In the course of the recent financial, economic and debt crisis significant regulatory efforts have been taken to make financial markets more resilient. Not all of these regulations are effective. For example, it is hard to imagine that the Single Resolution Mechanism (SRM) and the Bank Recovery and Resolution Directive (BRRD) are applicable to the largest of European banks, because the required minimum coverage of losses by shareholders and debtors would most likely trigger a systemic crisis. Furthermore, the many roles of the ECB may lead to severe conflicts of interest. It should be also reconsidered whether the planned Capital Market Union’s focus on the securitisation of loans and the promotion of direct investments by savers in the capital market makes sense. 相似文献
We analyze the optimal combination of promotion tournaments and linear individual performance pay in an employment relationship. An agent's effort is nonobservable and he has private information about his suitability for promotion. Thus, the two incentive schemes need to be combined to serve both incentive and selection purposes. If harder working agents respond less to intensified effort incentives, we find that the principal puts less emphasis on individual performance pay when selection becomes more important. Thus, we provide a possible explanation as to why, in practice, individual performance pay is less prevalent than promotion‐based incentives.相似文献
Imitation goods are widely spread throughout the global business world. Shanzhai imitation () represents a type of imitation that mimics the original brand through surface or functional similarities but often provides enhanced or innovative features adapted to local market needs. Although both practitioners and academics have studied and provided solutions to combat counterfeits, solutions for original brand manufacturers to address threats from Shanzhai products are lacking. In this article, we first differentiate Shanzhai products from counterfeits. Using a mixed-method approach that combines interviews and laboratory experiment results, we then identify social, individual, functional, and financial (SIFF) factors as driving forces behind consumers’ purchasing of Shanzhai products. Shanzhai buyers place more weight on functional value and price/quality ratio than do counterfeit buyers, who in turn favor social value and materialism more than Shanzhai buyers. Finally, we provide several recommendations to original manufacturers from both the demand and supply sides. 相似文献
Media communication has become a crucial part of crisis communications due to the rapid dissemination of information along with its immense impact on consumers and other stakeholders. Based on a structured content analysis of electronic media reports on restaurant-associated food safety crises from 1993 to 2015, this study examined media reporting patterns focusing on three elements: instructing information, crisis response strategies, and stakeholders. This study also identified the effect of situational factors (severity of risk and crisis type) on the media reporting patterns using Chi-square tests. The results indicated that restaurant firms were more likely to use proactive than passive response strategies, and identified primary stakeholders during a food safety crisis such as regulatory agencies, victims, and customers. Finally, two situational factors were found to influence the pattern of media reporting. The media reporting patterns were found to vary by risk severity and crisis type. 相似文献
