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utility based models

Russian translation: модели, основанные на функции полезности

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09:46 Sep 13, 2007
English to Russian translations [PRO]
Bus/Financial - Economics / CEO home purchase
English term or phrase: utility based models
Коллеги, это из лекции о сделках с недвижимостию, совершаемых директорами компаний. Фрагменты для контекста:

We study real estate purchases by major company CEOs, compiling a database of the principal residences of nearly every top executive in the Standard & Poor's 500 index. When a CEO buys real estate, future company performance is inversely related to the CEO's liquidation of company shares and options for financing the transaction. We also find that, regardless of the source of finance, future company performance deteriorates when CEOs acquire extremely large or costly mansions and estates. We therefore interpret large home acquisitions as signals of CEO entrenchment. Our research also provides useful insights for calibrating utility based models of executive compensation and for understanding patterns of Veblenian conspicuous consumption.
...
Acquiring an expensive house would provide a dual stream of benefits to an entrenched CEO: utility in consumption, and also a public signal about the executive's status and security. If CEO acquisitions of nice houses are consistent with entrenchment, they should augur badly for future shareholder returns.
...
Beyond the implications of our study for understanding signals of commitment and entrenchment, we expect that our cross-sectional sample of CEOs' real estate holdings will have general interest for researchers into management incentives. In this literature, the most advanced theoretical approaches involve utility-based models of management incentives that use the manager's outside wealth as one of several input variables. Excellent expositions of such models appear in Lambert, Larcker, and Verrecchia (1991), which uses a utility based model to value stock option awards, and Kahl, Liu, and Longstaff (2003), which takes a similar approach to valuing restricted stock.

Буду благодарна за помощь.
Julia Berman
Russian Federation
Local time: 06:51
Russian translation:модели, основанные на функции полезности
Explanation:
www.nes.ru/Acad-year-2005/2module/asset pricing-rus.htm · 17 КБ
Selected response from:

Yelena Pestereva
Russian Federation
Local time: 06:51
Grading comment
Спасибо!
4 KudoZ points were awarded for this answer

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Summary of answers provided
5модели, основанные на функции полезности
Yelena Pestereva
4модели на базе {экономической} полезностиVadim Poguliaev


Discussion entries: 1





  

Answers


1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5
модели на базе {экономической} полезности


Explanation:
http://storm.cis.fordham.edu/~gweiss/dmkd-cfp.html
Вот здесь подробности

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Note added at 1 hr (2007-09-13 10:54:56 GMT)
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сорри, ссылка бесполезная, там про дата майнинг=)
у вас речь идет о поощрениях для руководства по результатам работы
полезность в принципе катит, если доспустим хардкорный экономический жаргон

Vadim Poguliaev
Russian Federation
Local time: 06:51
Native speaker of: Native in RussianRussian
PRO pts in category: 15
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1 hr   confidence: Answerer confidence 5/5
модели, основанные на функции полезности


Explanation:
www.nes.ru/Acad-year-2005/2module/asset pricing-rus.htm · 17 КБ

Yelena Pestereva
Russian Federation
Local time: 06:51
Specializes in field
Native speaker of: Native in RussianRussian
PRO pts in category: 255
Grading comment
Спасибо!
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