changes with the tenure duration of the insider. Managers with shorter tenure rely more on insider profits as part of their … compensation. On the other hand, managers with longer tenure execute insider transactions with lower profits. Different …

, generally implicit assumption that managers cannot undo their incentive packages, (ii) the standard modeling practice of … motives in managers' portfolio choices. …

delivers two predictions. First, managers have an incentive to reduce the correlation between inside debt and company stock in … bad times. Second, managers that reduce such a correlation take on more risk in bad times. Using a sample of U.S. public …