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 …

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

manager’s trades. We show that at the optimal contract: (i) the manager’s portfolio is monitored only when the firm performs …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 …

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

conventional contract theory. Our three key insights are: First, inequity aversion plays a crucial role in the design of optimal …

We conduct a field experiment in a controlled work environment to investigate the effect of motivational talk and its …

incomplete contract. It is shown that the efficiency of these solutions is very sensitive to the characteristics of the good or …