We analyze the effects of synergies from horizontal mergers on managerial incentives. In contrast to synergies … after a merger. We show that synergies suppress managerial incentives within the non-merging firms, whereas the effect on … defense in merger control. -- Managerial Incentives ; Horizontal Mergers ; Antitrust ; Productive Efficiency Gains ; Synergies …

agents with incentives to cut marginal costs prior to choosing output. We stress that synergies come at a cost which possibly … leads to a countervailing incentive effect: The merged firm's principal may be induced to stifle managerial incentives in …

obtain high-powered incentives and, hence, a high personal income at the merger-management stage. …

The extant literature has used measurements of CEO risk-taking incentives which do not include the effects of …-taking incentives but also proposes a new, more direct, measure of risk-taking incentives — compensation gamma. Results show that vega …-taking incentives under normal conditions …

incentives under limited commitment. It circumvents ratchet effects and facilitates the revelation of persistent private …

We analyze competition through incentive contracts for managers in duopoly. Privately informed managers exert surplus … managerial compensations between efficient and inefficient managers. In the second case, as with large contractual spillovers …

This paper examines the optimal provision of incentives for contract designers. A principal hires an agent to draft a …

both firm-level profits and managers' compensation. Consequently, managers' incentives are positively correlated with firm …This paper examines how the degree of competition among firms in an industry affects the optimal incentives that firms … provide to their managers. A central assumption is that there is free entry and exit in the industry, which implies that …

We analyze the impact of partial public ownership (PPO) on managerial incentives. A novelty of the paper is that it … explicitly considers competition in the product market. We find that PPO negatively affects managerial incentives when all firms … incentives crucially depend on the degree of competitive pressure. Thereby, PPO induces either partially public firms or their …