reach targets in sales, production, or cost reduction. Using administrative data from a major Chinese insurance firm that … raised its sales targets and rewards for insurance agents greatly in 2015, we find that increased incentives induced agents … to increase sales of the increasingly incentivized life insurance products, bunched around the new targets, albeit in …

Corporate managers who own a majority of the common stock in their company or who represent another firm owning such an … interest appear to be less constrained than managers of diffusely held firms, yet their power to harm minority shareholders …. Finally, there is little evidence that new organizational mechanisms have evolved to constrain managers who own large blocks …