Executive remuneration is often criticised as being excessive and not clearly linked to firm performance. This study further examines the link between pay and performance by examining the impact of promotion-based tournament incentives. Our hypotheses draw on tournament theory of labour...

Previous studies only incorporate textual risk information disclosed by bank managers into bank risk aggregation. Besides bank managers, credit raters and financial analysts are two other important risk information sources. Thus, this paper first expands the sources of textual risk disclosures...

We utilize seventeen years of comprehensive daily portfolio and trading data identified at the individual investor level, to analyze the relative trading performance of the entire universe of households, all domestic financial institutions and all foreign institutions in the Finnish market. We...