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首页> 外文OA文献 >Analysis of Latin America's corporations as a rational response to the economic environment present in the region. Part III. Quantifying Latin American firms' exposure to external factors
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Analysis of Latin America's corporations as a rational response to the economic environment present in the region. Part III. Quantifying Latin American firms' exposure to external factors

机译：拉丁美洲公司的分析是对该地区经济环境的理性回应。第三部分。量化拉丁美洲公司对外部因素的影响

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摘要

This is the last of a series of three working papers analyzing the basic characteristics of the economic environment in which Latin American firms operate and the optimal design of incentive programs compatible with such environment. Executive pay-for-performance compensation schemes are usually based on stock returns. However, stock returns change in response to forces beyond management control (e.g., market crushes). The economic environment in which Latin American firms operate is highly unstable, which means that this is a very important limitation for Latin American firms. In the present paper, we present a procedure to decompose variability in stock returns in order to identify and measure components that respond to external factors beyond management control. For this, we have created indices that capture statistically the external influences that affect stock returns. We show how such indices can be used to construct a risk profile that allows management to know to what extent observed outcomes depend on external factors, versus their own actions. In addition, these indices can be used as a basis to develop indexed options: financial instruments designed to factor out the effects of external risks, making it possible for executives to be evaluated only on the basis of the value they generate. We show that these indices can be developed out of purely local information, but that the solutions tend to be moderately unstable, which implies that compensation instruments developed with this methodology should be of relatively short maturity.
机译：这是三份工作论文系列中的最后一篇，分析了拉丁美洲公司经营所在的经济环境的基本特征以及与该环境相适应的激励计划的最佳设计。高管绩效薪酬计划通常基于股票回报。但是，由于无法控制的力量（例如，市场崩溃），股票收益会发生变化。拉丁美洲公司经营所在的经济环境高度不稳定，这意味着这对拉丁美洲公司来说是一个非常重要的限制。在本文中，我们提出了一种分解股票收益率可变性的程序，以便识别和衡量对超出管理控制范围之外的外部因素做出响应的组件。为此，我们创建了指数，以统计方式捕获影响股票收益的外部影响。我们展示了如何使用这些指数来构建风险状况，从而使管理层能够了解所观察到的结果在多大程度上取决于外部因素及其自身行动。此外，这些指数可以用作制定指数期权的基础：金融工具旨在排除外部风险的影响，使高管人员仅可以根据其产生的价值进行评估。我们表明，这些指标可以从纯粹的本地信息中得出，但是解决方案往往具有中等程度的不稳定性，这意味着采用这种方法开发的补偿工具的到期日应该相对较短。

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