: reducing the opportunity for managers to transfer value to equityholders from creditors via strategic default, and reducing the …

the different roles of stock holdings and option holdings in solving agency problems, managers may smooth past earnings … holdings aligning the interests of managers and shareholders, and managers using discretionary accruals to smooth past earnings … risk-taking by managers, and managers use discretionary accruals to mask volatility of less predictable earnings. Thus, we …

: reducing the opportunity for managers to transfer value to equityholders from creditors via strategic default, and reducing the …

critically on the other measures of their performance that are observable to the shareholders. Top managers who have important … top managers with broad oversight authority. We find robust empirical support for this proposition using a comprehensive …

managers and shareholders upon the control of internal funds, a simple model allows to analyse the link between profit …

executive officers. However, firms are run by teams of managers, and a theory of the firm should also explain the distribution …