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Hardbound. This volume brings together a collection of research
papers on financial sector reform and privatization in the
transition economies of Eastern Europe and related issues in other
transforming economies.It represents a selection of invited papers
and best papers presented at various conferences and workshops held
in Estonia, Poland and The Netherlands. It is the work of leading
scientists, and thereby provides a very authoritative analysis of
the ongoing process of financial sector reforms and privatization
in transition economies. The main theoretical and empirical issues
are carefully brought out to bear on the pressing policy and
institutional schemes that are desirable in transition economies.
The increasing amounts of money paid out in compensation to
corporate executives have become the subject of a heated public
policy debate on both sides of the Atlantic during the last decade.
The magnitude of these sums, as well as the timing of payments
relative to evidence of corporate success or - more notably,
failure - has surprised and, in many cases, angered employees,
shareholders and politicians, and drawn considerable attention in
the media. Are executives in many firms exploiting their power to
benefit themselves at the expense of other stakeholders or is the
level of compensation the result of an effective market mechanism?
This book is intended to fill a void created by the current focus
of economic, financial and management research on executive
compensation in the USA, and to address whether results from the US
generalize to Europe, whether there is a European model for
executive compensation, and whether European compensation
structures enhance the wealth of shareholders and citizens. The
research presented here provides a foundation for further research
that will help shareholders, their representatives on boards, and
policy makers develop wealth enhancing procedures, contracts and
rules within European corporate governance systems. The book covers
a wide range of issues, including: corporate law and regulation in
the area of corporate governance; prosperity and growth effects of
compensation contracts; effects of compensation packages on
incentives; organization of markets for executives; the choice of
performance measure in performance-linked compensation contracts;
influences from the US on compensation levels in Europe; as well as
country studies of factors affecting compensation packages and
their characteristics. This book will be of interest to academics,
practitioners and policy makers. On the academic side, researchers
and students in the field of business economics, corporate
governance, finance, international business, and management will
discover research results that enhance their knowledge and provide
the basis for further research. Among practitioners, board members,
executives, chief financial officers, and bankers will benefit from
this book when evaluating and designing executive compensation
schemes. Policy makers will find research-based material that can
either support or call into question their preconceived opinions.
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