This paper fills in a gap in the tournament literature by developing a framework that can be used to analyze both cardinal and ordinal tournaments, as well as piece rates. The analysis aims to obtain a Pareto ranking of cardinal versus ordinal tournaments, which is an open question in the...

This paper provides a solution to a puzzle in the analysis of tournaments, that of why there is no agent discrimination or differential contracting in certain business practice settings. The paper examines the problem of a principal contracting with multiple agents whose activities are subject...

This paper provides a solution to a puzzle in the analysis of tournaments, that of why there is no agent discrimination in practice. The paper examines the problem of a principal contracting with multiple agents whose activities are subject to common shocks, when there is moral hazard and...

We examine insider trading in about 3,700 targets of takeovers announced during 1988-2006 and in a control sample of non-targets, both during an ‘informed' and a control period. Using difference-in-differences regressions of several insider trading measures, we find no evidence that insiders...

We exploit US states' staggered adoption of Universal Demand (UD) laws to study how the risk of shareholder lawsuits affects opportunistic insider trading. UD laws, which make it harder for shareholders to bring derivative lawsuits (DLs) against directors and officers (D&O), lead to...

We examine open market stock trades by registered insiders in about 3,700 targets of takeovers announced during 1988-2006 and in a control sample of non-targets, both during an ‘informed' and a control period. Using difference-in-differences regressions of several insider trading measures, we...