This paper studies how hedge fund activism reshapes board monitoring, CEO incentives and compensation. I find that … activists target CEOs who have co-opted the board, have poor performance records and weak equity portfolio incentives, are less … oust underperforming CEOs, strengthen CEO incentives, and increase the use of RPE. CEO pay levels rise following activism …

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 …

In this updated Closer Look, we examine the tensions between corporate culture, financial incentives, and employee … do you maximize the positive contribution that incentives make to culture while minimizing potentially negative outcomes …

We study reputation incentives in the director labor market and find that directors with multiple directorships …

and bondholder-aligned CEO compensation components, particularly when CEOs have greater incentives to take and shift risk …

insulate managers from the discipline of the takeover market. Entrenched managers are well-protected by the staggered board and … have fewer incentives to conceal information, resulting in less information asymmetry. The more transparent information …