We develop a structural bond pricing approach and implement it on a large panel of US industrial bonds using an efficient maximum likelihood methodology. We evaluate the model's ability to predict yield spread levels and changes out-of-sample. Errors are smaller and distinctly less variable than...

The0501n objective of this article is to provide a survey of the empirical work done on the use of incentive pay in the United States focusing on two0501n empirical questions: what are the determinants of their use and what are the effects of pay-per-performance schemes, if any. Theoretical...