This paper presents a model in which the CEO generates productive output while the CFO oversees a reporting system that … speed of decreasing returns to scale in the production function. The potential value of CEO-CFO collusion in this setting is …. Because the reporting system serves multiple roles, the CEO's compensation incentives and the quality of the reporting system …

. Using a comprehensive sample of top executives from 1992-2020, we estimate to what extent they trade firm equity held in … their portfolios to neutralize increments in ownership due to annual equity pay. Executives accommodate ownership increases … largely neutralized through comparable sales of unrestricted shares. Variation in stock trading responses across executives …