managerial incentivescapital budgetingThe paper shows how career concerns rather than effort aversion can induce a natural incongruity in risk preferences between managers and superiors. A model,based on learning about managerial talent, is developed to study second-best contractual remedies. We show...
Capital Structure, Compensation Contracts and Managerial Incentives This paper models the influence of capital structure on managerial incentives in the presence of explicit compensation contracts. Capital structure can mit... AVS Douglas 被引量: 0发表: 0年 Executive compensation and capital structure: ...
internal capital allocationrisk-takingG30M12In this study, we show that the option-like structure of equity-based compensation encourages managerial risk-taking and provide new evidence on the way in which CEO's risk-taking could manifest itself in a multi-segment firm. Our results show that a...
Managerial share ownership and operating performance: Do independent and executive directors have different incentives? We investigate the relationship between managerial A Khan,P Mather,B Balachandran - 《Australian Journal of Management》 被引量: 19发表: 2014年 ...
MANAGERIAL REPUTATION AND CORPORATE-INVESTMENT DECISIONS 作者:HIRSHLEIFER D* 来源:Financial Management, 1993, 22(2): 145-160. DOI:10.2307/3665866摘要 This review examines the incentives of managers to use investment choices as a tool for building their personal reputations or the reputation of their...
The separation of ownership and control in a modern corporation often requires the delegation of significant decision-making authority to professional managers, which introduces the possibility that managers will have incentives to make decisions that benefit them at the expense of stockholders. We discuss...
the causes of SOE senior executives’ perk consumption from such aspects as the agency cost (Jensen and Meckling, 1976; Hart, 2001), internal and external governance mechanisms (Brickley and James, 1987; Yermack, 2006; Grinstein et al., 2017), and management incentives (Rajan and Wulf, 2006...
Managerial incentives, capital reallocation, and the business cycle We argue that when managers have private information about the productivity of assets under their control and receive private benefits, substantial bonuses... Andrea,L.,Eisfeldt,... - 《Journal of Financial Economics》 被引量: 330...
First, institutional shareholders with stronger incentives and better resources to stay informed and to actively participate in governance gradually replaced individual shareholders. Second, states adopted antitakeover statutes making it difficult for their home corporations to be acquired without management's...
However, Chava and Purnanandam (2010) study the managerial risk-taking incentives for the CEOs and CFOs of the corporation, and they find common driving forces behind the managerial decision-making as well as similar effects on leverage, cash balances, and earnings-smoothing. On the other hand,...