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corporations, managers own enough of their firms' voting rights to be able to decide with relative impunity how they will be …
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Using a comprehensive hedge fund database, we examine the role of managerial incentives and discretion in hedge fund performance. Hedge funds with greater managerial incentives, proxied by the delta of the option-like incentive fee contracts, higher levels of managerial ownership, and the...
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findings suggest that, when managers engage in wasteful capital expenditures, welfare may decline if the cost of investment is …
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