This paper analyzes the links between corporate tax avoidance, the growth of high-powered incentives for managers, and …

This paper presents an overview of the history of corporate governance in the United States, emphasizing the period …

executive officers. However, firms are run by teams of managers, and a theory of the firm should also explain the distribution …

Stock-based compensation is the standard solution to agency problems between shareholders and managers. In a dynamic … managers to work harder, it also induces them to hide any worsening of the firm's investment opportunities by following largely …-valued while managers hide the bad news to shareholders. We find that a firm-specific compensation package based on both stock and …

Incentive fees for money managers are frequently accompanied by high-water mark provisions that condition the payment … performance fees are valuable to money managers, and conversely, represent a claim on a significant proportion of investor wealth …