Traditional finance theory suggests that riskier investments should yield higher returns. Challenging this notion …, anecdotal and empirical evidence suggests that highly-incented managers may take on excessive risk, leading to greater losses … compensation (“vega”), presumed to increase managers' appetite for risk, uniformly yield higher returns on R&D investment. Our …

managers give the manager a fixed-fraction of assets under management so the manager's compensation grows with flows into the … between managers and investors in a world where investors update about managerial skill. The model implies a convex …

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 …

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 …