de Figueiredo, Rui; Rawley, Evan; Shelef, Orie - Stanford Institute for Economic Policy Research … - 2014
Managerial incentives influence risk-taking as well as effort. Theoretical research has long considered risk-taking to be a potential side effect of incentive pay, but empirical analysis of risk-taking incentives has been more limited. This paper uses exogenous variation in incentives to examine...