The Relative Performance Evaluation Puzzle

IndholdsfortegnelseAbstract ............................................................................................................................................................. 2Problemformulering .......................................................................................................................................... 4Indledning .......................................................................................................................................................... 5Struktur .............................................................................................................................................................. 7Metode .............................................................................................................................................................. 8Kapitel 1. The Relative Performance Evaluation Puzzle .................................................................................... 91.1 Informationsvariable i den optimale kontrakt mellem virksomhedsejerne og en ansat leder ............... 91.2 Empiriske undersøgelser af Relative Performance Evaluation udbredelse i markedet. ....................... 231.3 The Relative Performance Evaluation Puzzle ........................................................................................ 28Kapitel 2. Relative Performance Evaluation og strategiske valg ..................................................................... 292.1 Effekten af de strategiske valg i et Bertrand marked med RPE kontrakt. ............................................. 312.2 Effekten af de strategiske valg i et Cournot marked med RPE kontrakt. .............................................. 382.3 Konklusion ............................................................................................................................................. 43Kapitel 3. Relative Performance Evaluation og hedging ................................................................................. 453.1 CAPM model .......................................................................................................................................... 473.2 CAPM model med handel ...................................................................................................................... 513.3 CAPM model med Relative Performance Evaluation ............................................................................ 543.4 Ligevægt med handelsomkostninger for virksomhed og ledelse. ......................................................... 563.5 Konklusion ............................................................................................................................................. 58Kapitel 4. Relative Performance Evaluation, heterogene agenter og konkjunkturbestemte kontrakter. ...... 604.1 Talent ..................................................................................................................................................... 604.2 Konjunkturbestemte kontrakter ........................................................................................................... 624.3 Asymmetrisk aflønning .......................................................................................................................... 634.4 Konklusion ............................................................................................................................................. 64Kapitel 5. Andre mulige forklaringer af The Relative Performance Evaluation Puzzle .................................... 655.1 Relative Performance Evaluation over tid ............................................................................................. 655.2 Limited Liability og Relative Performance Evaluation ........................................................................... 665.3 Relative Performance Evaluation mål ................................................................................................... 675.4 Pay without Performance ...................................................................................................................... 68Konklusion ....................................................................................................................................................... 70Litteraturliste ................................................................................................................................................... 743/76