While in the US stock-based incentives are commonly used since the 50s of the last century, in Germany they were … incentives. In the meantime the legal environment has changed significantly and today even the German Corporate Governance Code … encourages firms to grant stock-based long-term incentives. However, examining a hand-collected unique data-set we find that even …

model, we show that managers select less risky firms and use more debt financing the higher their ownership. We test these … results suggest that wealth is of first-order importance when designing incentive contracts requiring PE fund managers to …

We test under what circumstances boards discipline managers and whether such interventions improve performance. We …

find that entrenched managers pay their workers more. For example, our estimates show that CEOs with more control rights … as evidence of agency problems between shareholders and managers affecting workers' pay. The findings do not appear to be … with an agency model in which entrenched managers pay high wages because they come with private benefits, such as lower …