Mostrar el registro sencillo del ítem
Paying for observable luck
dc.contributor.author | Feriozzi, Fabio | |
dc.date.accessioned | 2024-01-31T15:58:22Z | |
dc.date.available | 2024-01-31T15:58:22Z | |
dc.date.issued | 2011-05-30 | |
dc.identifier.citation | FERIOZZI, Fabio. Paying for observable luck. The RAND Journal of Economics, 2011, vol. 42, no 2, p. 387-415. | ca_CA |
dc.identifier.issn | 0741-6261 | |
dc.identifier.issn | 1756-2171 | |
dc.identifier.uri | http://hdl.handle.net/10234/205637 | |
dc.description.abstract | This article examines why CEOs are rewarded for luck, namely for observable shocks beyond their control. I propose a simple hidden action model where the agent has implicit incentives to avoid bankruptcy. After signing the contract, but before acting, the agent observes a signal on future luck. Implicit incentives are weaker after good news, and call for higher pay-for-performance sensitivity in good times. As a result, managerial pay is tied to luck. The model is also consistent with recent evidence of asymmetric pay for luck, that is, a larger exposure of managerial pay to good luck than to bad. | ca_CA |
dc.format.extent | 29 p. | ca_CA |
dc.language.iso | eng | ca_CA |
dc.publisher | Wiley | ca_CA |
dc.relation.isPartOf | The RAND Journal of Economics, 22011, 42, 2 | ca_CA |
dc.rights | CopyrightC©2011, RAND387 | ca_CA |
dc.rights.uri | http://rightsstatements.org/vocab/InC/1.0/ | ca_CA |
dc.title | Paying for observable luck | ca_CA |
dc.type | info:eu-repo/semantics/article | ca_CA |
dc.identifier.doi | https://doi.org/10.1111/j.1756-2171.2011.00138.x | |
dc.rights.accessRights | info:eu-repo/semantics/restrictedAccess | ca_CA |
dc.relation.publisherVersion | https://onlinelibrary.wiley.com/doi/10.1111/j.1756-2171.2011.00138.x | ca_CA |
dc.type.version | info:eu-repo/semantics/publishedVersion | ca_CA |
Ficheros en el ítem
Ficheros | Tamaño | Formato | Ver |
---|---|---|---|
No hay ficheros asociados a este ítem. |
Este ítem aparece en la(s) siguiente(s) colección(ones)
-
ECO_Articles [696]