Managerial Incentives and Financial Contagion

نویسندگان
چکیده

برای دانلود باید عضویت طلایی داشته باشید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Managerial Incentives and Financial Signaling in Product Market Competition*

This paper demonstrates how management compensation schemes can serve as an inexpensive and sometimes even free signaling mechanism. In the particular example studied here it is shown how a contract offered to the manager of a monopolistic tirm may induce him to take some actions that will credibly signal the Crm’s marginal cost and will deter entry if the firm is ‘suficiently’ ellicient. This ...

متن کامل

Managerial Incentives and Competition

This paper experimentally tests the impact of managerial incentives on competitive (market) outcomes. We use a Cournot duopoly game to show that when managers’ incentives are based on the firm’s absolute performance (profits), collusion can be sustained. However, when managers’ incentives are based on the firm’s relative performance (their profits relative to the other firm’s profits), this dri...

متن کامل

Financial Networks and Contagion

We model contagions and cascades of failures among organizations linked through a network of financial interdependencies. We identify how the network propagates discontinuous changes in asset values triggered by failures (e.g., bankruptcies, defaults, and other insolvencies) and use that to study the consequences of integration (each organization becoming more dependent on its counterparties) a...

متن کامل

Managerial Motivation Dynamics and Incentives

Firms can increase profitability by appropriately motivating managers. We investigate drivers of managerial motivation, and propose how firms can use performance-pay to alter motivational patterns. We focus on the agent’s optimal effort decision in trading off compensation utility with effort cost in a static and dynamic setting. Surprisingly, we find that lower risk aversion or increased pay a...

متن کامل

Cartel Formation and Managerial Incentives

We study the formation of cartels within two di¤erent contexts. First, we consider internal-external stability based models which, due to …rms’ free-riding incentives, lead to the inexistence of stable cartels. Second, we introduce the dynamic aspect of coalition formation. That is, when considering a cartel we consider also any cartel that can be reached through a succession of moves. Despite ...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

ژورنال

عنوان ژورنال: SSRN Electronic Journal

سال: 2003

ISSN: 1556-5068

DOI: 10.2139/ssrn.482865