We analyze the effects of synergies from horizontal mergers on managerial incentives. In contrast to synergies … after a merger. We show that synergies suppress managerial incentives within the non-merging firms, whereas the effect on … defense in merger control. -- Managerial Incentives ; Horizontal Mergers ; Antitrust ; Productive Efficiency Gains ; Synergies …

agents with incentives to cut marginal costs prior to choosing output. We stress that synergies come at a cost which possibly … leads to a countervailing incentive effect: The merged firm's principal may be induced to stifle managerial incentives in …

the owner's capacity to monitor delegated managers. We show how resultant misaligned managerial incentives can translate …

This paper investigates whether monitoring by bank lenders affects CEO incentives of borrowing firms. We find that an … increase in bank monitoring incentives significantly reduce the sensitivity of CEO wealth to stock return volatility (Vega … CEO incentives to mitigate the risk-shifting incentives of firm managers …

disincentivizing managers to engage in more demanding acquisition and processing of information. However, higher incentives from …. Overall, our findings are consistent with higher taxes reducing managers’ work incentives …