We develop a unified model of the interactions among investors, fund companies and fund managers. We show that the …-performing (under-performing) managers are less (more) likely to be fired in the future, and are also more likely to increase relative … mutual fund managers, we find strong support for the hypothesized U-shaped relation between relative risk and prior …

to avoid earnings decreases and are less likely to engage in real earnings management. The effect of CEO contractual …

Performance-based pay is an important instrument to align the interests of managers with the interests of shareholders …. However, recent evidence suggests that high-powered incentives also provide managers with incentives to manipulate the firm …'s reported earnings. The previous literature has focused primarily on Chief Executive Officers, but managers further down in the …