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We use a web-based asset market experiment to study whether ESG information affects the portfolio choices of retail investors. We find a significantly higher portfolio allocation to stocks with ESG information in the order of 11 percentage points compared to a control group where no ESG...
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Mutual fund holdings data reveal a significant impact of mutual funds on the capital expenditures ("CapEx'') of their portfolio companies. Following the shock to mutual fund ownership caused by the 2003 scandal, during which 25 fund families experienced significant outflows of capital, firms...
Persistent link: https://www.econbiz.de/10013125864
We find that firms are more likely to split their stock if their peer firms have recently done so. The effect is comparable to an increase of 40-50% in the share price. Splitting probability is also increasing in the announcement returns of peer splits. These results are consistent with social...
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, tournament, and revenue sharing) compared to the fixed payment scheme. This difference is largely driven by productivity sorting … the sorting decision in a systematic way. Moreover, self-reported effort is significantly higher in all variable pay … representative sample. In sum, our findings underline the importance of multi-dimensional sorting, i.e., the tendency for different …
Persistent link: https://www.econbiz.de/10009004024
An important issue in personnel economics is the design of efficient job allocation rules. Firms often use promotions both to sort workers across jobs and to provide them with incentives. However, the Peter Principle states that employees' output tends to fall after a promotion. Lazear (2004)...
Persistent link: https://www.econbiz.de/10009650044
experiment that analyzes the influence of other-regarding preferences on sorting and incentives. Experimental evidence shows that … the provision of incentives and their sorting effect. …
Persistent link: https://www.econbiz.de/10010261940