This paper examines the effect of using different option valuation models to calculatethe fair market value of Executive Stock Options (ESOs) granted to executivedirectors of UK firms. Our key objective is to demonstrate empirically that somecompanies will have greater incentive and benefit from...

We provide a direct estimate of the magnitude of agency costs in U.S. publicly-held firms. Using a sample of 1,307 firms in 1992-1997, we compute an explicit performance benchmark that compares a firm’s actual Tobin’s Q to the Q∗ of a hypothetical fully-efficient firm having the same...

Do sophisticated players in the stock market, namely institutions, trade against intangible information, thereby mitigating the extent of overreaction?More generally, do trades by institutions tend to move asst prices toward or away from fundamental values?

The valuation of insurance contracts using a market value approach, also known as the fair value approach has recently attracted a lot of interest. Seconding this trend...

This paper deals with the reforming transport pricing in Belgium. An economic perspective on equity, efficiency and acceptability is presented.

Unterschiede zwischen erwarteten Renditen verschiedener Assets werden nach der klassischenKapitalmarkttheorie letztendlich durch Unterschiede in der Kovariation der Asset-Rendite mit derVeränderungsrate des Konsums des Investors erklärt. Trotz seiner theoretischen Fundierung, hatjedoch das...

Multimediale Informations- und Führungssysteme inKultur und Freizeit spielen eine zunehmend wichtige Rolle für Besuchervon Sehenswürdigkeiten und Ausstellungen. Derartige Systeme können alsWeiterentwicklung von herkömmlichen Audioguides ihre Nutzer bei derOrientierung im Ausstellungsraum...

Universities spend almost $2 billion subsidizing their collegiate sports programs. Even the mostpopular women’s sport, basketball, fails to break even. An application of Becker’s theory ofcustomer discrimination is used to calculate the relative preference for men’s basketball for bothmen...

I exploit a major structural change that has occurred in world soccer to study the impact ofincentives on outcomes in a strategic setting. A game-theoretic model is developed thatcaptures some essential strategic elements of soccer vis-à-vis the number of points awardedto a win. The observable...