Working Paper

Mobility Restrictions and Risk-Related Agency Conflicts: Evidence from a Quasi-Natural Experiment

Stricter enforcement of manager post-employment restrictions that strengthen trade secrets protections also limits managers’ ability to accept better employment opportunities. We find that heightened managerial career concerns due to these...Read more

Emdad Islam
Ronald Masulis
Lubna Rahman
05 March 2020

The Wall Street Stampede: Exit as Governance with Interacting Blockholders

In firms with multiple blockholders governance via exit is affected by how blockholders react to each others' exit. Institutional investors, who hold the majority of equity blocks, are heterogeneous in their incentives. How do these incentives...Read more

Amil Dasgupta
Konstantinos Zachariadis
22 October 2019

CEO Option Compensation Can Be a Bad Option: Evidence from Product Market Relationships

We study how the existence of important production contracts affects the choice of CEO compensation contracts. We hypothesize that having major customers raises the costs associated with CEO risk-taking incentives and leads to lower option-based...Read more

Claire Yang Liu
Ronald Masulis
Jared Stanfield
22 September 2017