management position. However, if non-contractible managerial decision rights give rise to private benefits and preference … managerial decision rights and performance-based promotions leads to a situation often referred to as the Peter principle … performance-based promotions and restricting managerial decision rights. …

question by solving a manager's decision problem under a specific executive compensation structure. Specifically, I study how … flat wage and stock compensation affect the manager's investment decision. I show that the allocation is the same …

This paper studies a simple agency model where an agent's decision can affect his or her own future payoffs as well as … not on the past decision directly, or if the agent is risk-neutral, it is not optimal to use the threat of dismissal. As …

This paper studies a simple agency model where an agent's decision can affect his or her own future payoffs as well as … not on the past decision directly, or if the agent is risk-neutral, it is not optimal to use the threat of dismissal. As …

We explore the interaction between the allocation of decision rights over investment opportunities and the design of …