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- Oxelheim, Lars, et al.
(författare)
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Executive Compensation and Macroeconomic Fluctuations
- 2008
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Ingår i: Markets and Compensation for Executives in Europe. - Göteborg : Göteborg University. - 9780080557380
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Bokkapitel (övrigt vetenskapligt/konstnärligt)abstract
- Macroeconomic fluctuations affect corporations’ performance through demand and cost conditions. Incentive effects of performance-based compensation schemes for management may be weakened or biased by macroeconomic influences if management is unable to forecast macroeconomic fluctuations or unable to adjust operations in response to changes in macroeconomic conditions. In this paper we analyze the impact of macroeconomic, industry and firm-specific factors on salaries and bonus of CEOs in 131 Swedish corporations during the period 2001–2006. A distinction is made between anticipated and unanticipated macroeconomic fluctuations. The macroeconomic influences on performance and compensation can be expected to vary from firm to firm in terms of magnitude of effects, as well as in terms of relevant macroeconomic variables. The estimates obtained in this paper refer to the average impact across the sample of firms. We find that the average Swedish CEOs’ compensation is explained to a substantial extent by macroeconomic factors; less so by unanticipated factors alone.
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- Agmon, Tamir, 1941, et al.
(författare)
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International Trade Risk and the Cost of Flexibility in Capital Investment
- 2011
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Ingår i: Trade Policy and Corporate Business Decisions. - : Oxford University Press. - 9780195055382
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Bokkapitel (övrigt vetenskapligt/konstnärligt)abstract
- This chapter describes the effects of trade policy configurations and summarizes them in a probability distribution on investment value and performance. It has important implications for investment management, as actual changes in policy after the strategic and competitive strength of various businesses. However, the implicit message of this work is even more potent than its explicit insights; namely, the identification of the basic tradeoff to be confronted in the management of the effects of trade policy and trade policy risks on corporate assets. The author also examines trade policy's effect on corporate decisions to invest in the productive capacity of a certain industry. © 1989 by Oxford University Press, Inc. All rights reserved.
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- Ostrup, Finn, et al.
(författare)
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Origins and Resolution of Financial Crises: Lessons from the Current and Northern European Crises
- 2009
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Ingår i: Asian Economic Papers. - : MIT Press - Journals. - 1535-3516 .- 1536-0083. ; 8:3, s. 178-220
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Tidskriftsartikel (refereegranskat)abstract
- Since July 2007, the world economy has experienced a severe financial crisis that originated in the U.S. housing market. Subsequently, the crisis has spread to financial sectors in European and Asian economies and led to a severe worldwide recession. The existing literature on financial crises rarely distinguishes between factors that create the original strain on the financial sector and factors that explain why these strains lead to system-wide contagion and a possible credit crunch. Most of the literature on financial crises refers to factors that cause an original disruption in the financial system. We argue that a financial crisis with its contagion within the system is caused by failures of legal, regulatory, and political institutions. One policy implication of our view is that various forms of financial rescue would be reduced in times of crisis if appropriate controls and safeguards were already in place. We draw on experiences from the financial crises in the Nordic countries at the end of the 1980s and the beginning of the 1990s. In particular, the Swedish model for crisis resolution, which has received attention during the current crisis, is discussed to illustrate the problems policymakers face in a financial crisis without appropriate institutions. We discuss European Union approaches to the current crisis before turning to policy implications from an emerging market perspective in the current crisis.
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