Incentive

乗合バスは地域の日常生活を支える公共輸送サービス の役割を担ってきた.しかし,モータリゼーションの進 展に伴う自家用自動車の普及や,少子化の進行による人 口の減少等により,乗合バスの利用者数は全国的に減少 傾向にある.このためバス事業は厳しい経営状況にあり, 一部の路線では行政からの補助金によって路線が維持さ れている. このような中,熊本市は路線バスの利便性向上,採算 性の向上,補助金の軽減を目的として平成 20 年度に 「熊本市におけるバス交通のあり方検討協議会」を設置 し,熊本都市圏のバス路線網の再編と運行一元化スキー ムの検討を行っている.そこでは「公共交通の充実・利 用促進に向けて,他の交通機関との連携機能を強化し, 利用者本位の一体的な公共交通体系を構築する」という 考えの下,ゾーンバスシステムを導入したバス路線網の 再編案が提案されている.バス路線網の再編の理念や考 え方,手順については文献 1)を参照されたい. 同時に,バス路線網再編の際には補助金交付方法の見 直しも検討されている.熊本市では路線バスへの補助制 度が昭和 59 年から開始されているが,補助対象系統を 一般系統にまで拡大した平成 16 年度以降補助金額が急 増し,平成 19 年度時点の交付額は約 2 億円以上となっ ている(図-1 参照).この交付金はバスの運行に対す る補助であり,その他に平成 13 年度には一般会計から 熊本市交通局へ 18 億円にも上る繰入れがなされている. 再編案が示されたバス路線網に対しても,収益は 10.65 億円の赤字と予測されており,現況よりは軽減するもの の,熊本市は相応の補助金を交付しなければならない.


Reprinted in Recent Developments in the Economics of Executive Compensation.
Accompanying SSRN note on calculation of incentives downloaded 6,701 times.
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Brickley and James Linck, • 1999 Meeting of the American Finance Association* • 1986 Meeting of the Western Economic Association* • Fifth World Congress of the Econometric Society, Budapest, 1986* "The Dividend Policy of Paying Regular Cash Dividends Supplemented by Period Extras: An Empirical Analysis," with James Brickley.
• Expected April 2024, New York University* • University of Kansas, expected February 2024* • University of Arizona/Arizona State University Junior Faculty Conference, 2023 "Compensation Peer Choice and Managerial Capital," with Fangfang Du and Daruo Xie.•Corporate Governance and Executive Compensation Research Series, 2022 "How Executive Compensation Changes in Response to Personal Income Tax Shocks," with Ben Bennett and Zexi Wang.•St. John's University, 2022** "The Power of Tournament Incentives: Evidence from Japanese Corporate Boards," with Konari Uchida.•2018 FMA Annual Meeting • University of Hawaii • Fukuoka University • Asian Finance Association Annual Meeting 2018 • Hitotsubashi University • Kyushu University • NCAS Conference (Oxford University, EHESS, Berlin Free University, and Waseda University)."CEORisk Exposure Distorts Investment Decisions," with Jason Sandvik and Nathan Seegert.•2019 Magnolia Conference, Mississippi State University* • Northeastern University* • Florida International University* • University of Texas, Dallas* • 2019 BNI (Oslo) Corporate Governance Conference* • 2019 Keynote Address to the European Meeting of the Financial Management Association* "On Index Investing," with Davidson Heath and Matthew Ringgenberg.•University of Nebraska • University of South Florida • George Washington University • FIRS Conference 2018 "Managerial Attributes, Incentives, and Performance," with Zhichuan (Frank) Li. • Third CEIBS Accounting and Finance Symposium 2017, Shanghai• • Fall 2004 Research Conference, FDIC -Journal of Financial Services Research: "Leadership Structure: On the Separation of the Positions of CEO and Chairman of the Board," with James Brickley and Gregg Jarrell.• 1994 Meeting of the American Finance Association* • University of Arizona  FMA

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Disclosure and Governance, University of Texas, McCombs School of Business, PhD Student Symposium on Financial Market Policy Development & Research, 2020  2015 National Science Foundation Conference on Experimental Finance  2012 CEAR/Finance Workshop on Incentives and Risk Taking  UNC-Duke Conference on Corporate Finance: 2004, 2008  2010 Mitsui Life Conference, University of Michigan  Drexel University, LeBow College of Business, Center for Corporate Governance, Corporate Governance Conference, 2020, 2014, 2010  2006 Journal of Accounting and Economics Conference on the "Economic Consequences of Alternative Accounting Standards and Regulation," Northwestern University. 2004 Multidisciplinary Conference on Corporate Governance -University of Texas, Austin  2003 University of Delaware (Weinberg Center for Corporate Governance) 2002  Corporate Governance After Sarbanes-Oxley, 2004, ASU Panelist/Moderator:  2023 Utah Conference on Undergraduate Research, University of Utah  2020 Outstanding Financial Executive Award Presentation and Fireside Chat, Moderator with Stacey Cunningham, President, NYSE Group  2020 Society for Experimental Finance, Panel/Roundtable. 2016 Finance Doctoral Association (FDSA) Editors Panel, Panelist  Michael Lewis at the David Eccles School of Business, Moderator  2012 NACD Panel on Executive Compensation, Moderator, with J. Carr Bettis and Charles Elson  2011 FMA Meeting, Panel Discussion on Professional Strategies for Assistant Professors  2010 FMA Meeting, Panel on Executive Compensation and the Financial Crisis  2010 Southwest CEO Conference, Columbia West Capital  2009 FMA Doctoral Consortium, Panelist  2008 Panel on Shareholder Activism and the Role of the Board of Directors in Maximizing Firm Value, CFA Institute and University of South Florida  2005 FMA Meeting, Panel on Mutual Fund Governance, Moderator, Panelists: John Bogle, Vanguard; Jonathan Sokobin, US Securities and Exchange Commission; Laura Starks, University of Texas Austin; Brian Reid, Investment Company Institute. 2005 FMA Meeting, Panel Discussion on Professional Strategies for Assistant Professors. 2003 FMA Meeting, Panel Discussion on Professional Strategies for Assistant Professors. NACD panel on corporate governance, April 2005. Moderator of NACD/ASU Joint Meeting on Corporate .  Moderator of Arizona Finance Symposium, 1995. Chaired round-table session on "Banking and Monetary Reform: Alternative Views," at the Fed Forum Seminar, sponsored by the Federal Reserve Bank of San Francisco, 1985.Research Grant, Marriner S. Eccles Institute of Economics and Quantitative Analysis, with Yunhui Han, 2021.• ASU Research Grant -CRSP Mutual Fund Data, 2000.• Dean's Council of 100 Research Grant, Arizona State University, 1995-2000.• Furst Grant (teaching), Arizona State University, 1999.• University of Utah Summer Research . • Faculty Starter Grant, University of Utah Research Committee, 1984-85.• Supported at Stanford University during the period September 1981 -June 1983 by NSF Grant SES79-25690.• Supported at Stanford University during the period September 1980 -September 1981 by NSF Grant SES79-24831.• Garn Institute of Finance, University of Utah, 1988-1993.• Managerial Economics Research Center, University of Rochester, 1989.• University of Utah Research Grant, CRSP-OTC Tapes, 1992.