Compensation Structure And Product Market Competition

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Compensation Structure and Product Market Competition

Author : John M. Abowd
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Compensation Structure and Product Market Competition by : John M. Abowd

Download or read book Compensation Structure and Product Market Competition written by John M. Abowd and published by . This book was released on 1996 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The inability to measure the opportunity cost of labor has plagued analyses of firm-level compensation policies for many years. Using a newly constructed data set of French workers and firms, we estimate the opportunity cost of the employees' time based on a measure of the person-effect in the wage equations (derived from Abowd, Kramarz and Margolis 1994). We then make direct calculations of the quasi-rent per worker at each firm and the conditions within that firm's product market, as measured by international prices, using a representative sample of private French firms. We find that quasi- rents per worker are only mildly related to the structure of the French product market. The systematic variation in our quasi-rents is related to international market prices and work force structure, however, producing an estimate of bargaining power for the employees of about 0.4. This estimate, while slightly larger than other estimates, may be quite reasonable for the workers in an economy in which the vast majority of jobs are covered by industry-level collective bargaining agreements.

Product Market Competition and Top Management Compensation

Author : Simi Kedia
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (385 download)

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Book Synopsis Product Market Competition and Top Management Compensation by : Simi Kedia

Download or read book Product Market Competition and Top Management Compensation written by Simi Kedia and published by . This book was released on 1998 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effect of competition in the product markets on the design of a firm's governance structure. In oligopolies, profits are not just a function of a firm's own actions but also of the actions taken by rivals. Firms therefore behave strategically and commit to actions which elicit the most favorable responses from rivals. It is shown both theoretically and empirically that firms strategically use incentive features of compensation contracts toalter behavior in product markets. When a firm's output market decisions are strategic substitutes (i.e., marginal profits decrease with an increase in the rival's actions) managerial incentives are decreased, while if these decisions are strategic complements (i.e., marginal profits increase with an increase in the rival's actions) managerial incentives are increased. I develop an empirical measure which captures the sensitivity of a firm's marginal profits to changes in its rival's actions. An examination of CEO incentives in the data shows that when decisions are strategic substitutes, CEOs get awarded stock options with lower pay-for-performance incentives, own a smaller percentage of the firm and have a smaller threat of dismissal following bad performance of the firm. On the other hand, when decisions are strategic complements CEOs get higher pay-for-performance incentives from both cash and stock based compensation.

Compensation Strucutre and Product Market Competition

Author : John M. Abowd
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (848 download)

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Book Synopsis Compensation Strucutre and Product Market Competition by : John M. Abowd

Download or read book Compensation Strucutre and Product Market Competition written by John M. Abowd and published by . This book was released on 1996 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Effect of Product-market Competition on Managerial Incentives and Managerial Pay in Compensation Contracts

Author : Christo Suresh Karunananthan
Publisher :
ISBN 13 :
Total Pages : 168 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis The Effect of Product-market Competition on Managerial Incentives and Managerial Pay in Compensation Contracts by : Christo Suresh Karunananthan

Download or read book The Effect of Product-market Competition on Managerial Incentives and Managerial Pay in Compensation Contracts written by Christo Suresh Karunananthan and published by . This book was released on 2004 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Handbook Of Financial Econometrics, Mathematics, Statistics, And Machine Learning (In 4 Volumes)

Author : Cheng Few Lee
Publisher : World Scientific
ISBN 13 : 9811202400
Total Pages : 5053 pages
Book Rating : 4.8/5 (112 download)

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Book Synopsis Handbook Of Financial Econometrics, Mathematics, Statistics, And Machine Learning (In 4 Volumes) by : Cheng Few Lee

Download or read book Handbook Of Financial Econometrics, Mathematics, Statistics, And Machine Learning (In 4 Volumes) written by Cheng Few Lee and published by World Scientific. This book was released on 2020-07-30 with total page 5053 pages. Available in PDF, EPUB and Kindle. Book excerpt: This four-volume handbook covers important concepts and tools used in the fields of financial econometrics, mathematics, statistics, and machine learning. Econometric methods have been applied in asset pricing, corporate finance, international finance, options and futures, risk management, and in stress testing for financial institutions. This handbook discusses a variety of econometric methods, including single equation multiple regression, simultaneous equation regression, and panel data analysis, among others. It also covers statistical distributions, such as the binomial and log normal distributions, in light of their applications to portfolio theory and asset management in addition to their use in research regarding options and futures contracts.In both theory and methodology, we need to rely upon mathematics, which includes linear algebra, geometry, differential equations, Stochastic differential equation (Ito calculus), optimization, constrained optimization, and others. These forms of mathematics have been used to derive capital market line, security market line (capital asset pricing model), option pricing model, portfolio analysis, and others.In recent times, an increased importance has been given to computer technology in financial research. Different computer languages and programming techniques are important tools for empirical research in finance. Hence, simulation, machine learning, big data, and financial payments are explored in this handbook.Led by Distinguished Professor Cheng Few Lee from Rutgers University, this multi-volume work integrates theoretical, methodological, and practical issues based on his years of academic and industry experience.

Executive Compensation and Product Market Competition

Author :
Publisher :
ISBN 13 : 9780753017197
Total Pages : pages
Book Rating : 4.0/5 (171 download)

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Book Synopsis Executive Compensation and Product Market Competition by :

Download or read book Executive Compensation and Product Market Competition written by and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Worker Compensation Schemes and Product Market Competition

Author : Manfred Stadler
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (117 download)

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Book Synopsis Worker Compensation Schemes and Product Market Competition by : Manfred Stadler

Download or read book Worker Compensation Schemes and Product Market Competition written by Manfred Stadler and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze product market competition between firm owners where the risk-neutral workers decide on their efforts and, thereby, on the output levels. Various worker compensation schemes are compared: a piece-rate compensation scheme as a benchmark when workers’ output performance is verifiable, and a contest-based as well as a tournament-based compensation scheme when it is only verifiable who the best performing worker is. According to optimal designs, all the considered compensation contracts lead to an equal market outcome. Therefore, it depends decisively on the relative costs of organizing a monitoring device, a contest, or a tournament whether the one or the other compensation scheme should be implemented.

Product Market Structure and Labor Market Discrimination

Author : John S. Heywood
Publisher : State University of New York Press
ISBN 13 : 0791482405
Total Pages : 236 pages
Book Rating : 4.7/5 (914 download)

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Book Synopsis Product Market Structure and Labor Market Discrimination by : John S. Heywood

Download or read book Product Market Structure and Labor Market Discrimination written by John S. Heywood and published by State University of New York Press. This book was released on 2006-06-01 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: While increased competition may generate economic efficiency and push employee compensation to market rates, it may also help reduce differential treatment for protected groups such as women, minorities, and the disabled. This book presents the most comprehensive body of empirical evidence on the connection between the product market and the extent of discrimination in labor markets. The contributors look at data from the United States, the United Kingdom, Germany, and Hong Kong in order to explore the product market's influence on discrimination against the disabled, the role of deregulation in creating competition and altering racial employment patterns, and the influence of privatization on public employees' earnings. Nuanced analyses, using best practice econometrics, lead the contributors to conclude that while competition helps equalize treatment of employees, it does not eliminate discrimination.

Corporate Payout Policy

Author : Harry DeAngelo
Publisher : Now Publishers Inc
ISBN 13 : 1601982046
Total Pages : 215 pages
Book Rating : 4.6/5 (19 download)

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Book Synopsis Corporate Payout Policy by : Harry DeAngelo

Download or read book Corporate Payout Policy written by Harry DeAngelo and published by Now Publishers Inc. This book was released on 2009 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important "carry-away" points: the literature's focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers' views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.

Increased Debt and Product Market Competition

Author : Gordon M. Phillips
Publisher : DIANE Publishing
ISBN 13 : 9781568069142
Total Pages : 62 pages
Book Rating : 4.0/5 (691 download)

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Book Synopsis Increased Debt and Product Market Competition by : Gordon M. Phillips

Download or read book Increased Debt and Product Market Competition written by Gordon M. Phillips and published by DIANE Publishing. This book was released on 1993-07 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tests whether capital structure influences product market competition between firms that have sharply increased the debt in their capital structure.

What is the Effect of Product Market Competition on Chief Executive Compensation?

Author : Erica B. Graboyes
Publisher :
ISBN 13 :
Total Pages : 114 pages
Book Rating : 4.:/5 (689 download)

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Book Synopsis What is the Effect of Product Market Competition on Chief Executive Compensation? by : Erica B. Graboyes

Download or read book What is the Effect of Product Market Competition on Chief Executive Compensation? written by Erica B. Graboyes and published by . This book was released on 2010 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relationship between the degree of product market competition and the level of executive compensation for the largest 216 publically traded companies in U.S. manufacturing. Using 2005 CapitalIQ and Census data this paper finds that firm size has a substantial positive effect on the CEO's total and annual cash compensation. These results also indicate that holding firm size as well as other measures constant, the degree of industry competition these firms face plays a small, but interesting role. Consistent with the hypothesis based on the literature, industry concentration has a parabolic relationship with compensation such that boards offer the lowest compensation in oligopolistic markets. This result may be due to an increased ability of boards and shareholders to monitor CEOs at intermediate levels of competition.

Research Handbook on Executive Pay

Author : John S. Beasley
Publisher : Edward Elgar Publishing
ISBN 13 : 1781005109
Total Pages : 553 pages
Book Rating : 4.7/5 (81 download)

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Book Synopsis Research Handbook on Executive Pay by : John S. Beasley

Download or read book Research Handbook on Executive Pay written by John S. Beasley and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 553 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research on executive compensation has exploded in recent years, and this volume of specially commissioned essays brings the reader up-to-date on all of the latest developments in the field. Leading corporate governance scholars from a range of countries set out their views on four main areas of executive compensation: the history and theory of executive compensation, the structure of executive pay, corporate governance and executive compensation, and international perspectives on executive pay. The authors analyze the two dominant theoretical approaches – managerial power theory and optimal contracting theory – and examine their impact on executive pay levels and the practices of concentrated and dispersed share ownership in corporations. The effectiveness of government regulation of executive pay and international executive pay practices in Australia, the US, Europe, China, India and Japan are also discussed. A timely study of a controversial topic, the Handbook will be an essential resource for students, scholars and practitioners of law, finance, business and accounting.

The Modern Corporation and Private Property

Author : Adolf Augustus Berle
Publisher :
ISBN 13 :
Total Pages : 396 pages
Book Rating : 4.:/5 (138 download)

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Book Synopsis The Modern Corporation and Private Property by : Adolf Augustus Berle

Download or read book The Modern Corporation and Private Property written by Adolf Augustus Berle and published by . This book was released on 1937 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Fundamentals of Human Resource Management

Author : Robert N. Lussier
Publisher : SAGE Publications
ISBN 13 : 1071854410
Total Pages : 503 pages
Book Rating : 4.0/5 (718 download)

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Book Synopsis Fundamentals of Human Resource Management by : Robert N. Lussier

Download or read book Fundamentals of Human Resource Management written by Robert N. Lussier and published by SAGE Publications. This book was released on 2023-01-17 with total page 503 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fundamentals of Human Resource Management: Functions, Applications, and Skill Development, Third Edition helps students of all majors build the skills they need to recruit, select, train, and develop people. Bestselling authors Robert N. Lussier and John R. Hendon explore the important strategic function HR plays in today′s organizations. A wide variety of applications, online self-assessments, and experiential exercises keep students engaged and help them see the relevancy of HR as they learn skills they can use in their personal and professional lives. The Third Edition includes 13 new case studies and new coverage of virtual and flexible work resulting from the COVID-19 pandemic, the long-lasting effects the pandemic has had on women in the workforce, artificial intelligence use within HR, and diversity and inclusion.

How Ownership Structures Affect the Relations Between Product Market Competition, and Pay-Performance Sensitivity

Author : Hin Cheung KO (Annie)
Publisher :
ISBN 13 :
Total Pages : 15 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis How Ownership Structures Affect the Relations Between Product Market Competition, and Pay-Performance Sensitivity by : Hin Cheung KO (Annie)

Download or read book How Ownership Structures Affect the Relations Between Product Market Competition, and Pay-Performance Sensitivity written by Hin Cheung KO (Annie) and published by . This book was released on 2015 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this paper is to examine how concentrated ownership structures affect the positive association between industry competitions and pay-performance sensitivities. This is an empirical study to analyze the data from four East Asian markets (China, Hong Kong, Singapore and Taiwan) during 2001-2006. According to the literature review, this is the first paper to find that industry competitions do not play governance role when firms are controlled by families or states. These findings enhance our understandings on the association between industry- and firm-level governance mechanisms.

Seminar on Integrating Federal Statistical Information and Processes

Author :
Publisher :
ISBN 13 :
Total Pages : 186 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Seminar on Integrating Federal Statistical Information and Processes by :

Download or read book Seminar on Integrating Federal Statistical Information and Processes written by and published by . This book was released on 2001 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Governance of Not-for-Profit Organizations

Author : Edward L. Glaeser
Publisher : University of Chicago Press
ISBN 13 : 0226297861
Total Pages : 256 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis The Governance of Not-for-Profit Organizations by : Edward L. Glaeser

Download or read book The Governance of Not-for-Profit Organizations written by Edward L. Glaeser and published by University of Chicago Press. This book was released on 2007-11-01 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Not-for-profit organizations play a critical role in the American economy. In health care, education, culture, and religion, we trust not-for-profit firms to serve the interests of their donors, customers, employees, and society at large. We know that such firms don't try to maximize profits, but what do they maximize? This book attempts to answer that question, assembling leading experts on the economics of the not-for-profit sector to examine the problems of the health care industry, art museums, universities, and even the medieval church. Contributors look at a number of different aspects of not-for-profit operations, from the problems of fundraising, endowments, and governance to specific issues like hospital advertising. The picture that emerges is complex and surprising. In some cases, not-for-profit firms appear to work extremely well: competition for workers, customers, and donors leads not-for-profit organizations to function as efficiently as any for-profit firm. In other contexts, large endowments and weak governance allow elite workers to maximize their own interests, rather than those of their donors, customers, or society at large. Taken together, these papers greatly advance our knowledge of the dynamics and operations of not-for-profit organizations, revealing the under-explored systems of pressures and challenges that shape their governance.