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A Model of Industry Tournament Incentives
Coles, Jeffrey L. - 2020
This paper builds on Rosen (1981) and Hvide (2002) to provide a simple framework that elucidates the nature of incentives in the tournaments among top executives in both the external managerial labor market for the top executive positions in other companies and within the executives' own firm...
Persistent link: https://www.econbiz.de/10012842651
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Industry Tournament Incentives
Coles, Jeffrey L. - 2017
We model and empirically assess industry tournament incentives for CEOs. The measures we develop for the tournament prize derive from the compensation gap between the CEO at her firm and the highest-paid CEO among similar competing firms. The model predicts that firm performance and risk...
Persistent link: https://www.econbiz.de/10012975384
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Managerial Incentives and IPO Failure Risk
Colak, Gonul - 2019
IPO firms with high-powered CEO incentive contracts have lower failure rates in the aftermarket. Economically, an interquartile change in the distribution of CEO pay translates in a reduction of the failure risk probability by approximately 21%. The Pay Gap between the CEO and its subordinate...
Persistent link: https://www.econbiz.de/10012898102
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Differentiation and risk aversion in imperfectly competitive labor markets
Bannier, Christina E.; Feess, Eberhard; Packham, Natalie; … - 2020
This paper examines the effect of imperfect labor market competition on the efficiency of compensation schemes in a … variable payments. The degree of competition then determines the structure of these contracts. Three regions can be … distinguished: For low competition, low-ability agents are under-incentivized and exert too little effort. For high competition …
Persistent link: https://www.econbiz.de/10012253127
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Uncertainty, Legal Liability and Incentive Contracts
Evans, John; Kim, Kyonghee; Nagarajan, Nandu J. - 2008
To address agents' moral hazard over effort, incentive contracts impose risk on the agents. As performance measures become noisier, the conventional agency analysis predicts that principals will reduce the incentive weights assigned to such measures. However, prior empirical results (Prendergast...
Persistent link: https://www.econbiz.de/10014027111
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Managing technology selection and development risk in competitive environments
Bhaskaran, Sreekumar R.; Ramachandran, Karthik - In: Production and operations management : an international … 20 (2011) 4, pp. 541-555
Persistent link: https://www.econbiz.de/10009272532
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Competition and risk-taking
Gürtler, Oliver; Struth, Lennart; Thon, Max - 2022
potentially leads to a large loss. The current paper studies how such risk-taking behavior depends on the level of competition … that the agents face. We study a tournament model and we find that more intense competition, measured by the number of …
Persistent link: https://www.econbiz.de/10013337710
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Competition and risk-taking
Gürtler, Oliver; Struth, Lennart; Thon, Max - 2022 - Updated version
potentially leads to a large loss. The current paper studies how such risk-taking behavior depends on the level of competition … that the agents face. We study a tournament model and we find that more intense competition, measured by the number of …
Persistent link: https://www.econbiz.de/10013438624
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Enhancing competitiveness in an uncertain world
Weltbank - 2014
In China, growth will gradually moderate, reflecting intensified policy efforts to address financial vulnerabilities and structural constraints, and place the economy on a more sustainable growth path. In the rest of the region, growth will pick up, as exports firm in line with strengthening...
Persistent link: https://www.econbiz.de/10011528169
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Social preferences and competition
Schmidt, Klaus M. - 2009
(Smith 1962) and recent theoretical results (Dufwenberg et al. 2008) suggest that competition forces people to behave as if …
Persistent link: https://www.econbiz.de/10003935667