A strictly risk-averse manager makes joint decisions on a firm's tax payments and book profit declarations according to … making untruthful profit declarations, and (4) the tax rate. If the firm's owner or the government takes into account these … effects when pursuing his own objectives, the changes in tax payments and book profit declarations become theoretically more …

This questionnaire survey of fund managers in the United States, Germany and Switzerland documents a distinctly … significantly related to higher working effort but not to risk taking. They also seem to induce fund managers to rely more on … fundamental information. Findings within regions are confirmed by Trans-Atlantic evidence as US fund managers receive larger …

and growth opportunities, whereas the managers' pay-forperformance sensitivity remains largely unexplained. Firms with …