of the typical American firm. Variable pay is usually touted as a way to provide incentives to managers whose interests … received much attention, but that is consistent with may of the facts, is selection. Managers and industry specialists may have … information about a firm's prospects that is unavailable to outside investors. In order to induce managers to be truthful about …

corporate finance literature is that executive perks are a form of agency or private benefit and a way for managers to …

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 …

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