This study examines how corporate boards respond to investor demands for information on executive compensation practices and whether certain board and compensation committee characteristics, as proxies for board governance quality, are associated with the extent of board disclosure of compensation practices. A unique feature of this study is the development of a comprehensive checklist of 23 compensation-related items. I validate this index by showing that the disclosure scores are inversely related to two measures of information asymmetry: bid-ask spread and return volatility. This provides evidence that greater compensation disclosure reduces information asymmetry. The study presents some evidence that boards with the power to act independently from management provide more details about executive compensation practices. Moreover, it contributes to the literature on corporate governance and disclosure by showing that greater commitment of directors to perform their duties results in greater transparency.
{"title":"Corporate Board Governance and Voluntary Disclosure of Executive Compensation Practices","authors":"I. Laksmana","doi":"10.2139/ssrn.1103717","DOIUrl":"https://doi.org/10.2139/ssrn.1103717","url":null,"abstract":"This study examines how corporate boards respond to investor demands for information on executive compensation practices and whether certain board and compensation committee characteristics, as proxies for board governance quality, are associated with the extent of board disclosure of compensation practices. A unique feature of this study is the development of a comprehensive checklist of 23 compensation-related items. I validate this index by showing that the disclosure scores are inversely related to two measures of information asymmetry: bid-ask spread and return volatility. This provides evidence that greater compensation disclosure reduces information asymmetry. The study presents some evidence that boards with the power to act independently from management provide more details about executive compensation practices. Moreover, it contributes to the literature on corporate governance and disclosure by showing that greater commitment of directors to perform their duties results in greater transparency.","PeriodicalId":201085,"journal":{"name":"BHNP: Public Policy (Topic)","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129261883","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
I present an overview of the antitrust literature on sports leagues, with particular emphasis on the National Collegiate Athletic Association, the National Football League, Major League Baseball, the National Basketball Association, and the National Hockey League, as well as on sanctioning organizations such as NASCAR. I review the major antitrust court decisions, the commentaries of the leading antitrust experts on these decisions, and the extensive sports economics literature touching on issues raised in these cases, particularly empirical studies assessing the anticompetitive and procompetitive effects of various league rules and policies. I also review the broader industrial organization literature on issues such as factors affecting the stability of joint ventures. I conclude with a summary of proposals for addressing the monopoly power of sports leagues.
{"title":"Antitrust Analysis of Sports Leagues","authors":"Gregory J. Pelnar","doi":"10.2139/SSRN.1021365","DOIUrl":"https://doi.org/10.2139/SSRN.1021365","url":null,"abstract":"I present an overview of the antitrust literature on sports leagues, with particular emphasis on the National Collegiate Athletic Association, the National Football League, Major League Baseball, the National Basketball Association, and the National Hockey League, as well as on sanctioning organizations such as NASCAR. I review the major antitrust court decisions, the commentaries of the leading antitrust experts on these decisions, and the extensive sports economics literature touching on issues raised in these cases, particularly empirical studies assessing the anticompetitive and procompetitive effects of various league rules and policies. I also review the broader industrial organization literature on issues such as factors affecting the stability of joint ventures. I conclude with a summary of proposals for addressing the monopoly power of sports leagues.","PeriodicalId":201085,"journal":{"name":"BHNP: Public Policy (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125378849","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
To what extent has eight years of participation in the Group of Twenty Finance Ministers and Central Bank Governors (G20) strengthened the influence of developing countries in global governance? This paper tries to answer this question by assessing the degree to which the G20's annual communiques reflect the policy preferences of the G20's developed and developing country members. Nine policy issues are selected in which developed and developing countries have expressed significant differences of opinion in forums outside the G20. Then, consensus on those issues is compared systematically across the G20, the G7, and the G24. The G7 and the G24 communiques are used as proxies for the policy preferences of the developed and developing countries of the G20, respectively. The results of this exercise suggest that the G20 has primarily served as a vehicle for mobilizing support for G7 policies, especially on issues about which the G7 governments cared most strongly. Endorsement by the G20 has given these G7-driven policies a broader base of legitimacy and support. At the same time, positions favored by developing countries - especially those that would have imposed large costs on G7 firms and governments - have made little headway in the group. Developing countries have become more active and assertive in the G20 as the network has matured, and in two instances they made original contributions to the global policy agenda. But so far, the benefits of these initiatives have been modest. After eight years, the G20 has done little to enhance developing-country influence. Yet, the paper also identifies a several reasons why it may too early for developing countries to give up on the G20.
{"title":"The G20 After Eight Years: How Effective a Vehicle for Developing-Country Influence?","authors":"Leonardo Martinez-Diaz","doi":"10.2139/ssrn.1080280","DOIUrl":"https://doi.org/10.2139/ssrn.1080280","url":null,"abstract":"To what extent has eight years of participation in the Group of Twenty Finance Ministers and Central Bank Governors (G20) strengthened the influence of developing countries in global governance? This paper tries to answer this question by assessing the degree to which the G20's annual communiques reflect the policy preferences of the G20's developed and developing country members. Nine policy issues are selected in which developed and developing countries have expressed significant differences of opinion in forums outside the G20. Then, consensus on those issues is compared systematically across the G20, the G7, and the G24. The G7 and the G24 communiques are used as proxies for the policy preferences of the developed and developing countries of the G20, respectively. The results of this exercise suggest that the G20 has primarily served as a vehicle for mobilizing support for G7 policies, especially on issues about which the G7 governments cared most strongly. Endorsement by the G20 has given these G7-driven policies a broader base of legitimacy and support. At the same time, positions favored by developing countries - especially those that would have imposed large costs on G7 firms and governments - have made little headway in the group. Developing countries have become more active and assertive in the G20 as the network has matured, and in two instances they made original contributions to the global policy agenda. But so far, the benefits of these initiatives have been modest. After eight years, the G20 has done little to enhance developing-country influence. Yet, the paper also identifies a several reasons why it may too early for developing countries to give up on the G20.","PeriodicalId":201085,"journal":{"name":"BHNP: Public Policy (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131196821","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper evaluates four publicly discussed policy options to mitigate market power in the German wholesale electricity market. These four options are: a regulatory solution favoured by the Federal Ministry for Economics and Technology, the implementation of a day-ahead flow-based market coupling in the Central West Region advocated by five European regulators, the expansion of cross border capacity as stipulated by the European Commission and the divestiture of dominant suppliers as proposed by the Hessian Ministry of Economics. The following questions are answered in this paper: are these options adequate measures to mitigate market power? What are the intended and non-intended effects on market efficiency? How likely is the political implementation?
{"title":"Market Power in the German Wholesale Electricity Market: What are the Political Options?","authors":"Hannes Schwarz, Christoph J. G. Lang, Sonja Meier","doi":"10.2139/ssrn.1028201","DOIUrl":"https://doi.org/10.2139/ssrn.1028201","url":null,"abstract":"This paper evaluates four publicly discussed policy options to mitigate market power in the German wholesale electricity market. These four options are: a regulatory solution favoured by the Federal Ministry for Economics and Technology, the implementation of a day-ahead flow-based market coupling in the Central West Region advocated by five European regulators, the expansion of cross border capacity as stipulated by the European Commission and the divestiture of dominant suppliers as proposed by the Hessian Ministry of Economics. The following questions are answered in this paper: are these options adequate measures to mitigate market power? What are the intended and non-intended effects on market efficiency? How likely is the political implementation?","PeriodicalId":201085,"journal":{"name":"BHNP: Public Policy (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129858182","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Many older US households have done little or no planning for retirement, and there is a substantial population that seems to undersave for retirement. Of particular concern is the relative position of older women, who are more vulnerable to old-age poverty due to their longer longevity. This paper uses data from a special module we devised on planning and financial literacy in the 2004 Health and Retirement Study. It shows that women display much lower levels of financial literacy than the older population as a whole. In addition, women who are less financially literate are also less likely to plan for retirement and be successful planners. These findings have important implications for policy and for programs aimed at fostering financial security at older ages.
{"title":"Planning and Financial Literacy: How Do Women Fare?","authors":"A. Lusardi, O. Mitchell","doi":"10.2139/ssrn.1094097","DOIUrl":"https://doi.org/10.2139/ssrn.1094097","url":null,"abstract":"Many older US households have done little or no planning for retirement, and there is a substantial population that seems to undersave for retirement. Of particular concern is the relative position of older women, who are more vulnerable to old-age poverty due to their longer longevity. This paper uses data from a special module we devised on planning and financial literacy in the 2004 Health and Retirement Study. It shows that women display much lower levels of financial literacy than the older population as a whole. In addition, women who are less financially literate are also less likely to plan for retirement and be successful planners. These findings have important implications for policy and for programs aimed at fostering financial security at older ages.","PeriodicalId":201085,"journal":{"name":"BHNP: Public Policy (Topic)","volume":"39 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125880937","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper was presented at the conference "Unequal incomes, unequal outcomes? Economic inequality and measures of well-being" as part of session 5, "Social indicators in New York City." The conference was held at the Federal Reserve Bank of New York on May 7, 1999. The authors address some of the challenges faced by economists and others who undertake to measure well-being and inequality and to identify inequality's causes and effects. Their project - the New York City Social Indicators Survey (SIS) - uses social indicators to track economic well-being and inequality. By pushing beyond the limitations of current data sources, SIS will enable the authors to collect the data necessary to define inequality in concrete terms and evaluate whether New York City is becoming more or less unequal. Significantly, it will also shed light on what effect government policies have on inequality's magnitude and consequences.
{"title":"Social Indicators and the Study of Inequality","authors":"Marcia k. Meyers, I. Garfinkel","doi":"10.2139/ssrn.1018735","DOIUrl":"https://doi.org/10.2139/ssrn.1018735","url":null,"abstract":"This paper was presented at the conference \"Unequal incomes, unequal outcomes? Economic inequality and measures of well-being\" as part of session 5, \"Social indicators in New York City.\" The conference was held at the Federal Reserve Bank of New York on May 7, 1999. The authors address some of the challenges faced by economists and others who undertake to measure well-being and inequality and to identify inequality's causes and effects. Their project - the New York City Social Indicators Survey (SIS) - uses social indicators to track economic well-being and inequality. By pushing beyond the limitations of current data sources, SIS will enable the authors to collect the data necessary to define inequality in concrete terms and evaluate whether New York City is becoming more or less unequal. Significantly, it will also shed light on what effect government policies have on inequality's magnitude and consequences.","PeriodicalId":201085,"journal":{"name":"BHNP: Public Policy (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1999-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125855843","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Poverty and Economic Transition in Kazakhstan","authors":"M. Murthi, K. Scott, M. Pradhan","doi":"10.1057/9780230503892_7","DOIUrl":"https://doi.org/10.1057/9780230503892_7","url":null,"abstract":"","PeriodicalId":201085,"journal":{"name":"BHNP: Public Policy (Topic)","volume":" 40","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1998-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113951275","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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