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  • Influence
Managerial Incentives and Risk-taking
This paper provides empirical evidence of a strong causal relation between the structure of managerial compensation and investment policy, debt policy, and firm risk. Controlling for CEOExpand
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Role of Managerial Incentives and Discretion in Hedge Fund Performance
Using a comprehensive hedge fund database, we examine the role of managerial incentives and discretion in hedge fund performance. Hedge funds with greater managerial incentives, proxied by the deltaExpand
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Co-opted Boards
We develop two measures of board composition to investigate whether directors appointed by the CEO have allegiance to the CEO and decrease their monitoring. Co-option is the fraction of the boardExpand
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Boards: Does One Size Fit All?
This paper re-examines (1) the relation between firm value and board structure and (2) the factors associated with cross-sectional variation in board structure. Conventional wisdom and existingExpand
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Do Firms Manage Earnings to Meet Dividend Thresholds
Dividend-paying firms tend to manage earnings upward when their earnings would otherwise fall short of expected dividend levels. This behavior is evident only in firms with positive debt and is moreExpand
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Flows, Performance, and Managerial Incentives in the Hedge Fund Industry
Using a comprehensive database of individual hedge funds and funds of hedge funds, we investigate the determinants of money-flow and performance in the hedge fund industry. We have several importantExpand
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Flows, Performance, and Managerial Incentives in Hedge Funds
This paper investigates the determinants of money-flows, nature of managerial incentives, behavior of investors, and drivers of performance in the hedge fund industry. It examines performance-flowExpand
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Calculation of Compensation Incentives and Firm-Related Wealth Using Execucomp: Data, Program, and Explanation
In response to recent requests from academics and practitioners, this note addresses the data and program we use in our published articles on executive compensation and incentives. First, we detailExpand
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Do Hedge Funds Manage Their Reported Returns
For funds with greater incentives and greater opportunities to inflate returns, we find that (i) returns during December are significantly higher than those during the rest of the year even afterExpand
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Executive Compensation and Managerial Risk-Taking
This paper provides empirical evidence of a strong relation between the structure of managerial compensation and both investment policy and debt policy. Higher sensitivity of CEO wealth to stockExpand
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