Francesco Bova

1Ole-Kristian Hope
1Jake Thomas
1Yiwei Dou
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Evidence suggests that managers have an incentive to keep information opaque with the market when negotiating with non-manager employees who can extract above-market rents from the firm. We provide empirical evidence which suggests that employee ownership mitigates this incentive. Using a matched sample design and employing a rich set of proxies for(More)
The practice of compensating executives with equity-based pay has come under recent scrutiny due to concerns that it induces excessive risk-taking. In this study, we assess the impact of stock-based pay for non-executive employees on corporate risk-taking. We cite evidence that granting an equity stake to non-executive employees increases both their level(More)
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