Reputation, monetary, risk, and workload incentives affect independent directors' decisions to join new or leave existing board of directors' seats, impacting their directorship portfolios. Using a ...director's perspective and relative incentive proxies, we find that directors strategically relinquish less prestigious board seats to increase their reputation. Similarly, we hypothesize and find that accepting an additional board nomination is incentivized by a director's goal to achieve higher reputation growth. Lastly, by taking on a firm's perspective, we find a positive association between the board's aggregated portfolio reputation and risk propensity with firm performance and earnings management.
The Resilience of the Euro Lane, Philip R.
The Journal of economic perspectives,
04/2021, Letnik:
35, Številka:
2
Journal Article
Recenzirano
Odprti dostop
Over 2014–2019, the euro area charted a substantial post-crisis economic recovery while also reducing macro-financial vulnerabilities. The array of post-crisis institutional reforms has improved the ...capacity of the euro area to withstand adverse shocks, even if the narrowing of imbalances also came at a high cost (especially in the most indebted member countries). The pandemic has provided a new test: the combination of a common central bank and the enlargement of the common fiscal capacity has provided substantial policy support and fostered a narrowing in risk premia, despite significant differences in levels of public debt and exposures to the pandemic shock. While the resilience of the euro is sure to be tested further in the coming years, the extent of the underlying political backing for the common currency should not be underestimated.
International financial integration exposes countries to external shocks. This paper identifies the impact and transmission of global financial risk (GFR) shocks to emerging market economies (EMEs). ...Heightened GFR significantly raises EME borrowing costs and lowers equity returns, reducing domestic economic activity. We document a novel transmission channel of GFR shocks to EMEs via international capital flows. Countries experiencing larger capital inflows are more affected by GFR fluctuations. Exploring the transmission through capital flows, GFR shocks affect EMEs mainly through their effect on equity returns, instead of country spreads. We show that equity returns contain more information about EME macroeconomic fluctuations than sovereign and corporate bond spreads.
Review of Russia’s Crony Capitalism Alexeev, Michael
Journal of Economic Literature,
03/2021, Letnik:
59, Številka:
1
Book Review, Journal Article
Recenzirano
Anders Åslund provides a comprehensive description of the main political and economic events of Vladimir Putin’s 20 years at the helm of the country. In politics, Åslund shows how Putin skillfully ...maneuvered to destroy democracy in Russia. I argue that the “cultural backlash” by older generations played perhaps an even more important role. I also show that the young generations hold rather liberal values, thus providing hope for the future. In economics, Åslund focuses on large state corporations, assets of Putin’s cronies, and macroeconomic policies, with only general statements about the country’s institutional weakness. I complement Åslund’s analysis by a more detailed examination of the impact of institutions and briefly survey fiscal federalism and informal economic activities—issues without which the workings of the Russian economy are hard to understand.
Das Open Access Buch bietet eine aktuelle Bestandsaufnahme zum freiwilligen Engagement in Deutschland. Die Ergebnisse basieren auf dem Deutschen Freiwilligensurvey, der zum fünften Mal im Jahr 2019 ...durchgeführt wurde und vom Bundesministerium für Familie, Senioren, Frauen und Jugend (BMFSFJ) gefördert wird. Die Autor:innen klären Fragen wie: Wer engagiert sich aus welchen Beweggründen? Wie ist freiwilliges Engagement ausgestaltet und wie hat sich freiwilliges Engagement gewandelt? Wie gestaltet sich der Zusammenhang von politischer Partizipation sowie Einstellungen zur Demokratie mit dem freiwilligen Engagement?
Neste artigo fazemos a primeira apresentação e discussão de um conjunto de resultados parcelares do estudo bibliométrico das revistas ex æquo e Faces de Eva. A partir dos 259 textos da Faces de Eva e ...399 da ex æquo, publicados entre 1999 e 2019, foi construída uma base dos metadados constituída pelas características de autoras/es, e respetivas filiações institucionais e geográficas e pelos títulos, resumos e palavras-chave. Os resultados mostram que os Estudos sobre as Mulheres, de Género e Feministas (EMGF) têm vindo a consolidar-se como um campo de estudos interdisciplinares e com uma tendência crescente para a investigação de caráter colaborativo. Ao longo das duas décadas analisadas, é possível encontrar a emergência de diferentes temáticas e conceções, e uma diversidade nos perfis e regimes de autoria. A publicação destes resultados do estudo bibliométrico realizado procura facilitar a definição dos futuros possíveis e desenvolvimento do campo dos EMGF, num contexto de diálogo nacional e internacional.
20 Jahre nach den NATO-Luftangriffen auf Serbien im Rahmen des Kosovokrieges eröffnet Elisa Satjukow den Blick auf die »andere Seite« dieser Intervention. Anhand bisher unerschlossener Dokumente ...fragt sie nach den Erfahrungen, Emotionen und Erinnerungen der serbischen Gesellschaft unter den Bedingungen von Bomben und Ausnahmezustand im Frühjahr 1999. Dabei zeigt sie, dass die NATO-Intervention nicht nur eine Schlüsselerfahrung der Milosevic-Ära darstellt: Bis heute bildet der völkerrechtswidrige Einsatz einen umkämpften Erinnerungsort für Serbien, das zwischen Russland und Europa, zwischen Opfertum und Heroismus, zwischen Nationalismus und Demokratie seinen Weg sucht.
We propose methods for constructing regularized mixtures of density forecasts. We explore a variety of objectives and regularization penalties, and we use them in a substantive exploration of ...Eurozone inflation and real interest rate density forecasts. All individual inflation forecasters (even the ex post best forecaster) are outperformed by our regularized mixtures. From the Great Recession onward, the optimal regularization tends to move density forecasts' probability mass from the centers to the tails, correcting for overconfidence.
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