This study examines whether and how the terms of CEO compensation contracts at large commercial banks between 1994 and 2006 influenced, or were influenced by, the risky business policy decisions made by these firms. We find strong evidence that bank CEOs responded to contractual risktaking...

This study examines whether and how the terms of CEO compensation contracts at large, publicly traded commercial banks between 1994 and 2006 influenced, and were influenced by, the risk-profiles of these firms. We find evidence linking contractual risk-taking incentives, which we proxy with...

We study the impact retirement has on how CEOs spend R&D funds. Consistent with retiring CEOs' short horizons and growing conservatism, we find evidence that CEOs tend to prefer incremental innovations as they approach retirement. Using patent data to measure firms' innovation outputs, we find...