This paper provides new UK evidence on the relationship between managerialincentives and firm risk using a hand … pay performance sensitivity and firm risk exhibits a non-linearrelationship with firm size: for small to medium …-sized quoted companies there is anegative relation between pay performance sensitivity and risk consistent with thestandard agency …

explore the perceptions of family firm owners towards external managers by analyzing how their family-specific and company … providers. Prior work: Prior research has acknowledged that the attitude to external managers is a major concern for family … independence and control is high. Furthermore, they do not seem to trust external managers to act in accordance to their goal of …

We propose a new theory of suboptimal risk-taking based on contractual externalities. We examine an industry with a … of their incentive provision on the average effort. During booms, they over-incentivise managers, triggering a rat …-race in effort exertion, resulting in excessive risk relative to the second-best. The opposite occurs during busts. …

Market liquidity is the ease of trading an asset. Its risk is the potential loss, because a security can only be traded … long remained a more or less elusive concept. Treatment of liquidity risk is still under development.This paper provides an … overview on important aspects of market liquidity and its risk. We also survey existing models to integrate market liquidity …

ownership leads to risk aversion and more business segment diversification. Overall, the family management aspect is more likely …

issued. The paper also examines managers risk-shifting incentives and provides an analysis of the benefits associated with …This paper analyzes the relation between agency conflicts and risk management in a contingent claims model of the firm … risk management in different economic enviromnents. …

This paper develops a quantitative framework for analyzing the impact of macroeconomic conditions on credit risk and …