新葡京官方

会议时间：2025年6月10日10:00-11:30

会议地点：明德主楼734

主讲人：沈诗涵 莱斯大学经济系助理教授

主持人：朱萸副教授

主题：Crushing the Competition: the Product Market Effects of Relative Performance Evaluation

讲座简介：

Relative Performance Evaluation (RPE) is increasingly used in executive compensation to filter out common shocks and align incentives. While its adoption has surged, its impact on product market competition remains unclear. Using a novel dataset on over 60,000 executive compensation contracts and a general equilibrium oligopoly model, we find that RPE adoption is widespread but weak in intensity, with many firms favoring benchmarking against an equity index over custom peer comparisons. We then use our model to quantify, firm-by-firm, the effect of RPE on the firm’s supply decisions, allocative efficiency and consumer welfare. RPE contracts with custom peer groups can enhance competition by lowering markups and increasing output, but their effects are limited under current adoption patterns. Counterfactual simulations suggest stronger RPE intensity could further enhance competition and consumer welfare.

个人简介：

沈诗涵是莱斯大学经济系的助理教授。她研究兴趣包括宏观经济学、企业动态以及经济增长。目前的研究主要关注技术进步对生产率增长和不平等的影响。她的工作被发表在Review of Economic Dynamics等国际一流期刊上。