Managerial Hedging and Portfolio Monitoring
نویسندگان
چکیده
منابع مشابه
Managerial Hedging and Portfolio Monitoring∗
Incentive compensation induces correlation between the portfolio of managers and the cash flow of the firms they manage. This correlation exposes managers to risk and hence gives them an incentive to hedge against the poor performance of their firms. We study the agency problem between shareholders and a manager when the manager can hedge his incentive compensation using financial markets and s...
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ژورنال
عنوان ژورنال: Journal of the European Economic Association
سال: 2008
ISSN: 1542-4766,1542-4774
DOI: 10.1162/jeea.2008.6.1.158