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Performance Incentives Within Firms : The Effect of Managerial Responsibility
Aggarwal, Rajesh K. - 1999
executive officers. However, firms are run by teams of managers, and a theory of the firm should also explain the distribution …
Persistent link: https://www.econbiz.de/10012471450
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Stock-Based Compensation and CEO (Dis)Incentives
Benmelech, Efraim - 2008
Stock-based compensation is the standard solution to agency problems between shareholders and managers. In a dynamic … managers to work harder, it also induces them to hide any worsening of the firm's investment opportunities by following largely …-valued while managers hide the bad news to shareholders. We find that a firm-specific compensation package based on both stock and …
Persistent link: https://www.econbiz.de/10012464915
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Credit Default Swaps, Agency Problems, and Management Incentives
Lee, Jongsub - 2017
: reducing the opportunity for managers to transfer value to equityholders from creditors via strategic default, and reducing the …
Persistent link: https://www.econbiz.de/10012453649
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Corporate Tax Avoidance and High Powered Incentives
Desai, Mihir A. - 2004
This paper analyzes the links between corporate tax avoidance, the growth of high-powered incentives for managers, and …
Persistent link: https://www.econbiz.de/10012468222
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Asset Management Contracts and Equilibrium Prices
Buffa, Andrea M. - 2014
We study the joint determination of fund managers' contracts and equilibrium asset prices. Because of agency frictions …, investors make managers' fees more sensitive to performance and benchmark performance against a market index. This makes … managers unwilling to deviate from the index and exacerbates price distortions. Because trading against overvaluation exposes …
Persistent link: https://www.econbiz.de/10012458188
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Automobile Prices in Market Equilibrium : Part I and II
Berry, Steven - 1993
This paper develops new techniques for empirically analyzing demand and supply in differentiated products markets and then applies these techniques to analyze equilibrium in the U.S. automobile industry. Our primary goal is to present a framework which enables one to obtain estimates of demand...
Persistent link: https://www.econbiz.de/10012474698
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Incentives in HMOs
Gaynor, Martin - 2001
We study the effect of physician incentives in an HMO network. Physician incentives are controversial because they may induce doctors to make treatment decisions that differ from those they would chose in the absence of incentives. We set out a theoretical framework for assessing the degree to...
Persistent link: https://www.econbiz.de/10012470196
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Opportunity Counts : Teams and the Effectiveness of Production Incentives
Boning, Brent - 2001
This paper investigates the individual and joint effects of group incentive pay and problem-solving teams on productivity. To estimate models of adoption of these work practices and models of the effects of the work practices on productivity, we constructed a data set on the operations of 34...
Persistent link: https://www.econbiz.de/10012470418
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Executive Compensation and Short-termist Behavior in Speculative Markets
Bolton, Patrick - 2003
incentive to induce managers to pursue actions which increase the speculative component in the stock price. Our model provides a …
Persistent link: https://www.econbiz.de/10012468976
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Learning about CEO Ability and Stock Return Volatility
Pan, Yihui - 2013
When there is uncertainty about a CEO's quality, news about the firm causes rational investors to update their expectation of the firm's profitability for two reasons: Updates occur because of the direct effect of the news, and also because the news can cause an updated assessment of the CEO's...
Persistent link: https://www.econbiz.de/10012459779