better market opportunities on incentive-conflicted managers' consumption of perquisites and on their use of defensive …

performance, and smaller asset size. However, when managers are faced with better growth opportunities, they generally appear to … increase in acquired assets is associated with worse performance at banks with entrenched managers. In contrast, a larger … obtained by entrenched managers, who may be able to resist market discipline to build empires. …

managers would obtain thesame level of expected wage. It is shown that the presence of asymmetric loss preferences in the form … ofhigher costs from managers’ investment duration over-statements (under-statements), results in a shift ofthe distribution of …