responds more to increases in shareholders' return performance than to decreases. Further, this asymmetry is stronger when …

result of powerful managers setting their own pay. Others interpret high pay as the result of optimal contracting in a …

In this paper we examine the causal impact of competition on management quality. We analyze the hospital sector where … management quality - measured using a new survey tool - is strongly correlated with financial and clinical outcomes such as … a greater number of neighboring hospitals) is positively correlated with increased management quality, and this …

shareholders. Taken together, the long-run trends in the level and structure of compensation pose a challenge to several common …