作者：ACHARYA, S
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Sequentially incentive compatible policies for compensation, replacement and tenuring of chief executive officers (CEOs) exist when a firm maximizes its market value and CEOs maximize their expected utility of wealth. In equilibrium. these policies induce CEOs lo implement their firm's highest profit potential. The market value of a firm increases following replacement of CEOs. The probability of removal of a CEO decreases in the expected profits of the firm. but increases in the CEO's risk av...
