This paper examines the relation between tournament incentives and reserve management. We find a positive relation … between internal tournament incentives and reserve errors, implying that a larger pay gap as a tournament prize induces vice … profitability. In addition, we find the impact of internal tournament incentives on the reserve error is more pronounced for larger …

(CEO) relative inside leverage to proxy for the incentives of risk-averse managers, we find that CEOs with higher inside …We provide evidence concerning the effect of managerial risk-taking incentives on merger and acquisition (M …

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 …

This paper examines the effect of risk-taking incentives on acquisition investments. We find that CEOs with risk …-taking incentives are more likely to invest in acquisitions. Economically, an inter-quartile range increase in vega translates into an … approximately 4.22% enhancement in acquisition investments, consistent with the theory that risk-taking incentives induce CEOs to …

We provide new evidence that equity incentives can have perverse effects on firm value. Conditioning the relationship … between chief executive officer (CEO) incentives and the risk exposure generated by corporate policy decisions on how risk is … avoid risk, the incentive effect of delta partially offsets risk aversion. We show that while CEO incentives affect …

This paper studies the mechanisms which motivate and allow managers to engage in cheap talk and attract market …

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 …

deliberately provide managers with risk-taking incentives to address risk-related agency conflicts and these incentives do not … effects of managers' stock holdings by showing that these incentives vary based on firms' value-risk tradeoffs … managers' incentive compensation packages. I find that shareholder value increases with risk and therefore managerial risk …

We derive a measure that captures the extent to which common ownership shifts managers' incentives to internalize … analyzing whether the growth of common ownership affects managerial incentives …