This paper examines managerial compensation in an environment where managers may take a hidden action that affects the … contract in this setting, and demonstrate that contracts contingent on reported earnings cannot provide managers with the …

: reducing the opportunity for managers to transfer value to equityholders from creditors via strategic default, and reducing the …

Managers' incentives may conflict with those of shareholders or creditors, particularly at leveraged, opaque banks …

We derive a measure that captures the extent to which overlapping ownership structures shift managers' incentives to …

This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial … the acquiring firm increases, the interests of managers are more closely aligned with those of shareholders, reducing the … acquisition premium. At sufficiently high levels of managerial ownership, managers value a reduction in the risk of their …

dismissal. In 2004, the Chicago Public Schools (CPS) and Chicago Teachers Union (CTU) signed a new collective bargaining … teachers that were eligible for dismissal with records indicating which teachers were dismissed. With this data, I estimate the …

with the prior empirical literature which showed that corporate boards filter exogenous shocks from CEO dismissal decisions …

(approximately) optimal mechanisms either involve a probationary period and then indefinite tenure, or else a random dismissal …