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information asymmetries about firm value by shareholders in continuous time. The dynamics of the stock price process are affected … compensation is the point in time at which the stock price is most informative about the manager's action. When exogenous shocks … accumulate at a constant rate over time and learning occurs at a decreasing rate, the optimal timing of compensation is the point …
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In this paper, I use a unique law that sets a binding upper limit on financial firms' executive compensation in Israel and study its spillover effects on executive compensation in the non-restricted firms. The results indicate that the legislation created an anchoring effect at the threshold...
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Prior evidence on how executive compensation influences managerial incentives to take risks in shareholder’s interest ignores potential spillover effects, even though there is evidence that compensation in one firm affects the compensation in other firms. We address this issue in a way that...
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We study direct productivity changes and spillovers after a randomized training program for the frontline workers in a Colombian government agency. While trained workers improved their individual production, we also find substantial spillovers that affected managers' productivity. We use email...
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