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On compensation incentives, managerial overconfidence, and payout policy
Finance Research Letters. 2025. Vol. 85, Part B. Article 107961.
This paper investigates how CEO overconfidence interacts with compensation structure to influence corporate payout policy. Using a panel of 713 S&P 1500 firms from 2010 to 2019, we find that overconfident CEOs with higher equity-based (i.e., convex) compensation are associated with significantly lower levels of both cash dividends and share repurchases. In contrast, inside debt compensation (non-convex) mitigates this effect, encouraging higher dividend payouts. The results uggest that these effects operate through financial slack and risk-taking channels. The uncovered relationships are present only in firms operating in non-innovative industries and with strong corporate governance. We interpret this as evidence that boards in innovative firms preserve managerial discretion, while weak governance limits the board’s ability to discipline overconfident CEOs. Our findings are robust to alternative measures of overconfidence and endogeneity controls. These results highlight the importance of tailoring CEO incentives to behavioral traits such as overconfidence, particularly in relation to payout decisions.
М.: НИЦ Инфра-М, 2026.
This textbook synthesizes modern concepts and approaches in the field of project management and is designed for use in project management courses. The material is based on the recommendations of the International Project Management Association (IPMA) and international standards ISO 21500 and ISO 21502.
It meets the requirements of the latest generation of federal state educational ...
Added: October 10, 2026
Aleskerov F. T., Вайншток А. П., Делахова А. М. et al., Информационные процессы 2026 Т. 26 № 3 С. 895–913
The development and effective management of territorial entities are priority issues for all states, particularly in the context of the digital transformation of public administration. Over the past decade, the integration of information technologies into municipal and regional planning has significantly altered approaches to strategic development, service delivery, and public engagement. This paper describes the ...
Added: October 9, 2026
Bessonova E., Popova S., Fedulova M., Emerging Markets Review 2026 Vol. 75 Article 101564
To mitigate the shocks caused by the pandemic-related restrictions, many governments implemented extensive support measures for companies facing sharp declines in revenues. In Russia, loan guarantee programmes allowed many firms to apply for loans during the pandemic. As a result, the number of small loans soared. Participation in the loan guarantee programmes helped firms in ...
Added: October 8, 2026
Kuzminov Y., Koshel A., Kruchinskaia E., Russian Journal of Economics 2026 No. 12(3) P. 311–334
The expansion of digital platforms and ecosystems is reshaping consumption and the structure of modern markets. In the Russian context, a representative survey conducted by the authors indicates frequent online purchasing driven primarily by time savings, broader assortment and price accessibility. Platforms thus generate consumer benefits, including non-monetary gains that are not fully captured by ...
Added: October 8, 2026
Aleskerov F. T., Chaika E., Дерендяев А. Б. et al., Procedia Computer Science 2026 No. 287 P. 590–595
Under conditions of dynamic socio-economic changes, effective planning and decision-making are key factors in ensuring a high quality of life for the population in territories. This paper presents a decision support system for territorial administrations for the development and implementation of sustainable development strategies, using one of the regions of the Russian Federation – the ...
Added: October 7, 2026
Kuzminov Y., Kruchinskaia E., Koshel A. et al., М.: Издательский дом НИУ ВШЭ, 2026.
В научном докладе цифровые платформы впервые рассмотрены не как частный сегмент цифрового рынка, а как новый институциональный механизм организации экономики. В одной исследовательской рамке соединены экономика, право, социология, компьютерные науки, информационная безопасность, данные бизнеса и регуляторная практика — все то, что позволяет взглянуть на платформы как на институт со своими правилами игры. Особую ценность работе ...
Added: October 6, 2026
Lola I. S., Ostapkovich G. V., Asoskov D., ИСИЭЗ НИУ ВШЭ, 2026.
Центр конъюнктурных исследований Института статистических исследований и экономики знаний НИУ ВШЭ представляет информационно-аналитический материал «Потребительские настроения населения в III квартале 2026 г.», подготовленный в рамках Программы фундаментальных исследований НИУ ВШЭ.
В основу обзора положены ежеквартальные опросы более 5 тыс. человек в возрасте от 16 лет и старше. Такие опросы Федеральная служба государственной статистики (Росстат) проводит во всех субъектах ...
Added: October 6, 2026
Rastvortseva S., Tyushkevich Y., Salushkina Z. S., Journal of regional and international competitiveness 2026 Vol. 7 No. 2 P. 38–49
This paper examines the contemporary models of international competitiveness adopted by Big Tech corporations between 2010 and 2025. The study aims to identify the internal drivers underpinning the resilience of technological giants and to assess their capacity to withstand external shocks, including sanctions, geo-economic fragmentation, and regulatory shifts. To achieve this objective, the authors employ ...
Added: October 5, 2026
De Gruyter, 2026.
Post-Soviet Eurasia is one of the world's most geopolitically consequential and rapidly transforming regions. Developments across it increasingly reshape political, economic and social relations far beyond its borders. Understanding these dynamics is therefore both intellectually urgent and analytically demanding, requiring an interdisciplinary approach capable of moving beyond established categories and fragmented national perspectives.
This handbook provides ...
Added: October 5, 2026
М.: Национальный исследовательский университет "Высшая школа экономики", 2026.
В шестнадцатом выпуске электронного издания «Вестник Российского мониторинга экономического положения и здоровья населения НИУ ВШЭ (RLMSHSE)» представлены работы, подготовленные на основании данных лонгитюдного обследования домохозяйств «Российский мониторинг экономического положения и здоровья населения НИУ ВШЭ» (РМЭЗ НИУ ВШЭ) за 1992–2024 гг. В выпуске рассматриваются динамика доходов и расходов российских домохозяйств, тенденции развития рынка труда, социальное самочувствие ...
Added: October 5, 2026
Милицына П. С., Rozhkova K., Roshchin S. et al., Высшее образование в России 2026 № 8-9 С. 94–115
Привлечение и удержание молодых педагогов в школах является одним из важнейших вопросов для преодоления проблемы кадрового дефицита в системе образования. В статье анализируются особенности трудоустройства выпускников российских вузов педагогических специальностей выпуска 2021–2022 гг. На основе тотальных административных данных выявлены факторы, влияющие на вероятность их первоначального трудоустройства в школу и последующего закрепления в профессии. Результаты показывают, ...
Added: October 5, 2026
Автухова Е. Э., Larionov A., Плачинда К. Д., М.: Экономический факультет МГУ им. М.В. Ломоносова, 2026.
Данное методическое пособие разработано в соответствии с рабочей программой курса «Банковское дело», реализуемого на Экономическом факультете МГУ имени М. В. Ломоносова по специальности «Экономика» (бакалавриат), и может быть рекомендовано для подготовки к семинарским занятиям и самостоятельной работе студентов. ...
Added: October 4, 2026
Demidova O., Kazakova S., Applied Economics 2026 P. 1–14
This paper examines the nonlinear relationship between inflation and economic growth across Russian regions, contributing to the literature on the inflation-growth nexus by using subnational evidence from a large and economically heterogeneous country. Using panel data for 83 regions over the period 2015–2023, we estimate fixed-effects models with a quadratic specification of inflation. The growth-maximizing ...
Added: October 3, 2026
Tikhonova N. E., Karavay A., Социологическая наука и социальная практика 2026 Т. 14 № 3 С. 12–36
Drawing on data from the 2024 RLMS-HSE, the article shows that employmentrelated risks are increasingly being shifted onto workers in Russia, while employment differentiation already affects more than 40% of employed Russians, even without taking into account deviations from standard working hours, which are typical of most representatives of the mass social strata. Employment differentiation in Russia is characterized, ...
Added: October 2, 2026
Белов Б. П., Kocharian R., Самойлов И. А. et al., Стандарты и качество 2026 № 10 С. 105–109
Acceptance of enterprise AI search requires checking answer correctness and access controls, defining acceptable errors, and assessing whether testing is sufficient. A record for individual acceptance criteria was developed. Its eight fields link requirements and risks to system configuration, testing, and the acceptance decision. The fields are mapped to provisions in four Russian standards. The ...
Added: October 1, 2026
Пилюк Е. Р., Rozmainsky I. V., Журнал институциональных исследований 2026 Т. 18 № 3 С. 77–96
This paper analyzes the financial fragility оf cоmpanies in Saudi Arabia frоm 2012 tо 2025 based оn the Hyman Minsky’s financial instability hypоthesis and is the first attempt to apply this theory to a country dominated by Islamic banking. The authors test not only the relationship between the dynamics of financial fragility and the dynamics ...
Added: October 1, 2026
Klaro Ramires P. M., Veselova A., AlterEconomics (ранее - Журнал экономической теории) 2026 Т. 23 № 3 С. 699–718
As Russia transitions toward a green economy and reshapes its sustainable development agenda, understanding the external and internal factors influencing companies’ adoption of ESG principles is increasingly important. The study examines the relationships between external institutional pressure, internal organizational capabilities, and the effectiveness of corporate ESG practices. It focuses on external regulatory and non-regulatory mechanisms, ...
Added: October 1, 2026
Potanin B., Dolgikh S., Statistics and Probability Letters 2027 Article 110984
We derive bounds on the gradient and Hessian of the log-CDF, ln F(x), of the multivariate normal distribution. These bounds scale linearly and quadratically in ‖x‖ , respectively, with constants depending only on the covariance matrix. We demonstrate the usefulness of these bounds by proving asymptotic normality of the maximum-likelihood estimator of the multivariate probit ...
Added: October 1, 2026
Anilov A., Ivashkovskaya I., Journal of Behavioral and Experimental Finance 2026 No. 49 Article 101157
This paper examines the moderating role of corporate governance in the relationship between Chief Executive Officer (CEO) overconfidence and corporate payout decisions. Using a panel dataset of 713 S&P 1500 firms from 2010 to 2019, we contribute to the behavioral corporate finance literature in several important ways. First, building on agency theory and upper echelons ...
Added: March 3, 2026
Anilov A., Ivashkovskaya I., Journal of Economics and Business 2025 Vol. 136 Article 106259
This paper examines the role of inside debt in shaping payout decisions in corporations. We show that higher CEO ownership of debt-like components of managerial compensation known as inside debt is associated with an increased likelihood and level of share repurchases, as well it motivates CEOs to choose share repurchases as a primary channel for payout policies. ...
Added: January 4, 2026
Fernandez M. A., Mayskaya T., Nikandrova A., Games and Economic Behavior 2024 Vol. 144 P. 29–48
A rational principal delegates learning to an overconfident agent who overestimates the precision of the information he collects. The principal chooses between two contracts: commitment, in which the agent commits to the duration of learning in advance, and flexible, in which the agent decides when to stop learning in real time. When the agent is ...
Added: January 23, 2024
Ivashkovskaya I., Nazarkina V., Gostkov D. et al., Journal of Corporate Finance Research 2022 Vol. 16 No. 4 P. 6–33
We investigate how different personal traits of a chief executive officer (CEO) influence value creation in one of the largest emerging capital markets in Russia. Our research model considers several components of human capital of a CEO.
Moreover, we include CEO’s behavioral biases looking at overconfidence measured by industry adjusted ratio of capital expenditures and narcissism ...
Added: November 10, 2023
Shvedov A. S., Экономический журнал Высшей школы экономики 2023 Т. 27 № 3 С. 435–448
Cournot duopoly with yield uncertainty is of interest both from a theoretical standpoint and a practical standpoint. In many sectors of economy, the actual products produced and the targeted quantities do not coincide. Commonly, random variables are used to model yield uncertainty. However, the models with random yields have a known drawback. When the number ...
Added: October 25, 2023
Blanco-Alcántara D., Gallud-Cano J., Lopez Iturriaga F. J. et al., International Journal of Finance and Economics 2021
We analyse the trend among 79 banks from 20 European countries towards scrip dividends. Whereas banks do not seem to smooth cash dividends, they do smooth total dividends, which include both cash and scrip dividends. We also find that the new legal requirements (resulting from the Basel III Accord and other country-level laws) have different ...
Added: October 11, 2021