Due to the limited availability of firm-level compensation data, there is little empirical evidence on the impact of … compensation plans on personal productivity. We study an international law firm that moves from high-powered individual incentives … shift billable hours to team members. Although the motivation for the change in the compensation plan was the multitasking …

the discussion of incentives, I first summarize theory and evidence related to the classic agency model, which emphasizes … economics); I identify ten basic questions that merit more systematic investigation. Turning to theory, I describe building …

theory of agency, notably income insurance and multi-task considerations, also shape pay policies. The conclusion we draw …

this risk. We use our theory to interpret some executive compensation data from the early 1970's. The results are generally …In this paper we examine the factors affecting the structure of executives' compensation packages. We focus … particularly on the role of various types of delayed compensation as means of "bonding" executives to their firms. The basic …

diversion overlooks a significant cost of such behavior. Many common modes of compensation can provide managers with incentives … shareholder wealth, since value diversion simply substitutes for alternative forms of compensation that would otherwise be paid to … managers. We question this view within its own analytical framework by studying, in a principal-agent model, the effects of …

Firms are more complicated than standard principal-agent theory allows: firms have assets-in-place; firms endure … through time, allowing for the possibility of replacing a shirking manager; firms have many managers, constraining the amount … control rights of an optimal contract. Managerial entrenchment makes the promise of deferred compensation credible. Deferring …

This paper reviews the theoretical and empirical literature on executive compensation. We start by presenting data on …. Second, we aim to provide a user-friendly guide to executive compensation, presenting shareholder value theories using a …

: 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 … strategic default-related agency problem. We study equity compensation awards to CEOs of S&P 1500 companies during 2001–2015 and …

We investigate the impact of changes in states' anti-takeover legislation on executive compensation. We find both pay …

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