This study examines the role of managers’ political campaign contributions in relation to their firms’ tax benefits … firm. Using a major tax law change, we find that firms’ political action committee contributions and individual managers … contributions to be an increasing function of managers’ wealth effects through the existence of bonus plans that are based on after …

distinguished player if he also can trade shares of the firm on a market. Arbitrage-free asset pricing theory suggests that the …

The paper presents experimental evidence on the impact of managers and their incentives on the behavior of group … particular if the managers payoff does not depend on the members behavior. Different incentives schemes induce the managers to … lead the groups into different directions but incentivized managers are less capable of inducing very high or low contest …