%. The Pay Gap between the CEO and its subordinate executives (tournament incentives) also plays a major role in lowering IPO … failure risk. The effectiveness of CEO pay is strengthened among well-governed firms, whereas tournament incentives are …

of evidence that independent director reputation incentives influence the supply of director services. These reputation … incentives vary across firms and over time, significantly influencing important board decisions and firm outcomes. When more …

2008 financial crisis. Strong and weak banks also stand apart: managers from weak banks took more risk than their peers in …

This study provides evidence that managerial incentives, shaped by compensation contracts, help to explain the …-based contract, makes investment decisions for a firm that faces time-varying volatility. The contract creates incentives that affect …

Financial theory holds that firms can control agency costs through the use of short-term and secured debt. We examine …. Our results suggest that these same firms employ short-term debt as the primary tool to control risk-shifting. Managers …

We provide new evidence that equity incentives can have perverse effects on firm value. Conditioning the relationship … between chief executive officer (CEO) incentives and the risk exposure generated by corporate policy decisions on how risk is … avoid risk, the incentive effect of delta partially offsets risk aversion. We show that while CEO incentives affect …