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- Publications
- 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 CEO… Expand
Role of Managerial Incentives and Discretion in Hedge Fund Performance
- Vikas Agarwal, Vikas Agarwal, N. Daniel, N. Naik
- Business
- 1 October 2009
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 delta… Expand
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 board… Expand
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 existing… Expand
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 more… Expand
Flows, Performance, and Managerial Incentives in the Hedge Fund Industry
- V. Agarwal, N. Daniel, N. Naik
- Business
- 2003
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 important… Expand
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Flows, Performance, and Managerial Incentives in Hedge Funds
- Vikas Agarwal, Vikas Agarwal, N. Daniel, N. Naik
- Business
- 22 July 2004
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-flow… Expand
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 detail… Expand
Do Hedge Funds Manage Their Reported Returns
- V. Agarwal, N. Daniel, N. Naik
- Business
- 1 October 2011
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 after… Expand
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 stock… Expand