Holdings: Performance targets and managerial incentives

Performance targets and managerial incentives:

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Bibliographic Details
Main Author:	Krebs, Moritz-Bernhard (Author)
Format:	Thesis Book
Language:	English
Published:	München 2016
Subjects:	Hochschulschrift
Online Access:	Inhaltsverzeichnis
Physical Description:	vi, 153 Seiten

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MARC


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adam_text	PERFORMANCE TARGETS AND MANAGERIAL INCENTIVES INAUGURAL-DISSERTATION ZUR ERLANGUNG DES GRADES DOCTOR OECONOMIAE PUBLICAE (DR. OEC. PUBL.) AN DER LUDWIG-MAXIMILIANS-UNIVERSITAET MUENCHEN VORGELEGT VON MORITZ-BERNHARD KREBS JAHR: 2016 REFERENT: PROF. DR. CHRISTIAN HOFMANN KORREFERENT: PROF. DR. ANDREAS RICHTER PROMOTIONSABSCHLUSSBERATUNG: 16. NOVEMBER 2016 CONTENTS 1 INTRODUCTION 1 REFERENCES................................................................................................................. 21 2 ESSAY I: TARGET RATCHETING, SHORT-TERM SALARIES, AND THE RATCHET EFFECT 29 2.1 INTRODUCTION..................................................................................................... 30 2.2 BASIC MODEL WITH SYMMETRIC TARGET R ATCH ETIN G ......................................... 35 2.3 ANALYSIS OF THE RELATION BETWEEN TARGET RATCHETING AND THE RATCHET EFFECT 39 2.3.1 NON-RATCHETING TARGETS AND LONG-TERM SALARIES ......................... 39 2.3.2 RATCHETING TARGETS AND LONG-TERM S A LA R IE S ................................... 41 2.3.3 THE MODERATING EFFECT OF SHORT-TERM SALARIES ON THE RELATION BETWEEN TARGET RATCHETING AND THE RATCHET E FFE C T ......................... 45 2.3.4 EXTENSION OF THE ANALYSIS TO ASYMMETRIC TARGET RATCHETING . . . 49 2.4 C O N C LU SIO N .................................................................................................... 52 2.5 A P P E N D IX ........................................................................................................ 55 REFERENCES................................................................................................................. 60 3 ESSAY II: VOLATILITY, BONUS LIMITS, AND OPTIMAL TARGETS 63 3.1 INTRODUCTION.................................................................................................... 64 3.2 BASIC MODEL WITH A RISK-NEUTRAL A G E N T ..................................................... 69 3.3 ANALYSIS OF THE RELATION BETWEEN VOLATILITY AND THE OPTIMAL TARGET WITH THE RISK-NEUTRAL A G E N T.................................................................................. 72 3.3.1 OPTIMAL COMPENSATION AND TARGET WITH THE RISK-NEUTRAL A GENT. . 72 3.3.2 THE RELATION BETWEEN VOLATILITY AND THE OPTIMAL TARGET WITH THE RISK-NEUTRAL AGENT AND A LOW UPPER BONUS L I M I T ...................... 74 3.3.3 THE RELATION BETWEEN VOLATILITY AND THE OPTIMAL TARGET WITH THE RISK-NEUTRAL AGENT AND A HIGH UPPER BONUS L IM IT ...................... 76 3.4 ANALYSIS OF THE RELATION BETWEEN VOLATILITY AND THE OPTIMAL TARGET WITH A RISK-AVERSE A GENT............................................................................................ 80 3.4.1 THE MODEL WITH THE RISK-AVERSE A G E N T ......................................... 80 3.4.2 OPTIMAL COMPENSATION AND TARGET WITH THE RISK-AVERSE AGENT . . 81 3.4.3 EFFECTS OF VOLATILITY AND AN UPPER BONUS LIMIT ON THE OPTIMAL TARGET WITH THE RISK-AVERSE A G E N T................................................... 85 3.5 CONCLUSION ..................................................................................................... 87 3.6 A P P E N D IX ........................................................................................................ 90 REFERENCES.................................................................................................................. 96 4 ESSAY III: OPTIMAL TARGET DYNAMICS FOR PLANNING AND CONTROL 99 4.1 INTRODUCTION........................................................................................................100 4.2 THEORETICAL FRAM EW ORK..................................................................................... 104 4.2.1 BASIC MODEL WITH INDEPENDENT PERIODS ............................................ 104 4.2.2 PLANNING AND CONTROL PROBLEMS .........................................................108 4.3 ANALYSIS OF OPTIMAL TARGET DYNAMICS WITH INDEPENDENT P E R I O D S ............. 109 4.3.1 OPTIMAL TARGETS IN THE PLANNING PROBLEM WITH INDEPENDENT PERIODS 110 4.3.2 OPTIMAL TARGETS IN THE CONTROL PROBLEM WITH INDEPENDENT PERIODS 110 4.4 ANALYSIS OF OPTIMAL TARGET DYNAMICS WITH DEPENDENT P E R IO D S ................... 114 4.4.1 THE MODEL WITH DEPENDENT P E R IO D S .................................................. 114 4.4.2 OPTIMAL TARGETS IN THE PLANNING PROBLEM WITH DEPENDENT PERIODS 118 4.4.3 OPTIMAL TARGETS IN THE CONTROL PROBLEM WITH DEPENDENT PERIODS . 122 4.5 CONCLUSION ........................................................................................................129 4.6 A P P E N D IX ........................................................................................................... 132 REFERENCES.................................................................................................................... 141 5 CONCLUSION 145 REFERENCES.................................................................................................................... 151 IV
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spelling	Krebs, Moritz-Bernhard Verfasser aut Performance targets and managerial incentives vorgelegt von Moritz-Bernhard Krebs München 2016 vi, 153 Seiten txt rdacontent n rdamedia nc rdacarrier Dissertation Ludwig-Maximilians-Universität München 2016 (DE-588)4113937-9 Hochschulschrift gnd-content DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029436150&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis
spellingShingle	Krebs, Moritz-Bernhard Performance targets and managerial incentives
subject_GND	(DE-588)4113937-9
title	Performance targets and managerial incentives
title_auth	Performance targets and managerial incentives
title_exact_search	Performance targets and managerial incentives
title_full	Performance targets and managerial incentives vorgelegt von Moritz-Bernhard Krebs
title_fullStr	Performance targets and managerial incentives vorgelegt von Moritz-Bernhard Krebs
title_full_unstemmed	Performance targets and managerial incentives vorgelegt von Moritz-Bernhard Krebs
title_short	Performance targets and managerial incentives
title_sort	performance targets and managerial incentives
topic_facet	Hochschulschrift
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029436150&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
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