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This paper studies a setting in which a risk averse agent must be motivated to work on two tasks: he (1) evaluates a new project and, if adopted, (2) manages it. While a performance measure which is informative of an agent´s action is typically valuable because it can be used to improve the risk sharing of the contract, this is not necessarily the case in this two-task setting. I provide a sufficient condition under which a performance measure that is informative of the second task is worthless for contracting despite the agent being risk averse. This shows that information content is a necessary but not a sufficient condition for a performance measure to be valuable.
It is widely believed that the ideal board in corporations is composed almost entirely of independent (outside) directors. In contrast, this paper shows that some lack of board independence can be in the interest of shareholders. This follows because a lack of board independence serves as a substitute for commitment. Boards that are dependent on the incumbent CEO adopt a less aggressive CEO replacement rule than independent boards. While this behavior is inefficient ex post, it has positive ex ante incentive effects. The model suggests that independent boards (dependent boards) are most valuable to shareholders if the problem of providing appropriate incentives to the CEO is weak (severe).
Wider participation in stockholding is often presumed to reduce wealth inequality. We measure and decompose changes in US wealth inequality between 1989 and 2001, a period of considerable spread of equity culture. Inequality in equity wealth is found to be important for net wealth inequality, despite equity's limited share. Our findings show that reduced wealth inequality is not a necessary outcome of the spread of equity culture. We estimate contributions of stockholder characteristics to levels and inequality in equity holdings, and we distinguish changes in configuration of the stockholder pool from changes in the influence of given characteristics. Our estimates imply that both the 1989 and the 2001 stockholder pools would have produced higher equity holdings in 1998 than were actually observed for 1998 stockholders. This arises from differences both in optimal holdings and in financial attitudes and practices, suggesting a dilution effect of the boom followed by a cleansing effect of the downturn. Cumulative gains and losses in stockholding are shown to be significantly influenced by length of household investment horizon and portfolio breadth but, controlling for those, use of professional advice is either insignificant or counterproductive. JEL Classification: E21, G11
Transverse momentum event-by-event fluctuations are studied within the string-hadronic model of high energy nuclear collisions, LUCIAE. Data on non-statistical pT fluctuations in p+p interactions are reproduced. Fluctuations of similar magnitude are predicted for nucleus-nucleus collisions, in contradiction to the preliminary NA49 results. The introduction of a string clustering mechanism (Firecracker Model) leads to a further, significant increase of pT fluctuations for nucleus-nucleus collisions. Secondary hadronic interactions, as implemented in LUCIAE, cause only a small reduction of pT fluctuations.
Die vorliegende Fallstudie zu den Anciens Combattants in Diébougou ist das Ergebnis einer Lehrforschung der Johann Wolfgang Goethe-Universität, Frankfurt am Main, Institut für Historische Ethnologie, die vom 24. August 2001 bis zum 16. Dezember 2001 unter der Leitung von Prof. Carola Lentz, und der Betreuung durch Dr. Katja Werthmann, Dr. Richard Kuba sowie in Kooperation mit der Universität von Ouagadougou (Département d’Histoire et d’Archéologie) in Burkina Faso stattfand. Allen genannten Personen und Institutionen sei an dieser Stelle ausdrücklich gedankt. Die Fallstudie reichte ich im Februar 2004 als Magister-Abschlussarbeit am Fachbereich Geschichtswissenschaften (Historische Ethnologie) der Johann Wolfgang Goethe-Universität, Frankfurt am Main, bei Prof. Carola Lentz und Prof. Karl-Heinz Kohl ein. Der Großteil der ursprünglich im Anhang der Magisterarbeit enthaltenen Dokumente, Karten und Photos wurde ausgelagert, und der Text erfuhr eine geringfügige Überarbeitung. Im Anschluss an einen vierwöchigen Dioula-Sprachkurs in Bobo-Dioulasso folgte die dreimonatige Erhebungsphase in Diébougou, sowohl Hauptort (chef-lieu) der Provinz Bougouriba im Südwesten Burkina Fasos, Markt- als auch Verwaltungszentrum mit 11 637 Einwohnern (siehe http://www.ambf.bf/f_mairies.html). Interethnische Beziehungen, Siedlungsgeschichte und Bodenrecht waren die übergeordneten Themen des ethnologischen Teilprojekts A9 des Sonderforschungsbereichs 268 "Kulturentwicklung und Sprachgeschichte im Naturraum Westafrikanische Savanne" der Johann Wolfgang Goethe-Universität, der die Durchführung der Lehrforschung finanziell unterstützte, und dem ich gleichsam danken möchte.
We argue that the measurement of open charm gives a unique opportunity to test the validity of pQCD-based and statistical models of nucleus-nucleus collisions at high energies. We show that various approaches used to estimate D-meson multiplicity in central Pb+Pb collisions at 158 A GeV give predictions which differ by more than a factor of 100. Finally we demonstrate that decisive experimental results concerning the open charm yield in A+A collisions can be obtained using data of the NA49 experiment at the CERN SPS.
Under a conventional policy rule, a central bank adjusts its policy rate linearly according to the gap between inflation and its target, and the gap between output and its potential. Under "the opportunistic approach to disinflation" a central bank controls inflation aggressively when inflation is far from its target, but concentrates more on output stabilization when inflation is close to its target, allowing supply shocks and unforeseen fluctuations in aggregate demand to move inflation within a certain band. We use stochastic simulations of a small-scale rational expectations model to contrast the behavior of output and inflation under opportunistic and linear rules. Klassifikation: E31, E52, E58, E61. July, 2005.
This paper introduces a method for solving numerical dynamic stochastic optimization problems that avoids rootfinding operations. The idea is applicable to many microeconomic and macroeconomic problems, including life cycle, buffer-stock, and stochastic growth problems. Software is provided. Klassifikation: C6, D9, E2 . July 28, 2005.