managers' incentive compensation packages. I find that shareholder value increases with risk and therefore managerial risk … aversion creates potential agency conflicts between managers and shareholders. I also find that firms provide managers with … idiosyncratic (rather than systematic) risk and managers are more risk-averse. Collectively, these results suggest that firms …

principal (target firm shareholders) and agent (target firm managers) are often in conflict. Moreover, the actions and stated … rationale of target managers in resisting or not resisting tender offers are readily observable, and the size of the possible …'s managers. The relationships between managerial actions and bid premium size, bidder nationality, conglomerate offers, and "ex …

still benefits from the increase in the merged firm's total value. Moreover, given that the managers are compensated … according to an identical linear incentive scheme, the optimal shareholder policy always entails a corner solution. Managers …

We study the decisions and performance of managers who are also chair of the board (duality managers). We hypothesize … that duality managers take more risky decisions and deliver worse performance than non-duality managers due to reduced … hypotheses: Duality managers take risk that they could easily avoid, deviate from their benchmarks, make extreme decisions, and …

can be better off using two or more managers when managerial anchoring can lead to significant cost increases. This paper … anchoring costs if managers anchor in different directions. It is also shown that firms cannot completely eliminate the impact … of anchoring even if they hire an infinite number of managers. Firms should consider hiring additional managers in …

can be better off using two or more managers when managerial anchoring can lead to significant cost increases. This paper … anchoring costs if managers anchor in different directions. It is also shown that firms cannot completely eliminate the impact … of anchoring even if they hire an infinite number of managers. Firms should consider hiring additional managers in …