This paper shows that as long as agents in financial markets have rational expectations and firms pay out dividends, most common stock-based managerial compensa

This paper examines the effect of competition in the product markets on the design of a firm's governance structure. In oligopolies, profits are not just a func

Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over

The inability to measure the opportunity cost of labor has plagued analyses of firm-level compensation policies for many years. Using a newly constructed data s

This paper examines the relationship between the degree of product market competition and the level of executive compensation for the largest 216 publically tra