The relation between equity incentives and misreporting: The role of risk-taking incentives
نویسندگان
چکیده
منابع مشابه
The Relation Between Equity Incentives and Misreporting: The Role of Risk-Taking Incentives
Prior research argues that a manager whose wealth is more sensitive to changes in the firm׳s stock price has a greater incentive to misreport. However, if the manager is risk-averse and misreporting increases both equity values and equity risk, the sensitivity of the manager׳s wealth to changes in stock price (portfolio delta) will have two countervailing incentive effects: a positive “reward e...
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چکیده ندارد.
The impact of risk and monitoring on CEO equity incentives
This paper uses a novel empirical setting to explore the association between a firm’s operational risk, managerial monitoring costs, and the level of CEO equity incentives. We investigate a sample of supplier firms that rely on a few large customers for the bulk of their revenues. We predict that supplier firms with higher customer concentration face both higher exogenous idiosyncratic risk and...
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ژورنال
عنوان ژورنال: Journal of Financial Economics
سال: 2013
ISSN: 0304-405X
DOI: 10.1016/j.jfineco.2013.02.019