-
作者：Conyon, Martin J.
作者单位：Lancaster University; University of Pennsylvania
摘要：This paper investigates US executive compensation and governance. I find on average executive pay is positively correlated to firm performance and firm size. Executive pay contracts contain significant equity incentives. The use of restricted stock has become more important over time. Stock options remain an important part of executive pay. Compensation committees are generally independent and there is little evidence they result in 'too high' CEO pay. The Dodd-Frank Act changed the corporate ...
-
作者：Branstetter, Lee; Lima, Francisco; Taylor, Lowell J.; Venancio, Ana
作者单位：Carnegie Mellon University; Universidade de Lisboa; Universidade de Lisboa
摘要：We evaluate the consequences of a recent regulatory reform in Portugal, which substantially reduced the cost of firm entry. Our analysis uses matched employer-employee data, which provide unusually rich information on the characteristics of founders and employees associated with new firms before and after the reform. We find that the short-term consequences of the reform were as one would predict with a standard economic model of entrepreneurship: the reform resulted in increased firm formatio...
-
作者：Blundell, Richard
作者单位：University of London; University College London; University of London; London School Economics & Political Science
摘要：This study focuses on the transmission of inequality over the working life. A model of constrained intertemporal choice is used to provide structure to the distributional dynamics of wages, earnings, income and consumption. The mechanisms used to insure labour market shocks are examined in a partial-insurance setting where the manner and scope for insurance depends on the access to credit, the information available to consumers and the durability of income shocks. Drawing on recent research, f...
-
作者：Dellas, Harris; Fernandes, Ana
作者单位：University of Bern; University of Oxford; University of Fribourg
摘要：We investigate the role of financial constraints for product market competition in a general equilibrium model, where firms may differ in terms of own wealth and/or efficiency. We find that, in general, the amelioration of financial constraints increases competition (it lowers the Lerner index of markups) in financially dependent sectors even when other standard concentration indexes indicate otherwise. Our analysis implies that disruptions in financial markets - such as the recent financial c...
-
作者：Layard, Richard; Clark, Andrew E.; Cornaglia, Francesca; Powdthavee, Nattavudh; Vernoit, James
作者单位：University of London; London School Economics & Political Science; Centre National de la Recherche Scientifique (CNRS); Paris School of Economics; University of London; Queen Mary University London; University of Melbourne
摘要：Policy makers who care about well-being need a recursive model of how adult life-satisfaction is predicted by childhood influences, acting both directly and (indirectly) through adult circumstances. We estimate such a model using the British Cohort Study (1970). We show that the most powerful childhood predictor of adult life-satisfaction is the child's emotional health, followed by the child's conduct. The least powerful predictor is the child's intellectual development. This may have implica...
-
作者：Crino, Rosario; Epifani, Paolo
作者单位：Center for Economic & Policy Research (CEPR); Bocconi University; Bocconi University
摘要：We study, both theoretically and empirically, how trade imbalances affect the structure of countries' exports and wage inequality. We show that, in a Heckscher-Ohlin model with a continuum of goods, a Southern (Northern) trade surplus leads to an increase (reduction) in the average skill intensity of exports, in the relative demand for skills and in the skill premium in both countries. We provide robust support for the mechanism underlying these predictions using a large panel of countries obs...
-
作者：Cason, Timothy N.; Mui, Vai-Lam
作者单位：Purdue University System; Purdue University; Monash University
摘要：Successful deterrence of leader expropriation is important for economic development. This article studies experimentally how repeated interactions and communication can help deter leaders from extracting surplus from their subordinates. We show that repetition alone is far from sufficient in deterring leader expropriation. Communication between subordinates is critical for increasing coordinated resistance even when the information communicated is highly restrictive. Adding communication reduc...
-
作者：Brueckner, Markus; Tuladhar, Anita
作者单位：National University of Singapore; International Monetary Fund
摘要：We estimate local government spending multipliers using annual data for 47 Japanese prefectures during the 1990s. Our main findings are as follows: the average local government spending multiplier is positive and significantly different from zero but not larger than one; there are large and significant differences in the output effects of different types of government expenditures: transfers to firms have the highest multiplier, significantly larger than one, while transfers to households have...
-
作者：De Giorgi, Giacomo; Pellizzari, Michele
作者单位：Barcelona School of Economics; University of Alabama System; University of Alabama Birmingham; University of Geneva
摘要：Little is known about the economic mechanisms leading to the high level of clustering in behaviour commonly observed in the data. We present a model where agents can interact according to three distinct mechanisms and we derive testable implications which allow us to distinguish between the proposed mechanisms. In our application we study students' performance and we find that a mutual insurance mechanism is consistent with the data. Such a result bears important policy implications for all th...
-
作者：Gregg, Paul; Machin, Stephen; Fernandez-Salgado, Marina
作者单位：University of Bath; University of Bristol; University of London; University College London; University of London; London School Economics & Political Science
摘要：UK real wage growth has slowed down, stagnated and recently turned sharply negative. We document the nature of real wage changes across the wage distribution over the last three decades, showing that recent patterns represent a distinct break of trend that pre-dates the onset of recession. We explore whether unemployment has become a stronger moderating influence on real wage growth and report, using aggregate economy-wide and regional panel data, that real wage-unemployment sensitivities have...
