References of "Lefebvre, Mathieu"
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See detailRisk Taking of Executives under Different Incentive Contracts: Experimental Evidence
Lefebvre, Mathieu ULg; Vieider, Ferdinand

in Journal of Economic Behavior & Organization (2014), 97

Classic financial agency theory recommends compensation through stock options rather than shares to counteract excessive risk aversion in agents. In a setting where any kind of risk taking is suboptimal ... [more ▼]

Classic financial agency theory recommends compensation through stock options rather than shares to counteract excessive risk aversion in agents. In a setting where any kind of risk taking is suboptimal for shareholders, we show that excessive risk taking may occur for one of two reasons: risk preferences or incentives. Even when compensated through restricted company stock, experimental CEOs take large amounts of excessive risk. This contradicts classical financial theory, but can be explained through risk preferences that are not uniform over the probability and outcome spaces, and in particular, risk seeking for small probability gains and large probability losses. Compensation through options further increases risk taking as expected. We show that this effect is driven mainly by the personal asset position of the experimental CEO, thus having deleterious effects on company performance. [less ▲]

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See detailtax evasion and peer effects: an experiment in Belgium, France and the Netherlands
Lefebvre, Mathieu ULg

Conference (2013, January 28)

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See detailMeasuring poverty without the Mortality Paradox
Lefebvre, Mathieu ULg; Pestieau, Pierre ULg; Ponthiere, Grégory ULg

in Social Choice and Welfare (2013), 40(1), 285-316

Under income-differentiated mortality, poverty measures reflect not only the “true” poverty, but, also, the interferences or noise caused by the survival process at work. Such interferences lead to the ... [more ▼]

Under income-differentiated mortality, poverty measures reflect not only the “true” poverty, but, also, the interferences or noise caused by the survival process at work. Such interferences lead to the Mortality Paradox: the worse the survival conditions of the poor are, the lower the measured poverty is. We examine several solutions to avoid that paradox. We identify conditions under which the extension, by means of a fictitious income, of lifetime income profiles of the prematurely dead neutralizes the noise due to differential mortality. Then, to account not only for the “missing” poor, but, also, for the “hidden” poverty (premature death), we use, as a fictitious income, the welfare-neutral income, making indifferent between life continuation and death. The robustness of poverty measures to the extension technique is illustrated with regional Belgian data. [less ▲]

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See detailSocial Security and Retirement: the Relationship between Workers, Firms and Government
Lefebvre, Mathieu ULg

in Annals of Public and Cooperative Economics = Annales de l'Economie Publique, Sociale et Coopérative (2013), 84(1), 43-61

In this paper we survey a number of theoretical and empirical studies in order to propose explanations to the fall of labor force participation at older age. Starting from the largely studied e ect of ... [more ▼]

In this paper we survey a number of theoretical and empirical studies in order to propose explanations to the fall of labor force participation at older age. Starting from the largely studied e ect of social security schemes on labor supply, we explore the employers behavior and the role of govern- ments in the development of early retirement schemes. We show that early retirement is the result of a global agreement between rms and government where workers have incentives to early exit the labor market due to generous non actuarial bene ts. Firms have an advantage to separate older workers because they are costly compare to young workers and governments hope that by pushing elderly into early retirement they will solve the massive unemployment problem. [less ▲]

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See detailHealth Status, Disability and Retirement Incentives in Belgium
Jousten, Alain ULg; Perelman, Sergio ULg; Lefebvre, Mathieu ULg

E-print/Working paper (2013)

Many Belgian retire well before the statutory retirement age. Numerous exit routes from the labor force can be identified: old‐age pensions, conventional early retirement, disability insurance, and ... [more ▼]

Many Belgian retire well before the statutory retirement age. Numerous exit routes from the labor force can be identified: old‐age pensions, conventional early retirement, disability insurance, and unemployment insurance are the most prominent ones. We analyze the retirement decision of Belgian workers adopting an option value framework, and pay special attention to the role of health status. We estimate probit models of retirement using data from SHARE. The results show that health and incentives matter in the decision to exit from the labor market. Based on these results, we simulate the effect of potential reforms on retirement. [less ▲]

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See detailReining in Excessive Risk Taking by Executives: The Effect of Accountability
Lefebvre, Mathieu ULg; vieider, ferdinand

in Theory and Decision (2013), 75(4), 495-517

Performance-contingent compensation by means of stock options may induce risk taking in agents that is excessive from the point of view of the company or the shareholders. We test whether increasing ... [more ▼]

Performance-contingent compensation by means of stock options may induce risk taking in agents that is excessive from the point of view of the company or the shareholders. We test whether increasing shareholder control may be an effective checking mechanism to rein in such excessive risk taking. We thus tell one group of experimental CEOs that they may have to justify their decision making processes in front of their shareholders. This indeed reduces risk taking and increases the performance of the companies they manage. Implications are discussed. [less ▲]

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See detailRetirement incentives in Belgium: estimations and simulations using SHARE data
Jousten, Alain ULg; Lefebvre, Mathieu ULg

in De Economist (2013), 161

The paper studies retirement behavior of wage‐earners in Belgium – for the first time using a rich survey dataset to analyze retirement incentives as faced by individuals. Specifically, we use SHARE data ... [more ▼]

The paper studies retirement behavior of wage‐earners in Belgium – for the first time using a rich survey dataset to analyze retirement incentives as faced by individuals. Specifically, we use SHARE data to estimate a model à la Stock and Wise (1990). Exploring the data on individual life‐histories from SHARELIFE, we construct a measure of financial incentive to retire. Our analysis explicitly takes into account the different take‐up rates of the various early retirement exit paths across time and ages. The results show that financial incentives play a strong role. Health and education also matter, as do regional differences. Against the general background of the 2020 strategy, we perform a set of policy simulations and illustrate the scope but also the limits associated with selective parametric reforms. [less ▲]

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See detailUnemployment and Retirement in a Model with Age-specific Heterogeneity
Lefebvre, Mathieu ULg

in LABOUR : Review of Labour Economics and Industrial Relations (2012), 26(2), 137-155

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See detailA Structural Model for Early Exit of Older Men in Belgium
Lefebvre, Mathieu ULg

Scientific conference (2012, May 29)

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See detailL'État-providence en Europe. Performance et dumping social
Lefebvre, Mathieu ULg; Pestieau, Pierre ULg

Book published by Editions rue d'Ulm (2012)

Detailed reference viewed: 44 (10 ULg)
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See detailA Structural Model for Early Exit of Older Men in Belgium
Lefebvre, Mathieu ULg; Orsini, Kristian

in Empirical Economics (2012), 43(1), 379-398

In this paper we propose a structural model of the retirement decision for older workers in Belgium. We model the exit paths available through the various available schemes. Our framework allows ... [more ▼]

In this paper we propose a structural model of the retirement decision for older workers in Belgium. We model the exit paths available through the various available schemes. Our framework allows exploiting all information on possible exit paths and also better identifying preferences and constraints. Results based upon Belgian microsimulation data from 2001 for private sector workers fits rather well observed behavior. Simulations of hypothetical reforms illustrate the potential effects of changing social security rules. [less ▲]

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See detailDisability in Belgium: There is More than Meets the Eye
Jousten, Alain ULg; Lefebvre, Mathieu ULg; Perelman, Sergio ULg

in Wise, David (Ed.) Social Security and Retirement around the World: Historical Trends in Mortality and Health, Employment, and Disability Insurance Participation and Reforms (2012)

The paper provides a perspective on the development of the Belgian disability insurance system. Using both survey and administrative data, it sketches a picture of the (changing) factors leading towards ... [more ▼]

The paper provides a perspective on the development of the Belgian disability insurance system. Using both survey and administrative data, it sketches a picture of the (changing) factors leading towards disability, as well as the outcomes in terms of program participation. The paper shows the key role of integrating other forms of early retirement programs into the analysis. The main findings are an unspectacular trend in the number of DI beneficiaries over time combined with a strong expansion of (early-) retirement schemes. [less ▲]

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See detailMeasuring poverty without the mortality paradox
Lefebvre, Mathieu ULg; Pestieau, Pierre ULg; Ponthiere, Grégory ULg

E-print/Working paper (2011)

Under income-differentiated mortality, poverty measures reflect not only the "true" poverty, but, also, the interferences or noise caused by the survival process at work. Such interferences lead to the ... [more ▼]

Under income-differentiated mortality, poverty measures reflect not only the "true" poverty, but, also, the interferences or noise caused by the survival process at work. Such interferences lead to the Mortality Paradox: the worse the survival conditions of the poor are, the lower the measured poverty is. We examine several solutions to avoid that paradox. We identify conditions under which the extension, by means of a fictitious income, of lifetime income profiles of the prematurely dead neutralizes the noise due to differential mortality. Then, to account not only for the "missing" poor, but, also, for the "hidden" poverty (premature death), we use, as a fictitious income, the welfare-neutral income, making indifferent between life continuation and death. The robustness of poverty measures to the extension technique is illustrated with regional Belgian data. [less ▲]

Detailed reference viewed: 13 (1 ULg)
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See detailLa performance de l’Etat-providence européen. Quel enseignement pour la Belgique?
Lefebvre, Mathieu ULg; Perelman, Sergio ULg; Pestieau, Pierre ULg

in Regards Economiques (2011), 93

Dans ce numéro de Regards économiques, nous présentons une mesure multidimensionnelle de la performance des Etats- providence de l’Union européenne. Cette mesure permet de comparer la performance des pays ... [more ▼]

Dans ce numéro de Regards économiques, nous présentons une mesure multidimensionnelle de la performance des Etats- providence de l’Union européenne. Cette mesure permet de comparer la performance des pays de l’Europe des 15 avec celle des 12 nouveaux membres; elle donne aussi la possibilité de tester l’hypothèse d’un éventuel dumping social; enfin elle peut être utilisée pour mieux appréhender la performance de la protection sociale de la Belgique et de ses composantes régionales. [less ▲]

Detailed reference viewed: 65 (7 ULg)
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See detailThe changing face of disability insurance
Jousten, Alain ULg; Lefebvre, Mathieu ULg; Perelman, Sergio ULg

E-print/Working paper (2011)

Detailed reference viewed: 21 (3 ULg)