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Author : Mark Hirschey
Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.:/5 (332 download)
Download or read book The Impact of Regulation on Managerial Incentives written by Mark Hirschey and published by . This book was released on 1977 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Glenn Blackmon
Publisher : Springer Science & Business Media
ISBN 13 : 1461527066
Total Pages : 138 pages
Book Rating : 4.4/5 (615 download)
Download or read book Incentive Regulation and the Regulation of Incentives written by Glenn Blackmon and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: The class is theory of price regulation assumed that the regulator knows the fIrm's costs, the key piece of information that enables regulators to pressure fmns to choose appropriate behaviors. The "regulatory problem" was reduced to a mere pricing problem: the regulator's goal was to align price with marginal cost, subject to the constraint that revenues must cover costs. Elegant and important insights ensued. The most important was that regulation was inevitably a struggle to achieve second-best outcomes. (Ramsey pricing was a splendid example. ) Reality proved harsh to regulatory theory. The fmn's costs are by no means known to the regulator. At best, the regulator may know how much is currently spent to provide services, but hardly what costs would be if the fmn vigorously pursued effIciency. Even if the current cost curve were known to the regulator, technologies change so swiftly that today's costs are a very poor indicator of tomorrow's, and those are the costs that will determine the fIrm's future decisions. With the burgeoning attention to information considerations and game theory in economics, the regulator's problem of eliciting host information about cost has received considerable attention. In most cases, however, it has been in context that are both static and stylized; such analyses rarely capture many of the essential elements of real world regulatory issues. This volume represents a fresh approach. It reflects Glenn Blackmon's twin strengths, a keen analytic mind and important experience in the regulatory arena.
Author : Phillip Baur
Publisher :
ISBN 13 :
Total Pages : 180 pages
Book Rating : 4.:/5 (854 download)
Download or read book The Role of Regulation and Disclosure in Shaping Managerial Incentives written by Phillip Baur and published by . This book was released on 2013 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mark Hirschey
Publisher :
ISBN 13 :
Total Pages : 11 pages
Book Rating : 4.:/5 (325 download)
Download or read book Regulatory and Life Cycle Influences on Managerial Incentives written by Mark Hirschey and published by . This book was released on 1980 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Giulio Ecchia
Publisher :
ISBN 13 :
Total Pages : 364 pages
Book Rating : 4.:/5 (61 download)
Download or read book Managerial Incentives, Market Structure and Regulation written by Giulio Ecchia and published by . This book was released on 1996 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mark Gilman Benkovich
Publisher :
ISBN 13 :
Total Pages : 117 pages
Book Rating : 4.:/5 (31 download)
Download or read book Emperical Study of Managerial Incentives in Differential Organizational Settings Relating to Environmental Regulations written by Mark Gilman Benkovich and published by . This book was released on 1994 with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : W. Mark Crain
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (512 download)
Download or read book Managerial Incentives in Private and Regulated Firms written by W. Mark Crain and published by . This book was released on 1978* with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Athanasios Tsekeris
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (141 download)
Download or read book Managerial Incentives and Corporate Acquisitions written by Athanasios Tsekeris and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis examines the impact of executive compensation on the quality of corporate acquisition decisions. A number of different issues are empirically investigated. The analysis begins with the examination of the relation between the incentives managers are provided with via their compensation contracts and the riskiness of mergers and acquisitions (M&As) investigating whether this relation is affected by the passage of the Sarbanes-Oxley Act (SOX) in 2002. The study then focuses on the performance of acquiring firms exploring how and whether managerial incentives can induce value-increasing acquisitions conditional on the intensity of M&A activity. The final part of the empirical analysis examines whether the legal status of the target firm has any implications for the effectiveness of incentive compensation to mitigate managerial risk-aversion and increase shareholder value. The thesis contributes both to academic literature and to practice by identifying areas of inefficiencies of equity-based compensation contracts to mitigate agency costs. More specifically, new evidence is provided on the effectiveness of incentive compensation to induce risk-taking activity under the impact of stricter regulation. While compensation-related incentives are positively associated with the riskiness of acquisition decisions before 2002, managers have become considerably less responsive to such incentives after the enactment of SOX. Moreover, although incentive compensation can improve deal performance and overcome adverse selection concerns by inducing managers to acquire when it is optimal to do, it is not related to value-increasing decisions when acquisitions are initiated during periods of merger waves. It is further found that equity-based compensation can be rendered ineffective to mitigate agency costs when a publicly listed firm is acquired. Given these inefficiencies, a number of recommendations are made for the improvement of the design of executive compensation contracts that could provide valuable guidelines to remuneration committees to reduce excessive compensation costs and benefit shareholders.
Author : Ray Ball
Publisher :
ISBN 13 :
Total Pages : 380 pages
Book Rating : 4.:/5 (16 download)
Download or read book Symposium on Managerial Incentives and Corporate Performance: Effects of Executive Compensation, Organzational Structure, Takeovers, and Government Policy written by Ray Ball and published by . This book was released on 1993 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Bente Villadsen
Publisher : Academic Press
ISBN 13 : 0128125888
Total Pages : 362 pages
Book Rating : 4.1/5 (281 download)
Download or read book Risk and Return for Regulated Industries written by Bente Villadsen and published by Academic Press. This book was released on 2017-04-27 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk and Return for Regulated Industries provides a much-needed, comprehensive review of how cost of capital risk arises and can be measured, how the special risks regulated industries face affect fair return, and the challenges that regulated industries are likely to face in the future. Rather than following the trend of broad industry introductions or textbook style reviews of utility finance, it covers the topics of most interest to regulators, regulated companies, regulatory lawyers, and rate-of-return analysts in all countries. Accordingly, the book also includes case studies about various countries and discussions of the lessons international regulatory procedures can offer. - Presents a unified treatment of the regulatory principles and practices used to assess the required return on capital - Addresses current practices before exploring the ways methods play out in practice, including irregularities, shortcomings, and concerns for the future - Focuses on developed economies instead of providing a comprehensive global reviews - Foreword by Stewart C. Myers
Author : Uwe-Wilhelm Bloos
Publisher :
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4.:/5 (129 download)
Download or read book An Incentive Based View on Insurance Distribution and Regulation written by Uwe-Wilhelm Bloos and published by . This book was released on 2009 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is often argued that managers follow some preference function. The internal capital market literature, for example, most commonly treats managers as empire builders who receive increased private benefits from having more funds under their control. However, recent empirical work (Bertrand and Mullainathan 2003), shows that some managers might prefer to be left to run a limited number of projects. This quot;enjoying the quiet lifequot; constitutes an alternative type of managerial behavior. In this contribution, we demonstrate how empire building and quiet life preferences work under competition. Our analysis shows that quiet life managers can generally only be motivated by threatening them with competition, while empire builders also value enhanced investment prospects. As we also demonstrate, this leads to different optimal wages in regard to managerial preferences. Additionally we identify two organizational ways to improve managerial incentives. Namely, by letting managers with different investment prospects compete for funds and by altering the ex ante distribution of funds among the department managers. Again, results vary significantly with different managerial preferences.
Author : Domenico Scalera
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Observable Managerial Incentives and Spatial Competition written by Domenico Scalera and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we investigate the relationship between product market competition and managerial incentives within a circular city model with observable agency contracts. With respect to the case of unobservability studied by Raith (2003), we find that optimal managerial contracts provide lower incentives, and that equilibrium expected prices and profits are higher. Changes in competition fundamentals have ambiguous effects, but observable contracts alleviate their impact on incentives. Finally, observability involves three major implications: managerial incentives are higher under price regulation than under competition; prices may increase with the number of firms; consumer welfare may diminish when competition increases.
Author : Jérôme Foulon
Publisher : CIRANO
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (319 download)
Download or read book Incentives for Pollution Control written by Jérôme Foulon and published by CIRANO. This book was released on 2000 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Both regulation and public disclosure belong in the environmental regulators' arsenal. Strong, clear standards combined with a significant, credible penalty system send the right signals to the regulated community, which responds by lowering pollution emissions. The public disclosure of environmental performance also provides strong additional incentives to pollution control"--Cover.
Author : Richard B. McKenzie
Publisher : Oxford University Press
ISBN 13 : 0198027990
Total Pages : 348 pages
Book Rating : 4.1/5 (98 download)
Download or read book Managing through Incentives written by Richard B. McKenzie and published by Oxford University Press. This book was released on 1998-09-24 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: Incentives are the most powerful tools executives can use to improve worker performance. This is particularly true in today's empowered workplace, where incentives can ensure that workers apply their initiative toward company goals. Now, in this groundbreaking book, Richard McKenzie and Dwight Lee show how to select the right incentives and how to use them for best results. Generously illustrated with examples from business, industry, government, academia, and professional sports, this superb volume offers a comprehensive overview of incentives, both in theory and in practice, providing a wealth of ideas managers can use to get employees to work harder, smarter, and more cooperatively. Much of the book is quite eye-opening. For instance, while McKenzie and Lee recognize that money is the prime motivator, they urge managers not to overlook the power of non-monetary incentives, carefully evaluating such motivators as fringe benefits, psychological incentives, education, and training. And they examine a host of other issues, including how to take advantage of executive "overpayment" to increase profits; the limits of piece-rate and other pay-for-performance schemes; finding the right balance between current pay and a more generous pension plan; the value of tough bosses; and hostile takeovers as a form of managerial incentive. How workers are rewarded is often more important than how much they are rewarded, say the authors. The job of good managers is getting the incentives right. Managing Through Incentives shows managers how to apply proven motivators to help any size firm energize the work force, increase its profits, and meet the awesome challenges of today's fiercely competitive global economy.
Author : Truman Fassett Bewley
Publisher : CUP Archive
ISBN 13 : 9780521389259
Total Pages : 452 pages
Book Rating : 4.3/5 (892 download)
Download or read book Advances in Economic Theory written by Truman Fassett Bewley and published by CUP Archive. This book was released on 1989-07-28 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: These articles should be helpful to anyone with training in economics.
Author : Musbau Kolawole Kayode
Publisher :
ISBN 13 : 9783668035836
Total Pages : 20 pages
Book Rating : 4.0/5 (358 download)
Download or read book Managerial Incentives and Corporate Governance written by Musbau Kolawole Kayode and published by . This book was released on 2015-09-10 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research paper from the year 2015 in the subject Business economics - Accounting and Taxes, grade: A, Atlantic International University (SCHOOL OF BUSINESS AND ECONOMICS), language: English, abstract: Corporate governance involves different checks and balances with the ability to influence the incentives and monitoring of a firm's management. Sound corporate governance is predominantly essential when a firm's management is different from its ownership. Randall (2009) argued that in the absence of appropriate corporate governance, managers who are separate from a company's ownership may not be incentivized to work hard towards achieving shareholders' goal of maximizing profits. Instead, non-owner managers might end up lavishly spending money and other resources in ways that directly benefits themselves, for example on perks, and living an expensive life. Surprisingly, some other managers may be tempted to spend firm's money to accumulate personal wealth through frauds or theft.
Author : Stephen Martin
Publisher : Psychology Press
ISBN 13 : 0415142334
Total Pages : 220 pages
Book Rating : 4.4/5 (151 download)
Download or read book The Impact of Privatisation written by Stephen Martin and published by Psychology Press. This book was released on 1997 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade economic policy in the UK and elsewhere has been guided by the belief that resources are used more efficiently in the private sector than under state ownership. Consequently, many formerly state-owned companies have been transferred to the private sector. After surveying the theoretical arguments for and against this hypothesis, this book examines the experience of eleven firms, including British Airways, Rolls-Royce and British Telecom. Various indicators are used to measure each firm's performance before and after privatisation to assess whether this policy has brought about improvements in efficiency. The first four chapters provide background material for the empirical work that follows. Chapter 1 outlines the theoretical arguments for and against the idea that private ownership will be more efficient than state control. Chapter 2 provides brief histories of the eleven organisations studied and chapter 3 discusses how their performance can be measured. Chapter 4 reviews the literature on the relative efficiency of public and private ownership. Chapter 5 considers the impact of privatisation on each of the eleven firms' labour and total factor productivity growth. Chapter 6 performs a similar analysis using two standard accounting ratios (value-added and the rate of profit). Chapter 7 assesses the impact of privatisation on technical efficiency using data envelopment analysis. In chapter 8 the impact of ownership on employment, wage levels and the distribution of business income is considered. The penultimate chapter discusses the restructuring that has followed each company's move into the private sector, and the final chapter summarises the results.
