirements in the financial sector. Moderate deferral requirements for bonus-pay typically lead to...