Arising from the principal-agent consideration, Jensen and Murphy (1990b) studied pay-performance sensitivity (including pay, options, stockholdings, dismissal) for chief executive officers (CEOs) in 1980s. They found that CEO wealth changes $3.25 every $1,000 change shareholder wealth. In this study, we revisit issue of linkage between pay performance but with difference only include observabl...

The study aims to examine the corporate governance effect on performance of family-owned cement companies in Pakistan for period 2016 2021 using random and fixed panel regression based Hausman test considering intellectual capital as a moderator. results indicate positive audit size top 20 shareholders while negative insider shareholding board independence Tobin’s Q, ROE, ROA. Additionally, ins...

Purpose: This paper addresses whether and how the Sarbanes-Oxley Act of 2002(SOX) affects shareholder wealth (firm value) by focusing on the trade-off between improved corporate governance leading to a lower cost of capital and increased managerial compliance costs of regulations. Design/Methodology: We use an analytical model of solving the management utility maximization function and the cha...

This article describes a class of jump-uncertain stochastic control systems, and derives an Itô–Liu formula with jump. We characterize optimal law, that satisfies the Hamilton–Jacobi–Bellman equation Then, this paper deduces portfolio game under uncertain financial markets The information players is symmetrical. market constituted risk-free asset risky whose price process subjected to Black–Sch...

Demographic forces are crucial drivers of macroeconomic performance. Yet, existing theories do not allow demography to respond fundamentals and policies while determining key variables. We build a model endogenous interactions between fertility innovation-led productivity growth that delivers empirically consistent co-movements population, income wealth. Wealth dilution wage dynamics stabilize ...

We measure the causal effects of income and wealth on the demand for private-label products. Prior research suggests that these effects are large and, in particular, that private-label demand rises during recessions. Our empirical analysis is based on a comprehensive household-level transactions database matched with price information from store-level scanner data and wealth data based on local...

We study stochastic dynamic investment games in continuous time between two investors (players) who have available two different, but possibly correlated, investment opportunities. There is a single payoff function which depends on both investors’ wealth processes. One player chooses a dynamic portfolio strategy in order to maximize this expected payoff while his opponent is simultaneously choo...

The problem of maximization of expected utility from terminal wealth relies on the definition of admissible strategies, the ones which the agents are allowed to trade in. It is known that the classical definition of admissibility can lead to a trivial maximization if the price process is not locally bounded. Hence we introduce a suitable enlargement of the classical set and we show its properti...