This paper examines managerial compensation in an environment where managers may take a hidden action that affects the … contract in this setting, and demonstrate that contracts contingent on reported earnings cannot provide managers with the …

Managers appear to manipulate firm earnings when they characterize pension assets to capital markets and alter … investment decisions to justify, and capitalize on, these manipulations. We construct a measure of the sensitivity of reported … earnings to the assumed long-term rate of return on pension assets. Managers are more aggressive with assumed long-term rates …

unusually low CEO turnover and rely on internal management promotions. Their managers exercise stock options faster than … managers of other firms. Cartel firms are large donors to political candidates. While our results are based only upon firms … engaged in price fixing, we expect that they should apply generally to all companies in which managers seek to conceal poor …

potential loss of profit. By enabling firms to retain only a very small fraction of these potential revenues, the government can …

individual investor sentiment toward closed end funds and other securities. The theory implies that discounts on various funds …

differences in the mispricing persistence of past-winners and losers. After one year, the alpha of past-losers is approximately …