Essays In Robust Mechanism And Contract Design
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Complex Compensation: Empirical Essays on the Impact of Compensation Design on Firm Performance, Turnover, and Organizational Justice
| Author | : Tobias Oberpaul |
| Publisher | : BoD – Books on Demand |
| Total Pages | : 202 |
| Release | : 2024-01-19 |
| Genre | : Business & Economics |
| ISBN | : 3947095112 |
Compensation contracts have become ever more complex and individualized, particularly in the executive compensation domain, where increasingly diverse stakeholder demands and governance requirements have led to the inclusion of more and increasingly interrelated components into compensation contracts. Even the compensation of lower-level employees has become complex as firms individualize employee compensation and use many different rewards simultaneously. Research has examined elements of compensation in isolation but has attempted to avoid the complexities of compensation. This dissertation examines the consequences of compensation complexity and compensation design dispersion and contributes to a better understanding of compensation and its consequences for firms and employees. The first study examines how the complexity of executive compensation contracts affects firm performance. It finds that CEO compensation complexity negatively affects accounting, market, and ESG (i.e., environmental, social, and governance) metrics of firm performance and explores mechanisms that help explain the relationships. The second study examines the effect of compensation design dispersion within top management teams and its impact on executive turnover. The results show that compensation design dispersion affects executive turnover, both directly and in interaction with relative pay level. The third study addresses the role of compensation design dispersion in the development of procedural justice perceptions. Using two experiments, this study shows that compensation design dispersion causes lower procedural justice perceptions, which appears to be less problematic for participants with relatively easier to understand contracts. In summary, this dissertation provides a nuanced overview of complex compensation design and compensation design dispersion. The findings contribute to a better understanding of the effectiveness of compensation as an incentive and sorting tool for organizations, and of the implications of compensation design for the functioning of teams.
Social Design
| Author | : Walter Trockel |
| Publisher | : Springer |
| Total Pages | : 340 |
| Release | : 2019-05-30 |
| Genre | : Business & Economics |
| ISBN | : 3319938096 |
This book contains invited essays in memory of Leonid Hurwicz spanning a large area of economic, social and other sciences where the implementation or enforcement of institutions and rules requires the design of effective mechanisms. The foundations of these articles are set by social choice concepts; game theory; Nash, Bayesian and Walrasian equilibria; complete and incomplete information. Besides in-depth treatments of well-established parts of mechanism and implementation theory, contributions on novel directions deal, for instance, with a quantum approach to game and decision making under uncertainty; digitalization; and the design of block chain for trading. The outstanding competence and reputation of the authors reflect the appreciation of the fundamental contributions and the lasting admiration of the personality and the work of Leonid Hurwicz.
The Future of Economic Design
| Author | : Jean-François Laslier |
| Publisher | : Springer Nature |
| Total Pages | : 507 |
| Release | : 2019-11-15 |
| Genre | : Business & Economics |
| ISBN | : 3030180506 |
This collection of essays represents responses by over eighty scholars to an unusual request: give your high level assessment of the field of economic design, as broadly construed. Where do we come from? Where do we go from here? The book editors invited short, informal reflections expressing deeply felt but hard to demonstrate opinions, unsupported speculation, and controversial views of a kind one might not normally risk submitting for review. The contributors – both senior researchers who have shaped the field and promising, younger researchers – responded with a diverse collection of provocative pieces, including: retrospective assessments or surveys of the field; opinion papers; reflections on critical points for the development of the discipline; proposals for the immediate future; "science fiction"; and many more. The readers should have fun reading these unusual pieces – as much as the contributors enjoyed writing them.
Essays on Financial Contracting
| Author | : Jukka Vauhkonen |
| Publisher | : |
| Total Pages | : 148 |
| Release | : 2005 |
| Genre | : Bank investment contracts |
| ISBN | : |
Tiivistelmä.
Proceedings of the 2nd International Conference on Cognitive and Intelligent Computing
| Author | : Amit Kumar |
| Publisher | : Springer Nature |
| Total Pages | : 757 |
| Release | : 2023-11-02 |
| Genre | : Technology & Engineering |
| ISBN | : 9819927463 |
This book includes original, peer-reviewed articles from the 2nd International Conference on Cognitive & Intelligent Computing (ICCIC-2022), held at Vasavi College of Engineering Hyderabad, India. It covers the latest trends and developments in areas of cognitive computing, intelligent computing, machine learning, smart cities, IoT, artificial intelligence, cyber-physical systems, cybernetics, data science, neural network, and cognition. This book addresses the comprehensive nature of computational intelligence, cognitive computing, AI, ML, and DL to emphasize its character in modeling, identification, optimization, prediction, forecasting, and control of future intelligent systems. Submissions are original, unpublished, and present in-depth fundamental research contributions either from a methodological/application perspective in understanding artificial intelligence and machine learning approaches and their capabilities in solving diverse range of problems in industries and its real-world applications.
Three Essays in Financial Markets. The Bright Side of Financial Derivatives: Options Trading and Firm Innovation
| Author | : Iván Blanco |
| Publisher | : Ed. Universidad de Cantabria |
| Total Pages | : 90 |
| Release | : 2019-02-15 |
| Genre | : Business & Economics |
| ISBN | : 8481028770 |
Do financial derivatives enhance or impede innovation? We aim to answer this question by examining the relationship between equity options markets and standard measures of firm innovation. Our baseline results show that firms with more options trading activity generate more patents and patent citations per dollar of R&D invested. We then investigate how more active options markets affect firms' innovation strategy. Our results suggest that firms with greater trading activity pursue a more creative, diverse and risky innovation strategy. We discuss potential underlying mechanisms and show that options appear to mitigate managerial career concerns that would induce managers to take actions that boost short-term performance measures. Finally, using several econometric specifications that try to account for the potential endogeneity of options trading, we argue that the positive effect of options trading on firm innovation is causal.
The Future of Law and Economics
| Author | : Guido Calabresi |
| Publisher | : Yale University Press |
| Total Pages | : 248 |
| Release | : 2016-01-28 |
| Genre | : Law |
| ISBN | : 0300216262 |
In a concise, compelling argument, one of the founders and most influential advocates of the law and economics movement divides the subject into two separate areas, which he identifies with Jeremy Bentham and John Stuart Mill. The first, Benthamite, strain, “economic analysis of law,” examines the legal system in the light of economic theory and shows how economics might render law more effective. The second strain, law and economics, gives equal status to law, and explores how the more realistic, less theoretical discipline of law can lead to improvements in economic theory. It is the latter approach that Judge Calabresi advocates, in a series of eloquent, thoughtful essays that will appeal to students and scholars alike.
