This paper presents a model in which the CEO generates productive output while the CFO oversees a reporting system that provides information useful for monitoring, decision-making, and contracting, but is also subject to costly manipulation. Because the reporting system serves multiple roles,...

The negative effects of common ownership on competition have received significant attention, but many proposed mechanisms for institutional investor influence seem implausible. We develop and test an analytical model of optimal compensation in an oligopoly with common ownership, focusing on...