Spagnolo, Giancarlo - Economics Institute for Research (SIR), … - 1998
are paid more than once or are deferred, stock-related compensation packages are strong incentives for managers to support … discounts them on stock prices, reducing managers' short-run gains from any deviation. When deferred, stock-related incentives … may remove all managers' short-run gains from deviation making collusion supportable at any discount factor. The results …