Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 3 of 3
Full-Text Articles in Economics
Common Ownership, Competition, And Top Management Incentives, Miguel Antón, Florian Ederer, Mireia Giné, Martin Schmalz
Common Ownership, Competition, And Top Management Incentives, Miguel Antón, Florian Ederer, Mireia Giné, Martin Schmalz
Cowles Foundation Discussion Papers
Standard corporate finance theories assume the absence of strategic product market interactions or that shareholders don’t diversify across industry rivals; the optimal incentive contract features pay-for-performance relative to industry peers. Empirical evidence, by contrast, indicates managers are rewarded for rivals’ performance as well as for their own. We propose common ownership of natural competitors by the same investors as an explanation. We show theoretically and empirically that executives are paid less for own performance and more for rivals’ performance when the industry is more commonly owned. The growth of common ownership also helps explain the increase in CEO pay over …
Three Lectures On The Theory Of Money And Financial Institutions: Lecture 1: A Nontechnical Overview, Martin Shubik
Three Lectures On The Theory Of Money And Financial Institutions: Lecture 1: A Nontechnical Overview, Martin Shubik
Cowles Foundation Discussion Papers
This is a nontechnical retrospective paper on a game theoretic approach to the theory of money and financial institutions. The stress is on process models and the reconciliation of general equilibrium with Keynes and Schumpeter’s approaches to non-equilibrium dynamics.
Three Essays On The Theory Of Money And Financial Institutions: Essay 1: A Nontechnical Overview, Martin Shubik
Three Essays On The Theory Of Money And Financial Institutions: Essay 1: A Nontechnical Overview, Martin Shubik
Cowles Foundation Discussion Papers
This is a nontechnical retrospective paper on a game theoretic approach to the theory of money and financial institutions. The stress is on process models and the reconciliation of general equilibrium with Keynes and Schumpeter’s approaches to non-equilibrium dynamics.