provide excessive incentives to signal that their firms are well-governed. Moreover, to avoid investor criticism, certain …

. However, recent evidence suggests that high-powered incentives also provide managers with incentives to manipulate the firm … firm hierarchy — division managers and Chief Financial Officers — are likely to have similar incentives, and perhaps even …, previous research focuses on equity incentives and largely ignores other elements of incentive pay. We contribute to this …

maintain the same level of incentives, which in turn increases the equilibrium earnings manipulation. Trade-offs between …

price to push for higher-powered and more short-term focused equity incentives. Such managers also work harder, and …