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"This paper analyzes the links between corporate tax avoidance, the growth of high-powered incentives for managers, and …
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I find that corporate boards frequently link CEO compensation to subjective performance measures that are neither accounting ratios nor stock returns. Subjective measurement incorporates soft information privately observed by the board about the CEO's contribution to long-term firm value. I show...
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This paper analyzes the links between corporate tax avoidance, the growth of high-powered incentives for managers, and …
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We investigate simultaneously the impact of promotion-based tournament incentives for VPs and equity-based (alignment) incentives for VPs and the chief executive officer (CEO) on firm performance. We find that tournament incentives, as measured by the pay differential between the CEO and VPs,...
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