We derive a measure that captures the extent to which overlapping ownership structures shift managers' incentives to … possibility that the growth of common ownership has had a significant impact on managerial incentives.Institutional subscribers to …

We study the relation between compensation practices, incentives, and performance in private equity using new data that … performance incentives, we find no evidence that higher compensation or lower managerial ownership are associated with worse net … productivity of manager skills, and in which managers with higher compensation earn back their pay by delivering higher gross …

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 …

compensation plans on personal productivity. We study an international law firm that moves from high-powered individual incentives … towards incentives for "leadership" activities that contribute to the firm's long run profitability. The effect of this change …

more incentives to overinvest, lower Tobin's q, higher return volatility, larger risk premium, and higher interest rate …

This paper presents theory and evidence on horizontal industry structure, focusing on situations where plant …

: reducing the opportunity for managers to transfer value to equityholders from creditors via strategic default, and reducing the … can use compensation awards that increase managerial performance incentives (delta) and risk-taking incentives (vega) in …

We put forward a theory of the optimal capital structure of the firm based on Jensen's (1986) hypothesis that a firm …