We show theoretically and empirically that executives are paid less for their own firm’s performance and more for their rivals’ performance if an industry’s firms are more commonly owned by the same set of investors. Higher common ownership also leads to higher unconditional total pay. We...

En este estudio se muestra que los CDS soberanos que comparten dealers tienden a estar más correlacionados, especialmente cuando estos dealers presentan una actividad similar en la frecuencia de sus cotizaciones de dichos CDS. Este comportamiento común en la actividad de los dealers es uno de...

We show theoretically and empirically that executives are paid less for their own firm's performance and more for their rivals' performance if an industry's firms are more commonly owned by the same set of investors. Higher common ownership also leads to higher unconditional total pay. We...