connect ownership structures, management contracts, and quarterly cash flows for a large sample of buyout and venture capital …-of-fee performance, in stark contrast to other asset management settings. Instead, compensation is largely unrelated to net-of-fee cash … productivity of manager skills, and in which managers with higher compensation earn back their pay by delivering higher gross …

The agents to whom shareholders delegate the management of corporate affairs may transfer value from shareholders to … managers. We question this view within its own analytical framework by studying, in a principal-agent model, the effects of … diversion overlooks a significant cost of such behavior. Many common modes of compensation can provide managers with incentives …

constraints that act on these processes, leave managers with considerable power to shape their own pay arrangements. Examining the …

cash flow retention, more CEO accountability, and less earnings management. We posit that more powerful independent … errant top managers, or both …

"spinouts": managers of input divisions can start their own firms, making customized inputs formerly provided internally subject … lead to inefficiently low entry. Vertically integrated firms can fight back by hiring managers for their input divisions …