: reducing the opportunity for managers to transfer value to equityholders from creditors via strategic default, and reducing the … can use compensation awards that increase managerial performance incentives (delta) and risk-taking incentives (vega) in …

managers and shareholders upon the control of internal funds, a simple model allows to analyse the link between profit …

risk-taking by managers, and managers use discretionary accruals to mask volatility of less predictable earnings. Thus, we … the different roles of stock holdings and option holdings in solving agency problems, managers may smooth past earnings … holdings aligning the interests of managers and shareholders, and managers using discretionary accruals to smooth past earnings …

We examine how an increase in stock option grants affects CEO risk-taking. The overall net effect of option grants is … theoretically ambiguous for risk-averse CEOs. To overcome the endogeneity of option grants, we exploit institutional features of … increase in new options granted leads to a 2.8-4.2 percent increase in equity volatility. This increase in risk is driven …

We investigate the impact of workers' exposure to unemployment risk on CEO incentive compensation. Exploiting state … insurance benefits become more generous boards increase the convex payoff structure of CEO pay to encourage risk-taking. The …

Profitabilitäts-, Risiko- und Effizienzmaße auf. Im Hinblick auf die Bonusniveaus der Bankmitarbeiter zeigt sich eine hohe … needed how banks are governed and how bank governance is associated with performance and risk taking. This report deals with …, risk and efficiency. Compensation analyses show strong variation in compensation schemes between banks and bank divisions …

decision-making. It decreases the probability of a positive attitude toward the incentive effects of a high-wage policy. The …