Awards such as orders, medals and decorations are a global phenomenon; they exist everywhere in society and in all times. They serve as signals to generally indicate socially desired behavior as well as motivators for individual persons. Awards in the form of orders, crosses, decorations, prizes, and titles, are non-material, but extrinsic incentives. The realm of awards is quite vague. The sem...

This paper presents preliminary fi ndings and is being distributed to economists and other interested readers solely to stimulate discussion and elicit comments. The views expressed in this paper are those of the authors and are not necessarily refl ective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the author...

In this paper the principal-agent models between the investor and the manager of the open-ended fund are made from the new view about the liquidity risk management, and the optimal contracts and optimal policies are obtained in closed form by solving these modes. By the analysis of the optimal contract, we find that the fixed compensation of manager is the positive relationship with redemption ...

We propose a model in which firms compete to attract better managers by using corporate governance as part of an optimal executive compensation scheme. Higher governance decreases the cost of taking disciplinary actions against managers, but when managerial talent is scarce, competition among firms to attract better managers implies that firms under-invest in governance. The reason is that mana...

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This paper examines the link between CEO pay and performance employing a unique, hand-collected panel data set of 390 UK non-financial firms from the FTSE All Share Index for the period 1999-2005. We include both cash (salary and bonus) and equity-based (stock options and long-term incentive plans) components of CEO compensation in our analysis of a dynamic CEO compensation model. Different fro...