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 to implement their firm's highest...

The authors show that debt buybacks could convey valuable information about indebted countries' willingness to invest and increase debt repayment when creditors are less informed than debtors. In an informational equilibrium, unwilling countries do not repurchase a part of their debt, but...