We introduce ctm, a process calculus which embodies a notion of trust for global computing systems. In ctm each principal (location) is equipped with a policy, which determines its legal behaviour, and with a protocol, which allows interactions between principals and the flow of information from principals to policies. We elect to formalise policies using a Datalog-like logic, and to express pr...

This paper examines the impact of repeated renegotiation on incentives and managerial tenure when performance information is serially correlated. In addition to providing a general solution to a multi-period agency problem with serially correlated performance measures, the paper characterizes optimal managerial tenure/turnover policies as a function of the time-series properties of performance ...

We present evidence that managerial shareholdings are an important determinant of bank risk-taking. Managerial shareholdings are positively related to total and ®rm speci®c risk in the late 1980s when banking was relatively less regulated and when the industry was under considerable ®nancial stress. However, following legislation in 1989 and 1991 designed to reduce risk-taking and also re ̄ectin...

Micro level studies suggest managerial skills play a key role in the adoption of modern technologies. In this paper we model the interactive process between on-the-job managerial skill acquisition and the adoption of modern technology. We use the model to illustrate why some countries develop managerial skills quickly and adopt best practice technologies, while others stay backwards. The model ...

We test for information structure in executive compensation. The optimal compensation contract in the principal agent model implies that incentives increase with the level of managerial talent only if information about managerial talent is asymmetric in that executives have better information than shareholders. We find positive relations between the payperformance sensitivity and the level of m...

With the purpose to enable reflections concerning nurses' managerial performance in hospitalization units, three studies conducted in three different decades, in the same university hospital, were analyzed. From this analysis, it was observed that nurses' managerial practice has been mainly characterized by the accentuated compliance to pre-established norms, thus showing a reiterative praxis. ...

this research has been conducted to study the social barriers for women to have managerial positions. to this end the glass ceiling theory and role conflict hypothesis have been proposed. the statistical population has been 323 employed female staff of bank melli in tehran who were selected through systematic sampling based on cochran’s sampling formula. findings suggest that the main social ob...

An efficient managerial labor market should compensate executives according to their contribution to shareholder value. We provide novel empirical evidence about the relationship between executive pay and managerial contribution to value by exploiting the exogenous variation resulting from stock price reactions to sudden deaths. We find, first, that the managerial labor market is characterized ...

We incorporate managerial e¤orts inside …rms in a standard monopolistic competition model a la Krugman(1980) with heterogenous …rms. The manager works to increase probability of productivity improvement for the …rm. Due to unobservable managerial e¤ort and limited liability, the optimal managerial compensation scheme links the market performance of the …rm to managerial incentives. Managers in ...

In this paper, we deliberate the possible impacts of corporate governance and performance on managerial turnover using a unique dataset of Russian corporations. This study is different from most previous works in that we deal with not only CEO dismissals, but also with managerial turnover in a company as a whole. We find that nonpayment of dividends is correlated significantly with managerial t...