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This paper studies the relationship between CEO pay-performance sensitivity and CEO pay for luck as well as the asymmetric benchmarking of CEO pay in which good luck is rewarded but bad luck is not penalized symmetrically. We further explore the impact of the regulatory changes on executive compensation taking effect in the 2000s on CEO pay for luck and asymmetry.

In this study, we examine the relationship between CEO pay-performance sensitivity and CEO pay for luck and the asymmetric benchmarking of CEO compensation. The sample consists of DJIA component companies over a 71-year period from 1950 to 2020. CEO pay-performance sensitivity is measured by both delta and Jensen-Murphy pay-performance sensitivity.

We find that an increase in CEO pay-performance sensitivity as measured by both delta and Jensen-Murphy pay-performance sensitivity leads to an increase in the degree of CEO pay for luck but tends to reduce the level of CEO pay for luck asymmetry. In addition, we find that the major pay-related regulatory changes in recent years have mitigated the degree of CEO pay for luck and pay asymmetry, in which CEO pay structure and the associated CEO pay-performance sensitivity are major mechanisms through which the regulatory changes take effect.

Our findings provide empirical evidence supporting the argument that both optimal contracting and rent extraction should be considered as important determinants of CEO compensation.

When a firm designs the pay packages for its CEO to align CEO wealth to firm performance, CEO pay-performance sensitivity is expected to improve. However, the improved CEO PPS can also lead to an increased CEO pay for non-performance (Luck), which is an undesired outcome from the shareholder view. Therefore, a firm should thoroughly consider various advantages and disadvantages when compensating its top executives. Third, pay-related regulations have indeed achieved some intended outcomes such as the diminished pay for luck and asymmetry, but they also exacerbated the positive relationship between CEO pay-performance sensitivity and the asymmetric benchmarking of CEO pay. It seems that executive pay-related regulations cannot achieve perfect outcomes without side effects. Continuous reforms and regulations on corporate governance should be a dynamic process under various changing situations.

This study contributes to the literature on executive pay for luck and asymmetry in several ways. First, our study is among the few studies empirically testing the relationship between CEO pay-performance sensitivity and pay for luck and asymmetry. We find that CEO pay-performance sensitivity tends to increase the degree of CEO pay for luck but reduce the level of asymmetric benchmarking of CEO pay. These findings partly support the rent extraction theory grounded on the managerial power hypothesis and partly support the optimal contracting theory. Our findings confirm that the optimal contracting theory and the rent extraction theory are both important for explaining the practices and historical trends of CEO compensation.

Recent debates in urban studies and urban anthropology have revolved around the growth of neoliberal economies and their impact on postcolonial cities such as Bengaluru and invoke the phenomenon of the death of the commons. Rather than focusing on a dialectical existence of infrastructures, which suggests a life and death binary, in 2020, I turned my attention to the possibility of a life between and beyond these two binaries through the game of football and its place in Bengaluru. This essay is based on a study of two different types of football fields in Koramangala, Bengaluru, and through this exercise, it intends to examine a potential move towards the viewing of commons as sites of knowledge production for sport, culture, and the city. One of the key ideas around which urban commons are looked at in this essay is through an examination of Bengaluru as a postcolonial city, one which was supposed to uphold a Nehruvian vision, and its transformation into the Information Technology hub of India through a neoliberal turn in urban development. A major concern raised here with neoliberal models of urban development is how people who do not have the monetary capacity to access sports infrastructure end up playing in the postcolonial, neoliberal city.

Between 1840s and 1940s, 27 occidental concessions have been created in several cities in China which represented difficult signs and memories for Chinese. Nowadays, these territories are experiencing a joint phenomenon of heritagization and tourismification which makes them experimental theaters for modern urban life and identity. Taking the former concessions of Tianjin as place study, the purpose of this study is to analyze the role of the heritage and tourism in the former concessions in city branding and more specifically the actors, approaches and products of this phenomenon.

This research draws on the comparison and analysis of two place studies in China. The authors base their analysis on semi-structured interviews in Chinese with previously identified stakeholders. In all, 20 individuals, including developers, public authority representatives, business owners, academics and conservation association members, were interviewed. This research was completed, updated and triangulated by content analysis of Web-based materials; official documents such as urban plans, guidelines and urban and tourism strategies collected during the fieldwork, as well as non-intrusive spatial observations of the concession and its various developments.

The results of this study show that the heritage in the former concessions has become an attractive tool for the city branding through tourism development, often led by the public actors with the participation of private entrepreneurs.

This study looks at the hybrid dimensions of the former concessions in China. It provides a better understanding of the co-action of heritage and tourism in the processes of territorial rehabilitation, which contributes to both the practitioners and researchers in this domain.

This chapter presents an interpretation of gentrification and touristification as gender-related issues. The underlying question driving this discussion is: How can we envision feminist cities when certain forms of feminism today are strongly intertwined with consumerism? In the context of ghost cities or neighborhoods, Airbnb and digital nomads dominate, skyrocketing prices make life unaffordable, support structures vanish in favor of place branding, and oppressive security practices are normalized. The chapter examines the history of neoliberal deactivation in Rome’s Ostiense neighborhood. It explores the resistance by places of liberation, such as the occupied former barracks of Porto Fluviale, which serves as a residence for homeless families. It delves into the genuine transformation of the area into an open-air museum exploited for tourism and the occupation of a former nightclub turned into a meeting space for marginalized individuals to ensure their safety through acts of resistance. The territorial appropriation dynamics driven by neoliberal forces have altered geographies, resulting in an emotional detachment that renders the city unlivable. The chapter touches upon the transformation of soulful places into sites of emotional resistance, illustrated through Sara Ventroni’s poem dedicated to the Gasometer. This suburban colossus has indelibly shaped the area’s cityscape since the early 20th century, constantly caught between branding and resistance. Drawing from these experiences and insights, a new theory of the city is proposed, one rooted in the principle of care.

Background: Rising food bank usage in the UK suggests a growing prevalence of food insecurity. However, a formalised, representative measure of food insecurity was not collected in the UK until 2019, over a decade after the initial proliferation of food bank demand. In the absence of a direct measure of food insecurity, this article identifies and summarises longitudinal proxy indicators of UK food insecurity to gain insight into the growth of insecure access to food in the 21st century.

Methods: A rapid evidence synthesis of academic and grey literature (2005–present) identified candidate proxy longitudinal markers of food insecurity. These were assessed to gain insight into the prevalence of, or conditions associated with, food insecurity.

Results: Food bank data clearly demonstrates increased food insecurity. However, this data reflects an unrepresentative, fractional proportion of the food insecure population without accounting for mild/moderate insecurity, or those in need not accessing provision. Economic indicators demonstrate that a period of poor overall UK growth since 2005 has disproportionately impacted the poorest households, likely increasing vulnerability and incidence of food insecurity. This vulnerability has been exacerbated by welfare reform for some households. The COVID-19 pandemic has dramatically intensified vulnerabilities and food insecurity. Diet-related health outcomes suggest a reduction in diet quantity/quality. The causes of diet-related disease are complex and diverse; however, evidence of socio-economic inequalities in their incidence suggests poverty, and by extension, food insecurity, as key determinants.

Conclusion: Proxy measures of food insecurity suggest a significant increase since 2005, particularly for severe food insecurity. Proxy measures are inadequate to robustly assess the prevalence of food insecurity in the UK. Failure to collect standardised, representative data at the point at which food bank usage increased significantly impairs attempts to determine the full prevalence of food insecurity, understand the causes, and identify those most at risk.

In this introduction to the special issue, ‘Marxist Thought in South Asia’, we detail the long history of Marxist politics and theorizing in South Asia and highlight the unique contributions and perspectives of South Asian Marxists to global Marxism. Three contributions we find particularly significant are (1) South Asian Marxists' approach to thinking about questions of capitalism, colonialism and imperialism, (2) the treatment of agrarian and feudal continuities in Marxist theories from South Asia and (3) unique South Asian contributions to theorizing caste from a Marxist perspective.

The housing policies targeting low-income households have not been effective to address the housing needs of target groups in Iran over the past four decades. According to the World Bank’s data on population living in slums (% of urban population) in Iran in 2018 was 25% which is slightly higher than the rate 23% of upper-middle-income countries. This study aims to understand what major revisions are required in the process of housing policymaking to have more effective policies.

The authors conduct one-to-one interviews with 41 housing experts and apply discourse analysis and interpretive–structural modeling to achieve the goals.

The panel of experts argue that the success of housing policies in Iran depends on the following: all academic disciplines should be included in the process of housing policymaking process; land policymaking should be modified; housing policy is a regional issue, and it should be designed and implemented differently in each province; main modifications are required in the tax and tenancy system; and new policies are required to push vacant houses into the rental market.

This study is a prescriptive study based on a general trend (four decades).

Much like their residential counterparts, commercial leases have a reputation problem. Although often derided as painfully dull and mundane documents, residential leases have begun to be interrogated by socio-legal scholarship with renewed interest. This paper aims to continue this line of work in the commercial context through a detailed examination of a widespread form of leasehold in the pub sector: the “tied lease”.

The paper draws on interviews with 14 publicans and archival research.

The author argues that the lease is a decisive actor in determining the balance of power between publicans and pub-owning companies and shaping the physical environment of pubs in the UK.

The author’s broader agenda is to argue that socio-legal scholars’ renewed interest in leases should not be confined to the residential context: commercial leases warrant far greater socio-legal scholarly attention.

This paper aims to examine the impact of coastline on the rental value of residential property in proximity to the coastline, using the hedonic pricing model from two perspectives. First, Model 1A–C accounted for estimating the influence of coastal amenities while controlling for other housing attributes influencing rent. Second, Model 2A–C accounted for the interaction between coastal amenities/disamenities and other housing attributes influencing rent.

A survey approach was adopted for the data collection process. For both models, property values were measured in proximity to coastline using 0–250 m, 251–500 m and 0–500 m.

Findings revealed that property rental value increases as we move away from the coastline when disamenities are not controlled. The results suggested that for a mean-priced home (N2,941,029 or $8,170) at the mean distance from the coastline (301.83 m), a 1% increase in distance from the coastline would result in a 0.001% or N9.77 ($0.03) increase in rental value.

The implication to real estate valuers is that varying premiums should be considered when valuing a property depending on the distance to the coastline while considering other housing attributes.

This research introduces a novel approach to the hedonic model for determining property values in proximity to coastal environment by estimating the influence of coastal amenities while controlling for other housing attributes influencing rent, on the one hand, and accounting for the interaction between coastal amenities/disamenities and other housing attributes influencing rent, on the other.

This study aims to investigate the implications of natural gas rents and institutions as co-drivers of economic growth, focusing on the Gas Exporting Countries Forum (GECF) with panel data between 2001 and 2021.

This research paper uses a specialised two stage estimator, the panel instrumental variable technique (panel IV), which takes care of the potential endogeneity issues in the model.

The findings show that natural gas rent significantly impacts the economic growth of the GECF. On average, natural gas rent increases the sample’s growth rate by about 2.634% percentage points in the short run. The result indicates that the qualities of institutions (political and economic) have a significant positive long-term effect on the economies of the GECF. In addition, the study’s energy price volatility positively correlates with the countries’ growth.

There might be a need to investigate the effects of natural gas rents and institutions as co-growth drivers in each country within the GECF. The likelihood exists that the impact of natural gas rents and institutions on economic growth at the country’s level may differ from the outcome of such an experiment on the group level. Because of space and time limitations, this study could not carry out the specific country’s investigation of natural gas rents and institutions as a co-growth driver. That limitation may constitute further study to advance this study to a new height.

With good institutions, natural gas rent is likely to be an alternative growth driver for some economies that rely on fossil fuels like oil as a growth driver. By extension, the GECF has the potential to rival Organisation of Petroleum Exporting Countries (OPEC) in the global energy market, particularly in achieving Sustainable Development Goal number seven. In essence, evidence in this study suggests that natural gas rent has long-term positive effects on the growth of the GECF, conditioned on good institutions. Moreover, the drive of global energy consumption towards sustainable energy usage is an economic blessing for the GECF. By extension, the demand for natural gas would continue to rise, creating opportunities to improve natural gas rents. By implication, the GECF would continue to benefit from the pursuit of sustainability as the world shifts towards energy consumption with less CO₂.

Firstly, this study models the qualities of institutions for the GECF. Secondly, to the best of the author’s knowledge, this study is the first attempt to examine natural gas rents and the qualities of institutions as co-determinants of economic growth among the GECF (a potential cartel).