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Institutional investments di ffer in several key aspects, including fi nancial sophistication and frequency of monitoring from retail mutual funds. This paper analyzes how this "e ffective governance" impedes tournament behavior. For mutual funds, it has been shown that relative "loser" managers...
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I study the real effects of benchmarking in the professional fund management industry. Stocks of the productive sector are traded in a competitive equity market. Investors delegate their portfolio decisions to managers whose performance is benchmarked against an aggregate stock market index....
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This paper presents a political-economy analysis of allowance allocation in the EU Emissions Trading Scheme (EU ETS). A … a cross-section of German firms, but also shows that the political-economy determinants of permit allocation depend on … allocation process …
Persistent link: https://www.econbiz.de/10012724572
This paper critically appraises the approaches that have characterized the literature on the macroeconomic effects of job reallocations. Since Lilien's (1982) seminal contribution there has been a flourishing of empirical analysis but no unifying theoretical framework has obtained consensus in...
Persistent link: https://www.econbiz.de/10011730893
Our study shows empirically that the choice of resource allocation strategy affects innovation performance. A policy of … novel, i.e. new to the market. The effect of greater breadth appears to outweigh that of increased resource allocation per …’s disadvantages, a combination that provides flexibility in resource allocation. -- Innovation Performance ; Resource Allocation …
Persistent link: https://www.econbiz.de/10009424123