作者：Timmermans, Oscar
作者单位：University of London; London School Economics & Political Science
摘要：This study examines the risk taking properties associated with incentive plans that use relative performance evaluation, with a focus on the form of payout, whether in cash or shares. By analyzing determinants and consequences of payout form choice, I find that share-based plans offer risk-averse managers weaker incentives to pursue projects with idiosyncratic risk compared with cash plans. This occurs because share plans-unlike cash plans-expose managers to systematic performance trends, as p...
作者：Ahn, Byung Hyun; Bushman, Robert M.; Patatoukas, Panos N.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of California System; University of California Berkeley
摘要：Although activist short sellers can play a crucial role in fraud detection, they have come under scrutiny following accusations of systematically disseminating false negative information. We develop a framework delineating the roles of campaign-specific private information quality and short-selling dynamics in shaping disclosure incentives. We predict that the act of disclosure combined with pre-disclosure stock lending dynamics is informative about the quality of an activist's private informa...
