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incentive structure of a management team affects firm-level stock price crash risk. Using a large sample of S&P 1500 firms over … related to future crash risk. However, the positive relation is moderated by management team incentive heterogeneity, measured … by the Gini coefficient of top five executives' equity incentive ratios. The impact of management team incentive …
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"Stock-based compensation is the standard solution to agency problems between shareholders and managers. In a dynamic rational expectations equilibrium model with asymmetric information we show that although stock-based compensation causes managers to work harder, it also induces them to hide...
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