Accepting a contract with a high performance sensitivity is normally interpreted as a signal of high ability. However, an extremely high self-assessment may be an incompetent forecast by an incompetent worker. The authors do not want a portfolio manager who expects nearly riskfree returns of 50%/year! We study a model in which optimistic forecasters have low ability. In one type of equilibrium,...

Economic theory suggests that performance pay may serve as an effective screening device to attract productive agents. The existing evidence on the self-selection of agents is largely limited to job tasks where performance is driven by routine, well-defined procedures. This study presents evidence for a creative task and studies how agents self-select into a tournament-based scheme vs. a fixed ...

The analogues of r-modes in superfluid neutron stars are studied here. These modes, which are governed primarily by the Coriolis force, are identical to their ordinary-fluid counterparts at the lowest order in the small angular-velocity expansion used here. The equations that determine the next order terms are derived and solved numerically for fairly realistic superfluid neutron-star models. T...

Executive Compensation, Firm Performance, and Chaebols in Korea: Evidence from New Panel Data This paper provides the first rigorous econometric estimates on the pay-performance relations for executives of Korean firms with and without Chaebol affiliation. To do so, we have assembled for the first time panel data (that provide information not only on executive compensation and firm performance ...

Gender differences in competitiveness have been suggested as an explanation for the observed dearth of women in highly-ranked positions within firms. In this paper we ask: could a price mechanism be used to achieve gender balance? Our results show that if the rewards to competition are sufficiently large, women are willing to compete as much as men and will win as many competitions as men. None...

Abstract. Muroga [M52] showed how to express the Shannon channel capacity of a discrete channel with noise [S49] as an explicit function of the transition probabilities. His method accommodates channels with any finite number of input symbols, any finite number of output symbols and any transition probability matrix. Silverman [S55] carried out Muroga’s method in the special case of a binary ch...

All ten reovirus genome RNA segments were radiolabeled at their 3'-termini by incubation with RNA ligase and 32pCp. The extent of radiolabeling was similar for each of the double-stranded RNAs in the genome segment mixture. Radioactivity was equally distributed between the separated plus and minus strands indicating that the 5'-cap in plus strands did not block 3'-end-labeling of minus strands....

Executives have high stakes riding on executive skill accumulated in their non-CEO executive positions in order to establish themselves as talented before being on the competitive CEO market. This paper considers an assignment model augmented by costly pre-CEO executive skill accumulation on the job. As the firm size distribution is more spread to the right, causing the increase in firm size, t...

Article history: Received 13 August 2012 Received in revised form 31 December 2013 Accepted 16 January 2014 Available online 23 January 2014 Companies can increase executive compensation by allowing dividends to be paid on unvested restricted stocks grants, also known as stealth compensation. Examining all S&P 500 firms over the period 2003–2007, we find that more than half of the dividend payi...