We provide evidence that redemption risk undermines managerial incentives to trade against mispricing. We start by comparing open-end funds with closed-end funds, which are similarly regulated, but not subject to redemptions. Compared to open-end funds, closed-end funds purchase more underpriced...

We provide evidence that open-end organizational structures undermine incentives for asset managers to attack long-term mispricing. We compare open-end funds with closed-end funds. Closed-end funds purchase more underpriced stocks than do open-end funds, especially if the stocks involve high...

Public outrage over executive compensation reached an all‐time high during the financial crisis. Around the world, many argued that CEOs and boards were immoral in setting their pay and pressured governments to impose restrictions on executive pay. Using a unique sample of data on human values...