control markets (i.e., where interstate banking is permitted) require talented managers whose levels of compensation are … higher. We also find that the compensation-performance relationship is stronger than for managers in markets where interstate …

This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial … the acquiring firm increases, the interests of managers are more closely aligned with those of shareholders, reducing the … acquisition premium. At sufficiently high levels of managerial ownership, managers value a reduction in the risk of their …