We analyze how 14,000 US top executives exercise their stock options. Factors suggested by existing theories have low or moderate explanatory power....
We analyze how industry-wide risks are shared between firms' employees and their owners. Focusing on the electricity industry, we study firms which are...
On July 1, 2015, the Securities and Exchange Commission (SEC) proposed an excess-pay clawback rule to implement the provisions of Section 954 of the...
We estimate a standard principal agent model with constant relative risk aversion and lognormal stock prices for a sample of 598 US CEOs. The model is...
This paper, which was first presented as a conference paper at the Annual 2009 Supreme Court of New South Wales Conference in June 2009, considers the...