Strangeland, David; Daniels, Ronald J.; Morck, Randall - 1995
) those of the matched firms. The Hees-Edper firms were also shown to have been much higher risk investments well before the … group's financial position began to deteriorate. They were more highly levered, but even after risk levels are adjusted for … this, the risk levels of Hees-Edper firms remain much higher.Our study shows that the extreme incentive-based compensation …