This paper examines the debt structure of a sample of U.S. firms exposed to climate risks. Climate risks, categorized as physical, regulatory, and transition risks are associated with greater debt specialization for the affected firms. We find physical and regulatory risks, propagating through...

This paper examines the effect of hierarchical pay structures on firm value in firms where CEOs are not the highest paid members of the top management teams. We find that the difference in pay between CEO and VPs benefits firm value only when CEO is the highest paid member of the top management...

​This paper investigates the potential effects of stock options on managers' investment decisions and therefore on a firm's growth or, alternatively, on its leverage-growth relationship. To structure the analysis addressing this issue, the paper utilizes a framework establishing a negative...

We investigate the relationship between chief executive officer (CEO) compensation and innovation. In an empirical examination of compensation contracts of S&P 400, 500, and 600 firms we find that long-term incentives in the form of options are positively related to patents and citations to...

We investigate the relationship between chief executive officer (CEO) compensation and innovation. In an empirical examination of compensation contracts of S&P 4, 5, and 600 firms we find that long-term incentives in the form of options are positively related to patents and citations to patents....