Analysis of UK financial sector bonus schemes in the years immediately prior to the financial crisis of 2008/09 reveals significant changes in their structure and complexity. In terms of the determinants of levels of bonus award, leverage as a measure of risk exposure is not significant, whilst...

The sensitivity of executive pay to share price performance has been the main focus of Western executive pay studies, reflecting shareholders’ efforts to reduce agency problems by better aligning the rewards of executives with their own. However, these studies have ignored motivational effects...

<italic>We examine racetrack betting market inefficiency. We argue that the overround -- an established measure of inefficiency -- may be seen as a reflection of bookmakers' collusive returns maximising behaviour, rather than simply as their response to an adverse selection problem. We test, and find...</italic>