While recent studies show that long vesting periods in managerial compensation increase corporate investments, it may reshape the shareholder-debtholder conflict as shareholders have to split the gains with creditors. We find that firms with longer CEO pay durations use more short-maturity...

We examine the effect of technology spillovers on the duration of executive compensation contracts. We find that in the presence of greater technology spillovers, firms tend to grant longer duration compensation contracts to their executives. This finding is consistent with theoretical...