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Asset Management Contracts and Equilibrium Prices

Buffa, Andrea M - 2019

when these assets appreciate, overvalued assets have high volatility, and the risk-return relationship becomes inverted …

Persistent link: https://www.econbiz.de/10012904735

Uncertainty, investment, and managerial incentives

Glover, Brent; Levine, Oliver - In: Journal of monetary economics 69 (2015), pp. 121-137

Persistent link: https://www.econbiz.de/10011326673

Management Team Incentive Heterogeneity and Stock Price Crash Risk

Li, Yiwei - 2019

incentive structure of a management team affects firm-level stock price crash risk. Using a large sample of S&P 1500 firms over … related to future crash risk. However, the positive relation is moderated by management team incentive heterogeneity, measured … heterogeneity on crash risk is more pronounced when the firms have weaker internal corporate governance, less institutional investor …

Persistent link: https://www.econbiz.de/10012862763

Tournament incentives and stock price crash risk

Jia, Ning - In: Accounting horizons : a quarterly publication of the … 32 (2018) 3, pp. 101-121

Persistent link: https://www.econbiz.de/10011944077

Outside Investor Access to Top Management : Market Monitoring vs. Stock Price Manipulation

Schroth, Josef - 2020

This paper studies the role of voluntary disclosure in crowding out independent research about firm value. In the model, when inside firm owners make it easier for outside investors to obtain inexpensive biased information from the manager, then investors rely less on costly unbiased research....

Persistent link: https://www.econbiz.de/10012826268

Outside investor access to top management : market monitoring versus stock price manipulation

Schroth, Josef - 2020 - Last updated: October 28, 2020

This paper studies the role of voluntary disclosure in crowding out independent research about firm value. In the model, when inside firm owners make it easier for outside investors to obtain inexpensive biased information from the manager, investors rely less on costly unbiased research. As a...

Persistent link: https://www.econbiz.de/10012306701

Dynamic Agency, Delegated Portfolio Management and Asset Pricing

Leung, Raymond C. W. - 2014

generates stochastic volatility in the asset returns, and substantial state varying stochasticity in the market price of risk … and the risk free rate; this is in sharp contrast to an economy without the presence of agency and dynamic contracts where … the market price of risk, risk free rate and asset volatility are all constant. Our results raise the question whether a …

Persistent link: https://www.econbiz.de/10013043235

Dynamic performance measurement

Dutta, Sunil - 2008

Persistent link: https://www.econbiz.de/10003791515

Market based compensation, price informativeness and short-term trading

Calcagno, Riccardo; Heider, Florian - 2007

This paper shows that there is a natural trade-off when designing market based executive compensation. The benefit of market based pay is that the stock price aggregates speculators’ dispersed information and there-fore takes a picture of managerial performance before the long-term value of a...

Persistent link: https://www.econbiz.de/10011604781

Moral hazard, informed trading, and stock prices

Collin-Dufresne, Pierre; Fos, Vyacheslav - 2013

We analyze a dynamic model of informed trading where a shareholder accumulates shares in an anonymous market and then expends costly effort to change the firm value. We find that equilibrium prices are affected by the position accumulated by the shareholder, because the level of effort...

Persistent link: https://www.econbiz.de/10010258547