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

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 …

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