New York University

About: New York University is a education organization based out in New York, New York, United States. It is known for research contribution in the topics: Population & Poison control. The organization has 72380 authors who have published 165545 publications receiving 8334030 citations. The organization is also known as: NYU & University of the City of New York.

Do Corporations Award CEO Stock Options Effectively

Abstract: This paper analyzes stock option wards to CEOs of 792 U.S. public corporations between 1984 and 1991. Using a Black-Scholes approach, I test whether stock options performance incentives have significant associations with explanatory variables related to agency cost reduction. Further tests examine whether the mix of compensations between stock options and cash pay can be explained by corporate liquidity, tax status, or earnings management. Results indicate that few agency or financial contracting theories have explanatory power for patterns of CEO stock option awards, a finding in accord with others conclusions that CEO pay arrangements do not reflect well the normative predictions of compensation theorists.

Entrepreneurship in Economic Theory

Abstract: Examines the historic inability of economic theory to develop a formal analysis of entrepreneurship. The entrepreneur is the major catalyst to the process of economic growth, a central force in both micro and macro economics. Despite this reality, in formal theory, the entrepreneur's role has historically been conspicuously absent. The economic models call for no entrepreneurial initiative, so that theoretically, business people remain passive "automaton maximizers." In fact, contributors from the disciplines of psychology and sociology have made more significant advances - by analyzing social and cultural conditions for entrepreneurship - than have economic theorists. Though it is decided that the supply of entrepreneurship, the entrepreneur's strategies, attitudes to risk, and idea sources cannot be analyzed in a systematic manner, the encouragement of these entrepreneurial behaviors and activities can be theoretically advanced. Theory, then, should consider not how the entrepreneur bears risk or employs R&D, but how the marginal cost of risk-bearing can be reduced, and what economic conditions make R&D easiest and most effective. These theoretical questions clearly bear upon policymaking, since, it is argued, the key to stimulating economic growth is the establishment of policies encouraging entrepreneurship. (CJC)

Authoritarian Institutions and the Survival of Autocrats

Abstract: Why do some autocrats survive for decades, and others fall soon after taking power? The authors argue that when authoritarian rulers need to solicit the cooperation of outsiders or deter the threat...

The short-run and long-run effects of behavioral interventions: Experimental evidence from energy conservation

Abstract: We document three remarkable features of the Opower program, in which social comparison-based home energy reports are repeatedly mailed to more than six million households nationwide. First, initial reports cause high-frequency “action and backsliding,” but these cycles attenuate over time. Second, if reports are discontinued after two years, effects are relatively persistent, decaying at 10–20 percent per year. Third, consumers are slow to habituate: they continue to respond to repeated treatment even after two years. We show that the previous conservative assumptions about post-intervention persistence had dramatically understated cost effectiveness and illustrate how empirical estimates can optimize program design.(JEL D12, D83, L94, Q41)