作者：ACHARYA, S
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Sequentially incentive compatible policies for compensation, replacement and tenuring of chief executive officers (CEOs) exist when a firm maximizes its market value and CEOs maximize their expected utility of wealth. In equilibrium. these policies induce CEOs lo implement their firm's highest profit potential. The market value of a firm increases following replacement of CEOs. The probability of removal of a CEO decreases in the expected profits of the firm. but increases in the CEO's risk av...
作者：MONTGOMERY, E; SHAW, K; BENEDICT, ME
作者单位：Carnegie Mellon University; University System of Ohio; Bowling Green State University
摘要：This paper examines whether a tradeoff exists between the level of pension benefits and wages. The 1983 Survey of Consumer Finances in used to match detailed information on pension plans to worker characteristics for a random sample of the population. The pension-wage tradeoff is estimated using both a contractual model of the labor market and the spot market model used in previous studies. The results indicate a large negative tradeoff in the contractual model but only a negligible tradeoff i...
