Sometimes we believe that others receive harmful information. However, Marschak’s value of information framework always assigns non-negative value under expected utility: it starts from the decision maker’s beliefs – and one can never anticipate information’s...

The productivity of (human) information processing as an economic activity is a question that is raising some interest. Using Marschak's evaluation framework, Radner and Stiglitz have shown that, under certain conditions, the production function of this activity has increasing marginal returns...

The worldwide airline industry is currently facing one of the most severe crises in its history. Particularly affected are the network carriers, which need to develop more distinct products to adapt to the changed market environment. Since structure needs to fit strategy, the question of how the...

Mit dem After Sales-Geschäft generieren die deutschen Automobilbauer etwa die Hälfte ihrer Gewinne. Gerade vor dem Hintergrund der aktuellen gesamtwirtschaftlichen Entwicklungen, wovon insbesondere das Neuwagengeschäft betroffen ist, erscheinen Anstrengungen zur Optimierung der...

While in the US stock-based incentives are commonly used since the 50s of the last century, in Germany they were invented only some ten years ago. Even in 1996 firms faced considerable regulatory difficulties when willing to grant such incentives. In the meantime the legal environment has...

Building on a unique panel data set of German Prime Standard companies for the period 2005-2008, this paper investigates the influencing factors of both director compensation levels and structure, i.e. the probability of performance-based compensation. Drawing on agency theory arguments and...

We empirically study the use of value-based management systems in listed German firms and examine implications for firms' stock market performance. Using a novel, hand-collected data set covering 1,083 firm years from 2002 to 2008, we find that value-based management systems become increasingly...

Basierend auf einem neuen, die deutschen Prime-Standard-Unternehmen für die Jahre 2005 bis 2007 umfassenden Datensatz untersuchen wir die Determinanten der Höhe der Vorstandsvergütung. Dabei unterscheiden wir drei Kategorien möglicher Einflussfaktoren: Unternehmens-, Performance- und...

Wir untersuchen die Vorstandsvergütung der in DAX, MDAX, SDAX oder TecDAX geführt deutschen Aktiengesellschaften. Nach einem deskriptiven Überblick über die Höhe und die Zusammensetzung der gewährten Vergütung analysieren wir Einflussfaktoren auf der Höhe der Gesamtvergütung, wie auch...

Are there country-level differences in the use of pay-for-performance in executive compensation contracts? We investigate how formal country-level institutions affect pay-for-performance directly and if institutions have a moderating effect on the relation between ownership structure and...