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Performance Pay and Top Management Incentives
Our estimates of the pay-performance relation (including pay, options, stockholdings, and dismissal) for chief executive officers indicate that CEO wealth changes $3.25 for every $1,000 change inExpand
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The Market for Corporate Control: The Scientific Evidence
This paper reviews much of the scientific literature on the market for corporate control. The evidence indicates that corporate takeovers generate positive gains, that target firm shareholdersExpand
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Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure
This paper integrates elements from the theory of agency, the theory of property rights and the theory of finance to develop a theory of the ownership structure of the firm. We define the concept ofExpand
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Active Investors, Lbos, and the Privatization of Bankruptcy
From the 1960s to the 1980s the corporate control market generated considerable controversy, first with the merger and acquisition movement of the 1960s, then with the hostile tender offers of theExpand
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