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作者：Bell, Brian; Pedemonte, Simone; Van Reenen, John
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; Massachusetts Institute of Technology (MIT)
摘要：We exploit the large rise in relative performance awards in the United Kingdom over the last two decades to investigate whether these contracts improve the alignment between CEO pay and firm performance. We first document that corporate governance appears to be stronger when institutional ownership is greater. Then, using hand-collected data from annual reports on explicit contracts, we show that (1) CEO pay still responds more to increases in the firms' stock performance than to decreases, an...
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作者：Bourveau, Thomas; Coulomb, Renaud; Sangnier, Marc
作者单位：Columbia University; University of Melbourne; University of Namur; Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite
摘要：This paper investigates whether political connections affect individuals' propensity to engage in white-collar crime. We identify connections by campaign donations or direct friendships and use the 2007 French Presidential election as a marker of change in the value of political connections to the winning candidate. We compare the behavior of Directors of publicly listed companies who were connected to the future President to the behavior of other non-connected Directors, before and after the ...
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作者：Finan, Frederico; Mazzocco, Maurizio
作者单位：University of California System; University of California Berkeley; University of California System; University of California Los Angeles
摘要：Politicians allocate public resources in ways that maximize political gains, and potentially at the cost of lower welfare. In this paper, we quantify these welfare costs in the context of Brazil's federal legislature, which grants its members a budget to fund public projects within their states. Using data from the state of Roraima, we estimate a model of politicians' allocation decisions and find that 26.8% of the public funds allocated by legislators are distorted relative to a social planne...
