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Common ownership, competition, and top management incentives
Antón, Miguel; Ederer, Florian; Giné, Mireia; … - 2017 - Last revised: 1 Nov 2017
We present a mechanism based on managerial incentives through which common ownershipaffects product market outcomes. Firm-level variation in common ownership causes varia-tion in managerial incentives and productivity across firms, which leads to intra-industryand intra-firm cross-market...
Persistent link: https://www.econbiz.de/10011747733
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Common Ownership, Competition, and Top Management Incentives
Anton, Miguel; Ederer, Florian; Giné, Mireia; Schmalz, … - National Bureau of Economic Research - 2022
We present a mechanism based on managerial incentives through which common ownership affects product market outcomes. Firm-level variation in common ownership causes variation in managerial incentives and productivity across firms, which leads to intra-industry and intra-firm cross-market...
Persistent link: https://www.econbiz.de/10013477278
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Learning about CEO ability and stock return volatility
Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - 2013
When there is uncertainty about a CEO's quality, news about the firm causes rational investors to update their expectation of the firm's value for two reasons: Updates occur because of the direct effect of the news, and also because news leads investors to update their assessment of the CEO's...
Persistent link: https://www.econbiz.de/10009724571
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Bankers’ Pay after the 2008 Crisis : Regulatory Reforms in the US and the EU
Ferrarini, Guido - 2013
We examine the political dynamics which led to the codification of the Principles and Standards for sound compensation practices at financial institutions at international (G 20) level and to their subsequent implementation on both sides of the Atlantic. We show that the regulation of bankers'...
Persistent link: https://www.econbiz.de/10013091649
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Der Markt für Venture Capital : Anreizprobleme, Governance Strukturen und staatliche Interventionen
Gebhardt, Georg; Schmidt, Klaus M. - 2001
Der Aufsatz gibt zunächst einen kurzen Überblick über die Entwicklung des Marktes für Wagniskapital in den USA und in Deutschland. Dann wird gezeigt, mit welchen besonderen Anreiz- und Vertragsproblemen die Finanzierung von Innovationen zu kämpfen hat und welche neuen Instrumente von der...
Persistent link: https://www.econbiz.de/10010440974
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Economic crisis and share price unpredictability : reasons and implications
Fox, Edward G.; Fox, Merritt B.; Gilson, Ronald J. - 2014
During the recent financial crisis, there was a dramatic spike, across all industries, in the volatility of individual firm share prices after adjustment for movements in the market as a whole. In this Article, we demonstrate that a similar spike has occurred with each major downturn in the...
Persistent link: https://www.econbiz.de/10010259665
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Fama–French–Carhart Factor-Based Premiums in the US REIT Market : A Risk Based Explanation, and the Impact of Financial Distress and Liquidity Crisis from 2001 to 2020
Essa, Mohammad Sharik; Giouvris, Evangelos - 2023
The study investigates the impact of financial distress (credit spread) and liquidity crises (TED spread) on size, value, profitability, investment and momentum premiums within the US Real Estate Investment Trust market. Using daily data from 2001 to 2020, we examine the presence, magnitude and...
Persistent link: https://www.econbiz.de/10014254802
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Optimizing incentive plan design : a case study
Levenson, Alec Robert; Zoghi, Cindy; Gibbs, Michael; … - 2011
We study effects of a firm's attempt to optimize an existing incentive scheme to increase sales growth for direct store delivery workers. Before optimization workers reported Ratchet Effects that lowered productivity. The altered incentive plan offered higher compensation for increased sales...
Persistent link: https://www.econbiz.de/10009422194
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The Performance of Diverse Teams : Evidence from U.S. Mutual Funds
Evans, Richard B. - 2020
We examine team diversity and performance using the asset management industry as a laboratory. Employing political … improved decision-making due to more diverse perspectives and increased monitoring by heterogeneous team members. The benefits … of ideological diversity reverse when political polarization is higher, consistent with increased intra-team conflict …
Persistent link: https://www.econbiz.de/10012845857
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CDS and equity market reactions to stock issuances in the U.S. financial industry : evidence from the 2002-13 period
Cornett, Marcia Millon; Mehran, Hamid; Pan, Kevin; … - 2014
We study market reactions to seasoned equity issuances that were announced by financial companies between 2002 and 2013. To assess the risk and valuation implications of these seasoned equity issuances, we conduct an event analysis using daily credit default swap (CDS) and stock market pricing...
Persistent link: https://www.econbiz.de/10010423809