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作者：Gregory-Smith, Ian; Thompson, Steve; Wright, Peter W.
作者单位：University of Sheffield; University of Nottingham
摘要：'Say on pay' - that is empowering shareholders to vote on the remuneration arrangements of their firm's senior executives - has become an international policy response to the perceived explosion in rewards for top management. In this study, we examine the operation of say in pay in the UK, the country which pioneered its adoption, using the population of non-investment trust companies in the FTSE 350 over the period 2003-12. We find that executive remuneration and dissent on the remuneration c...
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作者：Verboven, Frank
作者单位：KU Leuven
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作者：Brown, Alasdair
作者单位：University of East Anglia
摘要：I analyse a series of natural quasi-experiments - centred on betting exchange data on the Wimbledon Tennis Championships - to determine whether information processing constraints are partially responsible for mispricing in asset markets. I find that the arrival of information during each match leads to substantial mispricing between two equivalent assets, and that part of this mispricing can be attributed to differences in the frequency with which the two prices are updated inplay. This sugges...
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作者：Huse, Cristian; Lucinda, Claudio
作者单位：Stockholm School of Economics; Universidade de Sao Paulo
摘要：We quantify the effects of the Swedish Green Car Rebate (GCR), a programme to reduce oil dependence and greenhouse gas emissions in the automobile industry. We find the GCR increases the market shares of 'green cars' and its cost to be $109/ton CO2 saved, thus five times the price of an emission permit. Since the main green cars in Sweden are flexible-fuel vehicles (FFVs), which can switch between petrol (gasoline) and ethanol, we also account for fuel choice, which increases the cost of the p...
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作者：McCormack, John; Propper, Carol; Smith, Sarah
作者单位：University of Bristol; Imperial College London
摘要：Using a tried and tested measure of management practices that has been shown to predict firm performance, we survey nearly 250 departments across 100+ UK universities. We find large differences in management scores across universities and that departments in older, research-intensive universities score higher than departments in newer, more teaching-oriented universities. We also find that management matters in universities. The scores, particularly with respect to provision of incentives for ...
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作者：Postel-Vinay, Fabien; Turon, Helene
作者单位：University of Bristol
摘要：Job-to-job turnover provides a way for employers to escape statutory firing costs, as unprofitable workers may willfully quit their job on receiving an outside offer, or may be induced to accept one that they would otherwise reject with a negotiated severance package. We formalise those mechanisms within an extension of the Diamond-Mortensen-Pissarides model that allows for employed job search. We find that our model explains why higher firing costs intensify job-to-job turnover at the expense...
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作者：D'Haultfaeuille, Xavier; Givord, Pauline; Boutin, Xavier
作者单位：Institut Polytechnique de Paris; ENSAE Paris
摘要：A feebate on the purchase of new cars, the Bonus/Malus, was introduced in France in 2008. Less polluting cars benefited from a price reduction of up to 1,000 euro, whereas the most polluting ones were subject to a taxation of 2,600 euro. We estimate the impact of this policy on carbon dioxide emissions in the short and long run. If the shift towards the classes benefiting from rebates is considerable, we estimate the environmental impact of the policy to be negative. While feebates may be effi...
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作者：Wolff, Hendrik
作者单位：University of Washington; University of Washington Seattle
摘要：Spatial distribution and leakage effects are of policy concern and increasingly discussed in the economics literature. We study Europe's most aggressive recent air pollution regulation: low-emission zones (LEZs) are areas in which vehicular access is allowed only to vehicles that emit low levels of PM10. Using new administrative data sets from Germany, we assess the effect of LEZs on air pollution and the spatial substitution effects in green versus dirty vehicles. Back of the envelope calcula...
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作者：Born, Benjamin; Ehrmann, Michael; Fratzscher, Marcel
作者单位：University of Mannheim; European Central Bank
摘要：Central banks regularly communicate about financial stability issues. This article asks how such communications affect financial markets, based on a unique dataset covering more than 1,000 releases of Financial Stability Reports (FSRs) and speeches by 37 central banks over the past 14 years. The findings suggest that optimistic FSRs lead to significant and potentially long-lasting positive abnormal stock market returns, whereas no such effect is found for pessimistic FSRs. Speeches and intervi...
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作者：Hetschko, Clemens; Knabe, Andreas; Schoeb, Ronnie
作者单位：Free University of Berlin; Otto von Guericke University; Leibniz Association; Ifo Institut
摘要：Using German panel data, we show that unemployed people are, on average, less satisfied with their life than employed people, but they report a substantial increase in their life satisfaction upon retirement. We interpret this finding using identity theory. Retirement raises the identity utility of the unemployed because it changes the social norms they are supposed to adhere to. The social norm for people of working age prescribes that able-bodied people should be employed, whereas the social...
