Performance compensation contracts and CEOs’ incentive to shift risk to debtholders: An empirical analysis

The paper investigates the relationships among CEO incentive contracts, manager ownership, charter value, and bank risk taking. We analyze whether the presence and magnitude of incentive contracts induce CEOs of financially distressed firms and firms with high manager ownership to take unprofitable risks that shift wealth from debtholders to equity holders. Our sample focuses on banks that had both the incentive and opportunity to shift risks, and compares them with those that did not. We compare weak and strong banks in periods when the banks’ principal creditor, the FDIC, was a lenient and then a stringent monitor. The evidence is consistent with bonus compensation inducing CEOs of financially weak firms to shift risk to debtholders only if they do not have large insider ownership. The evidence is also consistent with these contracts rewarding CEOs for their effort to manage unforeseeable risk albeit not their ability. Low charter value banks with high managerial ownership took profitable risk during the lenient regulatory period.     

寻求渠道差异化优势

新的渠道意味着公司不用受制于零售商，也不用承担巨额库存费用。实际上，它实现了最佳的效用循环：低成本高利润。戴尔解释道：“事实上你得与顾客建立某种关系，利用这种关系得到有价值的信息。将这种信息糅进技术之中，你就有基础平衡与供货商及顾客之间的关系，对通行于各大跨国公司的基本经营模式进行变革。”其它公司正在追随戴尔，开发新颖独特的营销渠道。许多案例已经证明，这些公司开发和管理营销渠道的能力，正在使所处行业发生革命性转变。越来越多的国际领先公司认识到，营销渠道管理可以改变游戏规则。营销渠道管理不仅仅是指…     

Economic Analysis at the Federal Communications Commission

This article reviews a number of the major economic issues confronting the Federal Communications Commission (FCC) over the past year and discusses new analytic techniques that FCC economists applied to some of those issues. The article also identifies several areas in which further academic research would be valuable to this agency.Martin Perry is serving as FCC Chief Economist on leave from Rutgers University, New Brunswick NJ. Jonathan Levy is the FCC Deputy Chief Economist and, like Evan Kwerel and Chuck Needy, works in the FCCs Office of Strategic Planning and Policy Analysis. Mark Uretsky works in the FCCs International Bureau and Tracy Waldon in the FCCs Media Bureau. All authors are economists except for John Williams, an engineer consultant who advises the FCC on spectrum issues.     

The Industrial Finance Department: An Australian Experiement in Small Business Finance

Small business has an uneasy relationship with the banking sector. In some countries, governments have stepped in to create specialist institutions for small business finance. One such institution was created in Australia after World War II. An Industrial Finance Department was created within a restructured Commonwealth Bank to provide specialist financial assistance to small business. This institution, neglected by historians, grew and survived in an evolving political and often hostile environment. The Industrial Finance Department provides further insight into the politics of financial provision and regulation in Australia.     

渠道多元化为你挣钱了吗

如今,为了满足客户对更多渠道的需求,企业已纷纷开拓多种客户接触途径。然而,多渠道营销实际上远非看起来那么简单。常常是企业增加了营销渠道,成本反而上升,或是销售额有所下降。     

别再装好人

亲爱的劳埃德（Lloyd Blankfein是高盛董事长兼首席执行长）：在这个时候,我或许不该也插上一脚。不过,我曾对你说过,而且我还要说——你面临一场必败无疑之仗。     

Evaluating Alternative Prescribed Burning Policies to Reduce Net Economic Damages from Wildfire

We estimate a wildfire risk model with a new measure of wildfire output, intensity-weighted risk and use it in Monte Carlo simulations to estimate welfare changes from alternative prescribed burning policies. Using Volusia County, Florida as a case study, an annual prescribed burning rate of 13% of all forest lands maximizes net welfare; ignoring the effects on wildfire intensity may underestimate optimal rates of prescribed burning. Our estimated supply function for prescribed fire services is inelastic, suggesting that increasing contract prescribed fire services on public lands may produce rapidly escalating costs for private landowners and unintended distributional and "leakage" effects.