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 …

that the connection between overconfidence and innovation is more complex than the previous literature suggests. In … innovative activity. While overoptimism leads to an innovation enhancing effect, judgmental overconfidence inhibits innovation …. Our results indicate that future research is well advised to take into account that the relationship between innovation …

We study innovation contests with asymmetric information and identical contestants, where contestants’ efforts and … highest quality and receives the revenue generated by the innovation. We characterize the equilibrium behavior, outcomes and …