pay. Further, holdbacks are positively associated with abnormal compensation, consistent with arguments that managers …

, competition does not eliminate but rather exacerbates inefficiencies arising from contracting with focused agents. Common contract …

not eliminate but rather exacerbates inefficiencies arising from contracting with focused agents. Common contract schemes …

This study adopts behavioral contract theory through a mathematical model and clarifies the situation in which a fixed …–salary contract is preferable to incentives–based one for the principal. Theoretically, the expected utility for the principal is … higher under an incentives–based contract but, in reality, there are companies that employ people via fixed–salary contracts …

A long-standing controversy is whether CEO employment contracts insulate inferior managers from discipline leading to …. Using a unique dataset on S&P 500 CEO employment contracts during 1993-2005, I find that acquirers with a CEO contract … performance, and undertake riskier deals than acquirers without a contract. Further investigation of individual contract …