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 …

investors. ln the model, managers raise money in financial markets that are subject to imperfections arising from the non … formation of the cost and benefits of voluntary disclosure. Managers optimally decide on the quality of the signal —used here as … portfolio diversification. Managers react to this loss of bargaining power by increasing transparency. Furthermore, firms …

to discipline managers’ behaviour in order to satisfy shareholders’ interests. In this article, we only deal with the …

ex-post inefficient, it provides entrepreneurs with high-powered incentives ex ante. We show that two types of equilibria …

This Paper analyses the effect of the introduction of managerial incentives and new human capital on enterprise … performance after privatization in the Czech Republic. We find weak evidence for the presence of managerial incentives: only in …

researchers pay a particular attention to banking governance. Specifically, shareholders-managers’ convergence of interests and … negative effect on performance. The results also reveal that managers lack control while the board of directors seems to exert …