| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4863 |
| DP4863 The Evolution of Retirement | |
| Vincenzo Galasso; José Ignacio Conde-Ruiz; Paola Profeta | |
| 发表日期 | 2005-01-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Future wage payments drive a wedge between total firm output and the output share received by the firm?s owners, thus potentially distorting strategic decisions by the firm?s owners such as, e.g., whether to continue the firm, sell it, or shut it down. Using an optimal contracting approach, we show that the unique optimal firm-wide employee compensation scheme from this perspective is a broad-based option plan. Broad-based option pay minimizes the firm?s expected future wage payments in states of nature where the firm is only marginally profitable, thus making continuation as attractive as possible in precisely those states of nature where, e.g., a high fixed wage would lead the firm?s owners to inefficiently exit. |
| 主题 | Financial Economics |
| 关键词 | Broad option pay Employee stock options |
| URL | https://cepr.org/publications/dp4863 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533770 |
| 推荐引用方式 GB/T 7714 | Vincenzo Galasso,José Ignacio Conde-Ruiz,Paola Profeta. DP4863 The Evolution of Retirement. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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