| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6428 |
| DP6428 Non Linear Taylor Rules and Asymmetric Preferences in Central Banking - Evidence from the UK and the US | |
| Alex Cukierman; Vito Antonio Muscatelli | |
| 发表日期 | 2007-08-17 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | This paper analyzes the optimal contracting consequences of a recent phenomenon in the managerial labour market, CEO job hopping. I show that if the managerial labour market is thin and firm growth opportunities are weak, the optimal contract rewards the CEO for past performance through a bonus. Nevertheless, the CEO takes a long horizon in selecting corporate strategies. If firm growth opportunities improve, but prospects of job-hopping remain limited, the optimal contract includes restricted-equity-like claims, but overall compensation does not increase. However, if the managerial labour market provides more opportunities for job-hopping, large differences in the structure and the level of managerial compensation emerge. If firm growth opportunities are weak, it is optimal to offer a bonus contract, even though the CEO selects an inefficient short-term strategy. If firm growth opportunities are strong, a large amount of long-term equity compensation mitigates short-termist incentives. This drives a surge in CEO compensation. I show that, under these conditions, the optimal contract may include non-restricted equity even though the main problem is managerial retention. Finally, I argue that the model can explain both the surge in U.S. CEO compensation and the differences in managerial compensation across countries and across firms within a country. |
| 主题 | Financial Economics |
| 关键词 | Executive compensation Managerial labour market Short-termism |
| URL | https://cepr.org/publications/dp6428 |
| 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/535266 |
| 推荐引用方式 GB/T 7714 | Alex Cukierman,Vito Antonio Muscatelli. DP6428 Non Linear Taylor Rules and Asymmetric Preferences in Central Banking - Evidence from the UK and the US. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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