managers' incentive compensation packages. I find that shareholder value increases with risk and therefore managerial risk … aversion creates potential agency conflicts between managers and shareholders. I also find that firms provide managers with … idiosyncratic (rather than systematic) risk and managers are more risk-averse. Collectively, these results suggest that firms …

and mutual fund managers. We find that the option-like performance fee structure prevalent among hedge funds is suboptimal … the water and when the manager's skill is poor. Allowing managers to invest personal wealth in their own funds, however …

findings suggest that, when managers engage in wasteful capital expenditures, welfare may decline if the cost of investment is …

management position. However, if non-contractible managerial decision rights give rise to private benefits and preference … misalignment between managers and the firm, these two purposes are in conflict. This is because the worker with the largest private …: employees that create lower expected profits as managers have yet better promotion prospects. That finding still holds when the …