Sander van der Hoog

Author Archive | Sander van der Hoog


Financial and Real Investment, Ownership Structure and Manager Compensation: Summary of Empirical Evidence

This is a brief overview of the literature on corporate governance, ownership and firm performance. We cover different strands related to financialization, corporate ownership structure, stakeholders and shareholders, manager remuneration schemes, and share repurchases. Although this text should not be construed as a full literature review, we discuss how to use the empirical evidence to […]

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Manager Remuneration, Share Buybacks and Firm Performance

Using a dynamic heterogeneous agent industry model we examine the impact of manager remuneration schemes on firms investment decisions and on the evolution of their competitiveness and share values. Whereas an increase in the share-based manager remuneration component is always bene cial to the manager, it is bene cial for shareholders only if such a change in […]

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An empirical validation protocol for large-scale agent-based models

Despite recent advances in bringing agent-based models (ABMs) to the data, the estimation or calibration of model parameters remains a challenge, especially when it comes to large-scale agent-based macroeconomic models. Most methods, such as the method of simulated moments (MSM), require in-the-loop simulation of new data, which may not be feasible for such computationally heavy […]

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A Heterogeneous Agent Macroeconomic Model for Policy Evaluation: Improving Transparency and Reproducibility

This paper provides a detailed description of the Eurace@Unibi model, which has been developed as a versatile tool for economic policy analysis. The model explicitly incorporates the decentralized interaction of heterogeneous agents across different sectors and regions. The modeling of individual behavior is based on heuristics with empirical microfoundations. Although Eurace@Unibi has been applied successfully […]

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The limits to credit growth: 
mitigation policies and macroprudential regulations to foster macrofinancial stability and sustainable debt

We study an economy with a high degree of financialization in which (non-financial) firms need loans from commercial banks to finance production, service debt, and make long-term investments. Along the business cycle, the economy follows Minskyan dynamics with firms traversing various stages of financial fragility, i.e. hedge, speculative and Ponzi finance (cf., Minsky, 1978, 1986). […]

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Bubbles, crashes and the financial cycle: insights from a stock-flow consistent agent-based macroeconomic model

This paper explores how different credit market- and banking regulations affect business fluctuations. Capital adequacy- and reserve requirements are analysed for their effect on the risk of severe downturns. We develop an agent-based macroeconomic model in which financial contagion is transmitted through balance sheets in an endogenous firm-bank network, that incorporates firm bankruptcy and heterogeneity […]

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