Performance Comparisons And Dynamic Incentives
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Author | : John Knight |
Publisher | : Elsevier |
Total Pages | : 397 |
Release | : 2002-07-10 |
Genre | : Business & Economics |
ISBN | : 0080497632 |
The distinction between out-performance of an Investment fund or plan manager vs rewards for taking risks is at the heart of all discussions on Investment fund performance measurement of fund managers. This issue is not always well-understood and the notion of risk adjusting performance is not universally accepted. Performance Measurement in Finance addresses this central issue. The topics covered include evaluation of investment fund management, evaluation of the investment fund itself, and stock selection performance. The book also surveys and critiques existing methodologies of performance measurement and covers new innovative approaches to performance measurement. The contributors to the text include both academics and practitioners providing comprehensive coverage of the topic areas. Performance Measurement in Finance is all about how to effectively measure financial performance of the fund manager and investment house managers, what measures need to be put in place and technically what works and what doesn't. It covers risk, and what's acceptable and what isn't, how, in short, to manage risk. - Includes practical information to enable Investment/Portfolio Managers to understand and evaluate fund managers, the funds themselves, and Investment firms - Provides a full overview of the topic as well as in-depth technical analysis
Author | : Jean-Jacques Laffont |
Publisher | : Princeton University Press |
Total Pages | : 436 |
Release | : 2009-12-27 |
Genre | : Business & Economics |
ISBN | : 1400829453 |
Economics has much to do with incentives--not least, incentives to work hard, to produce quality products, to study, to invest, and to save. Although Adam Smith amply confirmed this more than two hundred years ago in his analysis of sharecropping contracts, only in recent decades has a theory begun to emerge to place the topic at the heart of economic thinking. In this book, Jean-Jacques Laffont and David Martimort present the most thorough yet accessible introduction to incentives theory to date. Central to this theory is a simple question as pivotal to modern-day management as it is to economics research: What makes people act in a particular way in an economic or business situation? In seeking an answer, the authors provide the methodological tools to design institutions that can ensure good incentives for economic agents. This book focuses on the principal-agent model, the "simple" situation where a principal, or company, delegates a task to a single agent through a contract--the essence of management and contract theory. How does the owner or manager of a firm align the objectives of its various members to maximize profits? Following a brief historical overview showing how the problem of incentives has come to the fore in the past two centuries, the authors devote the bulk of their work to exploring principal-agent models and various extensions thereof in light of three types of information problems: adverse selection, moral hazard, and non-verifiability. Offering an unprecedented look at a subject vital to industrial organization, labor economics, and behavioral economics, this book is set to become the definitive resource for students, researchers, and others who might find themselves pondering what contracts, and the incentives they embody, are really all about.
Author | : Robert Gibbons |
Publisher | : Princeton University Press |
Total Pages | : 1248 |
Release | : 2013 |
Genre | : Business & Economics |
ISBN | : 0691132798 |
(E-book available via MyiLibrary) In even the most market-oriented economies, most economic transactions occur not in markets but inside managed organizations, particularly business firms. Organizational economics seeks to understand the nature and workings of such organizations and their impact on economic performance. The Handbook of Organizational Economics surveys the major theories, evidence, and methods used in the field. It displays the breadth of topics in organizational economics, including the roles of individuals and groups in organizations, organizational structures and processes, the boundaries of the firm, contracts between and within firms, and more.
Author | : Andy Neely |
Publisher | : Cambridge University Press |
Total Pages | : 386 |
Release | : 2002-03-07 |
Genre | : Business & Economics |
ISBN | : 9780521803427 |
A multidisciplinary book on performance measurement that will appeal to students, researchers and managers.
Author | : Joachim Frohn |
Publisher | : LIT Verlag Münster |
Total Pages | : 452 |
Release | : 2001 |
Genre | : Business & Economics |
ISBN | : 9783825855994 |
Author | : Mark Armstrong |
Publisher | : Elsevier |
Total Pages | : 943 |
Release | : 2007-10-05 |
Genre | : Business & Economics |
ISBN | : 008055184X |
This is Volume 3 of the Handbook of Industrial Organization series (HIO). Volumes 1 & 2 published simultaneously in 1989 and many of the chapters were widely cited and appeared on graduate reading lists. Since the first volumes published, the field of industrial organization has continued to evolve and this volume fills the gaps. While the first two volumes of HIO contain much more discussion of the theoretical literature than of the empirical literature, it was representative of the field at that time. Since then, the empirical literature has flourished, while the theoretical literature has continued to grow, and this new volume reflects that change of emphasis.Thie volume is an excellent reference and teaching supplement for industrial organization or industrial economics, the microeconomics field that focuses on business behavior and its implications for both market structures and processes, and for related public policies.*Part of the renowned Handbooks in Economics series*Chapters are contributed by some of the leading experts in their fields*A source, reference and teaching supplement for industrial organizations or industrial economists
Author | : Patrick Bolton |
Publisher | : MIT Press |
Total Pages | : 746 |
Release | : 2004-12-10 |
Genre | : Business & Economics |
ISBN | : 0262257963 |
A comprehensive introduction to contract theory, emphasizing common themes and methodologies as well as applications in key areas. Despite the vast research literature on topics relating to contract theory, only a few of the field's core ideas are covered in microeconomics textbooks. This long-awaited book fills the need for a comprehensive textbook on contract theory suitable for use at the graduate and advanced undergraduate levels. It covers the areas of agency theory, information economics, and organization theory, highlighting common themes and methodologies and presenting the main ideas in an accessible way. It also presents many applications in all areas of economics, especially labor economics, industrial organization, and corporate finance. The book emphasizes applications rather than general theorems while providing self-contained, intuitive treatment of the simple models analyzed. In this way, it can also serve as a reference for researchers interested in building contract-theoretic models in applied contexts.The book covers all the major topics in contract theory taught in most graduate courses. It begins by discussing such basic ideas in incentive and information theory as screening, signaling, and moral hazard. Subsequent sections treat multilateral contracting with private information or hidden actions, covering auction theory, bilateral trade under private information, and the theory of the internal organization of firms; long-term contracts with private information or hidden actions; and incomplete contracts, the theory of ownership and control, and contracting with externalities. Each chapter ends with a guide to the relevant literature. Exercises appear in a separate chapter at the end of the book.
Author | : Mark Armstrong |
Publisher | : MIT Press |
Total Pages | : 414 |
Release | : 1994 |
Genre | : Business & Economics |
ISBN | : 9780262510790 |
Tackles the important issue of how to regulate firms with market power.
Author | : David Mueller |
Publisher | : Springer |
Total Pages | : 453 |
Release | : 2017-09-21 |
Genre | : Business & Economics |
ISBN | : 331961603X |
This book demonstrates what kind of problems, originating in a management accounting setting, may be solved with game theoretic models. Game theory has experienced growing interest and numerous applications in the field of management accounting. The main focus traditionally has been on the field of non-cooperative behaviour, but the area of cooperative game theory has developed rapidly and has received increasing attention. Intensive research, in combination with the changing culture of publishing, has produced a nearly unmanageable number of publications in the areas concerned. Therefore, one main purpose of this volume is providing an intensive analysis of the intersection of these areas. In addition, the book strengthens the relationship between the theory and the practical applications and it illustrates the two-sided relationship between game theory and management accounting: new game theoretic models offer new fields of applications and these applications raise new questions for the theory.
Author | : Theo S. Eicher |
Publisher | : MIT Press |
Total Pages | : 309 |
Release | : 2006 |
Genre | : Business & Economics |
ISBN | : 0262050811 |
Discussing how and why institutions influence growth, this volume provides an overview of the literature on the impact of institutions on growth. It considers theoretical and empirical relationships between institutions and growth.