appear to be driven by weak governance. Risk-averse CEOs accept significantly lower compensation in return for the insurance …

managers' risk-taking. We find that, after left-tail risk increases, boards reduce managers' exposure to stock price movements … and that less convexity from options-based pay leads to greater risk-reducing activities. Specifically, managers with less …This paper examines the two-way relationship between managerial compensation and corporate risk by exploiting an …

, which is consistent with the view that there is a trade-off between pay and dismissal risk. To mitigate endogeneity concerns …, I use divorce as an exogenous negative shock to CEO equity ownership, and find that following a divorce, turnover risk …

the stock options granted to the latter. This difference can be explained by the risk premium that technology CEOs have in …

Standard principal-agent theory predicts that large firms should not use employee stock options and other stock …

We study the motive of using equity-based pay in executive compensation: the risk-sharing motive versus the performance … find equity-based pay decreases in SPI, which is consistent with the risk-sharing motive but inconsistent with the … compensation of managers switching between firms with different SPI …