We analyze the consequences of bonus taxes, limited deductibility of bonuses from company pro ts and a corporate income tax (CIT) in a principal-agent model and explore how these tax instruments affect managerial incentives and how they change the design of incentive contracts used in...

Using a simple symmetric principal-agent model of two banks, this paper studies the effects of both bailouts and bonus taxes on risk taking and managerial compensation. In contrast to existing literature, we assume financial institutions to be systemic only on a collective basis, implying...

Based on a non-parametric, structural equation modelling framework, this paper compares a set of highly congested US and European airports in order to assess the impact of approaches on overall social welfare, considering airline and airport surplus and passenger welfare. This paper discusses...