their informational consequences may have lowered welfare. Surveying both theory and applications, we review the main …

We derive a measure that captures the extent to which overlapping ownership structures shift managers' incentives to … ownership overlap, including mergers in the asset management industry and the growth of indexing, could in fact diminish … possibility that the growth of common ownership has had a significant impact on managerial incentives …

What determines CEO incentives? A confusion exists among both academics and practitioners about how to measure the … strength of CEO incentives, and how to reconcile the enormous differences in pay sensitivities between executives in large and … small firms. We show that while one measure of CEO incentives (the dollar change in CEO wealth per dollar change in firm …

rigid than pay that is not designed to effect incentives. Some have gone so far as to argue that this may explain … differences in unemployment rates across countries. it is shown that there is no direct link between incentives and wage rigidity …. Many compensation schemes that provide incentives have the reverse effect: That is, they tend to make wages more rigid than …

relationships and on how firms provide incentives to employees. This literature has been very successful in generating models and … conform to theory. We survey some literature in this area and suggest areas for further research …

We study the effect of physician incentives in an HMO network. Physician incentives are controversial because they may … induce doctors to make treatment decisions that differ from those they would chose in the absence of incentives. We set out a … suggestive evidence that financial incentives linked to commonly used quality measures may stimulate an improvement in measured …

In this paper I summarize four new strands in agency theory that help me think about incentives in real organizations … assessments; incentives for skill development rather than simply for effort; and incentive contracts between versus within … organizations. I conclude by suggesting two avenues for further progress in agency theory: better integration with organizational …

theory of agency, notably income insurance and multi-task considerations, also shape pay policies. The conclusion we draw …