and the price-performance-sensitivity of their portfolios also increased, but, managers held less shares and more options …

study yields unexpected results. First, powerful managers receive higher pay and a contract with a higher pay … are both increasing in the friendliness of the board. Second, we show that friendly boards provide managers with higher … show that powerful managers underinvest in capital but have less incentives to manage earnings …

managers select income-increasing accounting methods because they expect their income-based bonus to increase as a result of …

behaviour on executive compensation conditioned on managerial ability. We find that managers with better abilities are … part of superior managers’ skills and should be incorporated in their reward contracts. The results show that managerial …