incentive-based compensation, consistent with theoretical predictions that termination incentives can substitute for incentive … pay. Further, holdbacks are positively associated with abnormal compensation, consistent with arguments that managers …

misconduct's causes and mechanisms. We extend the behavioral theory of the firm, which traditionally assumes away the possibility …

into an otherwise standard contracting framework, and analyze optimal pay-for-performance when managers use information …

, while RPE cash awards do not. These incentives can be significant in comparison to those conveyed by APE grants with similar …

: reducing the opportunity for managers to transfer value to equityholders from creditors via strategic default, and reducing the … can use compensation awards that increase managerial performance incentives (delta) and risk-taking incentives (vega) in …

Empirical research on the principal-agent model has focused almost exclusively on the incentives provided to chief … executive officers. However, the model is also directly relevant to the incentives provided to other top executives. Furthermore …, the extent to which other executives will be provided with high-powered incentives to maximize firm profits depends …

%. The Pay Gap between the CEO and its subordinate executives (tournament incentives) also plays a major role in lowering IPO … failure risk. The effectiveness of CEO pay is strengthened among well-governed firms, whereas tournament incentives are …

constitutes a rational response to a time allocation problem, their reaction to incentives appears myopic in other dimensions. …

Are monetary and non-monetary incentives used as substitutes in motivating effort? I address this question in a … and non-monetary incentives imperfect. These findings have implications for the design of incentives in mission …