作者：JONES, DC; KATO, T
作者单位：Colgate University
摘要：We report the first results for Japanese firms on the effects of employee stock-ownership plans (ESOP's) and bonuses by estimating production functions using new panel data. We find that the introduction of an ESOP will lead to a 4-5-percent increase in productivity; this productivity payoff takes 3-4 years. There is a modest productivity gain from the bonus system. We also find evidence that the productivity effect of bonuses is enhanced by the existence of ESOP's, suggesting that ESOP's may ...
作者：Madrigal, V; Smith, SD
作者单位：University System of Georgia; Georgia State University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：We investigate the structure of preferences and uncertainty that guarantees that prices are fully revealing even though asset markers are incomplete and there are more sources of uncertainty than assets in the economy. A sufficient condition for fully revealing prices is that investors have preferences of the (possibly state-dependent) linear-risk-tolerance class. Finally, we discuss how our result allows one to extend certain existing literature on demand aggregation, welfare analysis, and th...
