We derive a measure that captures the extent to which common ownership shifts managers’ incentives to internalize externalities. A key feature of the...
This study examines whether the CEO uses share repurchases to sell her equity grants at inflated stock prices, a concern regularly voiced in politics and...
In the wake of the global financial crisis, attention has often focused on whether incentives generated by bank executives? compensation programs led...
We show that supply-side effects arising from the bond holdings of open-end mutual funds affect corporate credit risk. In our model, funds exposed to...
The primary way in which directors obtain necessary information is by attending board meetings. Bank directors, in particular, are strongly urged to...