infonet-economy

Welche Ursachen bewirken den Vergütungsanstieg Schweizer Top-Manager? Vertreter der «Marktthese» argumentieren: Die steigenden Löhne sind eine Folge von Veränderungen auf dem Markt für Manager. Vertreter der «Machtthese» halten dagegen: Die steigenden Löhne sind eine Folge der wachsenden Verfügungsgewalt des Managements in Aktiengesellschaften zu Lasten der Aktionäre. Wir testen…

A rarely studied trend in corporate governance is the increasing tendency to fill CEO openings through external hires rather than through internal promotions: Kevin J. Murphy and Jan Zabojnik (2004) show that the proportion of outside hires has doubled and their pay premium almost quadrupled over the last thirty years. Assuming that general managerial skills are becoming more…

This paper analyzes the choice among alternative fixed and variable cost structures under demand uncertainty. We show that the standard decision rules for the choice among cost structures under certainty continue to hold if the decision maker is risk neutral. If the decision maker is risk averse, the optimal cost structure depends on the decision model. With cost-based decision…