. Vega does not capture risk-taking incentives from managers' stock and debt holdings and does not reflect the fact that … measure explains risk choices better than vega and the relative measures, and should be useful for future research on managers …

We present a general-equilibrium theory of contracting in which managers are concerned about their social standing in a …

2008 financial crisis. Strong and weak banks also stand apart: managers from weak banks took more risk than their peers in …

provide to their managers. A central assumption is that there is free entry and exit in the industry, which implies that … both firm-level profits and managers' compensation. Consequently, managers' incentives are positively correlated with firm …

Integrated ownership is often seen as a way to foster specific investments. However, even in integrated firms, managers …, integration calls for low-powered incentive contracts: the managers invest more as they are less exposed to the investment … personally costly to the managers (rather than a monetary investment). The qualitative takeaway remains, however, that the …