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Prior research establishes that boards of directors can encourage risk-averse managers to take risky actions by … providing stock options and severance pay. We demonstrate that the ability of these incentives to encourage risk-taking hinges … adjusting the level of option compensation. Overall, our results suggest that the effectiveness of incentives to take risk …
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This paper uses Japanese data which includes measures of self-declared satisfaction, reference-group income, and the direction and intensity of income comparisons. Relative to Europeans, the Japanese compare more to friends and less to colleagues, and compare their incomes more. The relationship...
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A coincidence in time between the volatility break associated with the "Great Moderation" and large changes in the pattern of conditional and unconditional correlations between output, hours and labor productivity was detected by Galí and Gambetti (2009). We provide a novel explanation for...
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We model panel data of crime careers of juveniles from a Dutch Judicial Juvenile Institution. The data are decomposed into a systematic and an individual-specific component, of which the systematic component reflects the general time-varying conditions including the criminological climate....
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