survival of top executives (Presidents, CEOs and General Managers) to bank performance and the manager’s local connections …-manager appointments. We measure the extent? of managers’ local connections by the distance between the province of the bank’s headquarters … and the manager’s province of birth. We show that top managers tend to be local in the sense that the distribution of this …

work for. We reject, however, the efficient pay hypothesis as CEO pay and the demand for managers increases in Germany in … difficult times when the typical firm size shrinks. We find further that domestic and global competition for managers has …

Incentive compensation induces correlation between the portfolio of managers and the cash flow of the firms they manage …. This correlation exposes managers to risk and hence gives them an incentive to hedge against the poor performance of their … using financial markets and shareholders cannot perfectly monitor the manager’s portfolio in order to keep him from hedging …

with the evolution in executive pay and the market for managers during earlier time periods. A case study of General …

result of powerful managers setting their own pay. Others interpret high pay as the result of optimal contracting in a …

Risk-neutral individuals take more risky decisions when they have limited liability. Risk-neutral managers may not when …