Accounting Pro ... ts , Market Pro ... ts , and the Compensation of Regular Employees
نویسندگان
چکیده
We estimate “CEO style” wage equations using two longitudinal matched employeremployee data sets. We develop a model in which the wages of all employees in a ...rm are linked to those of top management, which generates speci...c empirical implications that have already been tested on CEOs. We provide evidence that the wages of “regular” employees in large ...rms are linked to accounting and stock-market pro...tability. Di¤erences in the strengths of these links across ...rms provide support for our model.
منابع مشابه
Does the Fed beat the foreign-exchange market?
This paperÕs estimates and tests of Fed intervention pro®ts are the ®rst that explicitly adjust for foreign-exchange risk premia; failure to adjust may grossly aect estimated pro®ts. Pro®ts appear economically and statistically signi®cant, whether risk premia are modeled as time-constant or as appreciationÕs market beta depending on Fed intervention. The estimates are sensitive to the method o...
متن کاملTrade Disclosure and Imperfect Competition among Insiders
We analyze how public disclosure of insiders' trades a ects competition among informed insiders in a dynamic Kyle model. Under disclosure requirement, an insider's order ow consists of two components: an information-based component for a pro t and a random component for hiding information. We show that insiders trade more aggressively on their private information and the random components from ...
متن کاملEfficient, profitable and safe banking: an oxymoron? Evidence from a panel VAR approach
E ciency is considered a key factor when evaluating a bank's performance. Moreover, e ciency enhancement is an explicit policy objective in the Single Market Directive of the European Commission. But e ciency improvements may come at the expense of deteriorating bank pro ts and excessive risk-taking. Both the quantitative e ects and dynamic reactions of performance in response to e ciency impro...
متن کاملStrategic Pro t Sharing Between Firms 1 Roberts Waddle
The purpose of our thesis "Strategic Pro t Sharing Between Firms" is to study the e¤ects of the unilateral and unconditional pro t sharing strategy on rmsbehavior. The basic model is a two-stage game. In the rst stage, rms decide simultaneously what part of their pro ts to give away to their rival and then, in a second stage, the equilibrium price and quantities are determined. Notice that ...
متن کاملIntertemporal Price Discrimination in Storable Goods Markets
We study intertemporal price discrimination when consumers can store for future consumption needs. To make the problem tractable we o¤er a simple model of demand dynamics, which we estimate using market level data. Optimal pricing involves temporary price reductions that enable sellers to discriminate between price sensitive consumers, who anticipate purchases for future consumption, and less p...
متن کامل