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The Impact of Competition on Manager Compensation: Theory and Evidence in Hedge Funds 竞争对经理人薪酬的影响:对冲基金的理论与证据
Organizations & Markets eJournal Pub Date : 2009-11-01 DOI: 10.2139/ssrn.1285788
Fei Pan, Hui Zhao, K. Tang
{"title":"The Impact of Competition on Manager Compensation: Theory and Evidence in Hedge Funds","authors":"Fei Pan, Hui Zhao, K. Tang","doi":"10.2139/ssrn.1285788","DOIUrl":"https://doi.org/10.2139/ssrn.1285788","url":null,"abstract":"The hedge fund (HF) industry has experienced dramatic changes since late 2007. Before then, HF managers faced little or no competition because of affluent capital in the market. Since then, however, large redemption because of the financial crisis has forced managers to compete for capital, leading to a transfer of bargaining power in managers' compensation contracts from the managers to the investors. In this paper, we investigate the impact of competition on managers' compensation using a signaling game model. We show that, when the bargaining power is on the investors' side, managers are less willing to offer a high-water mark. These findings are further validated in an empirical study.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123081385","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Managers and (Secret) Social Networks: The Influence of the Freemasonry on Firm Performance 管理者与(秘密)社会网络:共济会对企业绩效的影响
Organizations & Markets eJournal Pub Date : 2009-10-24 DOI: 10.2139/ssrn.1114043
F. Braggion
{"title":"Managers and (Secret) Social Networks: The Influence of the Freemasonry on Firm Performance","authors":"F. Braggion","doi":"10.2139/ssrn.1114043","DOIUrl":"https://doi.org/10.2139/ssrn.1114043","url":null,"abstract":"In this paper, I study the impact of managers’ affiliations with the Freemasonry on the performances of companies. Using a unique data set of 412 companies quoted on the London Stock Exchange between 1895 and 1902, I find that young and small firms run by Masonic managers exhibited larger leverage ratios. These companies earned higher profits, although the effect is not statistically significant. Large publicly quoted corporations managed by Freemasons instead had lower profits and lower Tobin’s Q. I discuss the issue of the endogeneity of Freemasonry membership, and I use four different approaches to partially address this.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"46 44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132005950","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 30
Benchmarking Central American Water Utilities 对标中美洲水务公司
Organizations & Markets eJournal Pub Date : 2009-09-01 DOI: 10.1016/J.JUP.2008.11.001
M. L. Corton, S. Berg
{"title":"Benchmarking Central American Water Utilities","authors":"M. L. Corton, S. Berg","doi":"10.1016/J.JUP.2008.11.001","DOIUrl":"https://doi.org/10.1016/J.JUP.2008.11.001","url":null,"abstract":"","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120372040","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 87
The Effect of Labor on Profitability: The Role of Quality 劳动力对盈利能力的影响:质量的作用
Organizations & Markets eJournal Pub Date : 2009-07-01 DOI: 10.2139/ssrn.1269523
Zeynep Ton
{"title":"The Effect of Labor on Profitability: The Role of Quality","authors":"Zeynep Ton","doi":"10.2139/ssrn.1269523","DOIUrl":"https://doi.org/10.2139/ssrn.1269523","url":null,"abstract":"Determining staffing levels is an important decision in retail operations. While the costs of increasing labor are obvious and easy to measure, the benefits are often indirect and not immediately felt. One benefit of increased labor is improved quality. The objective of this paper is to examine the effect of labor on profitability through its impact on quality. I examine both conformance quality and service quality. Using longitudinal data from stores of a large retailer, I find that increasing the amount of labor at a store is associated with an increase in profitability through its impact on conformance quality but not its impact on service quality. While increasing labor is associated with an increase in service quality, in this setting there is no significant relationship between service quality and profitability. My findings highlight the importance of attending to process discipline in certain service settings. They also show that too much corporate emphasis on payroll management may motivate managers to operate with insufficient labor levels, which, in turn, degrades profitability.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126136225","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 49
Age Effects, Leverage and Firm Growth 年龄效应、杠杆与企业成长
Organizations & Markets eJournal Pub Date : 2009-07-01 DOI: 10.2139/ssrn.879284
Kim P. Huynh, Robert Petrunia
{"title":"Age Effects, Leverage and Firm Growth","authors":"Kim P. Huynh, Robert Petrunia","doi":"10.2139/ssrn.879284","DOIUrl":"https://doi.org/10.2139/ssrn.879284","url":null,"abstract":"Recent theories of firm dynamics emphasize the role of financial variables as determinants of firm growth. Empirically examining these relationships has been difficult, since there is a lack of financial data on the small, young, and private firms. Using a unique administrative data set, this paper considers the growth of new firms in Canadian manufacturing from a financial perspective. We find that financial factors, such as leverage and initial financial size, impact growth rates for new firms. Further, the inclusion of leverage has little impact on the economic significance of the conditional age and size relationships with firm growth.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133110939","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 189
Performance Persistence Among Canadian Institutional Money Managers 加拿大机构基金经理业绩持续性研究
Organizations & Markets eJournal Pub Date : 2009-06-26 DOI: 10.2139/ssrn.1094246
Gene Hochachka
{"title":"Performance Persistence Among Canadian Institutional Money Managers","authors":"Gene Hochachka","doi":"10.2139/ssrn.1094246","DOIUrl":"https://doi.org/10.2139/ssrn.1094246","url":null,"abstract":"Using the Mercer database of Canadian institutional money managers we test for performance persistence in several different large-cap equity mandates. From 1990 to 2008 we find that top-performing funds over the prior four years have no better chance of staying in the top half than of falling into the bottom half of their peers over the next four years. Our finding of no performance persistence is limited to the high-performing funds because low-performing funds exhibit some persistence and also markedly higher attrition rates. Our findings are robust to three- and five-year performance-measurement periods and to risk-adjustment. We also find short-term persistence across managers, which is probably a manifestation of the momentum effect in securities.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126711025","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A Longitudinal Study of the Influence of Alliance Network Structure and Composition on Firm Exploratory Innovation 联盟网络结构与组成对企业探索性创新影响的纵向研究
Organizations & Markets eJournal Pub Date : 2009-06-08 DOI: 10.5465/AMJ.2010.52814627
C. Phelps
{"title":"A Longitudinal Study of the Influence of Alliance Network Structure and Composition on Firm Exploratory Innovation","authors":"C. Phelps","doi":"10.5465/AMJ.2010.52814627","DOIUrl":"https://doi.org/10.5465/AMJ.2010.52814627","url":null,"abstract":"This study examines the influence of the structure and composition of a firm's alliance network on its exploratory innovation. In a longitudinal investigation of 77 telecommunications equipment manufacturers, I find the technological diversity of a firm's alliance partners increases its exploratory innovation. I also find that network density among a firm's alliance partners strengthens the influence of diversity. These results suggest the benefits of network closure and access to diverse information can coexist in a firm's alliance network and the combination of the two increases exploratory innovation.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121184502","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 852
Aggregating Performance Measures in Multitask Principal-Agent Relationships 多任务委托代理关系中的聚合绩效度量
Organizations & Markets eJournal Pub Date : 2009-05-19 DOI: 10.2139/ssrn.1100342
Veikko Thiele
{"title":"Aggregating Performance Measures in Multitask Principal-Agent Relationships","authors":"Veikko Thiele","doi":"10.2139/ssrn.1100342","DOIUrl":"https://doi.org/10.2139/ssrn.1100342","url":null,"abstract":"It has been argued in the multitask agency literature that effort distortion can be mitigated by applying several performance measures in incentive contracts. This paper analyzes the efficient aggregation of multiple performance measures aimed at motivating non-distorted effort. It demonstrates that non-distorted effort can be induced by combining a sufficient quantity of informative performance measures. However, this is only optimal if the required aggregation concurrently maximizes the precision of the agent's performance evaluation. This paper further illustrates how the optimal performance evaluation is affected by individual agent's ability to perform relevant tasks.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130843691","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Other Side of the Trading Story: Evidence from NYSE 交易故事的另一面:来自纽约证券交易所的证据
Organizations & Markets eJournal Pub Date : 2009-05-13 DOI: 10.2139/ssrn.1263930
W. Wong, L. Copeland, Ralph Lu
{"title":"The Other Side of the Trading Story: Evidence from NYSE","authors":"W. Wong, L. Copeland, Ralph Lu","doi":"10.2139/ssrn.1263930","DOIUrl":"https://doi.org/10.2139/ssrn.1263930","url":null,"abstract":"We analyse the well-known TORQ dataset of trades on the NYSE over a 3-month period, breaking down transactions depending on whether the active or passive side was institutional or private. This allows us to compare the returns on the different trade categories. We find that, however we analyse the results, institutions are best informed, and earn highest returns when trading with individuals as counter party. We also confirm the conclusions found elsewhere in the literature that informed traders often place limit orders, especially towards the end of the day (as predicted on the basis of laboratory experiments in Bloomfield, O.Hara, and Saar (2005)). Finally, we find that trading between institutions accounts for the bulk of trading volume, but carries little information and seems to be largely liquidity-driven.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130202908","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Competing Accounting Treatments for Emission Rights: A Capital Market Perspective 排放权的竞争性会计处理:资本市场视角
Organizations & Markets eJournal Pub Date : 2009-05-08 DOI: 10.2139/ssrn.1323810
S. Veith, J. R. Werner, Jochen Zimmermann
{"title":"Competing Accounting Treatments for Emission Rights: A Capital Market Perspective","authors":"S. Veith, J. R. Werner, Jochen Zimmermann","doi":"10.2139/ssrn.1323810","DOIUrl":"https://doi.org/10.2139/ssrn.1323810","url":null,"abstract":"This study provides comparative tests for the decision usefulness of four accounting alternatives for emission rights. In current accounting practice, cost-based net approaches as well as cost- and market-based gross approaches coexist. Modelling the available accounting treatments as reporting alternatives for a sample of the major polluters within the EU ETS, we present empirical evidence on their suitability in a market valuation setting. We find that the cost-based net approach provides additional information while gross methods, even the full market-based disclosures, do not. We thus show that an increase in reporting complexity does not always yield superior information con-tent. Our results contribute to discussions of the economic impact of emission trading and to appropriate accounting treatments of such schemes.","PeriodicalId":201603,"journal":{"name":"Organizations & Markets eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131248949","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 14
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