Managerial Hedging and Equity Ownership Risk-averse managers can hedge the aggregate component of their exposure to firm’s cash flow risk by trading in financial markets, but cannot hedge their firm-specific exposure. This gives them incentives to pass up firm-specific projects in favor of standard projects that contain greater aggregate risk. Such risk substitution gives rise to excessive aggr...

Recent research has found drastic differences across gender in how performance and preferences are affected by competition. In light of these, this study addresses how gender affects the use of competitive compensation. When given information about worker ability, male managers, but not female managers, are reluctant to choose the tournament for a female worker. The data also show that even tho...

THEPURPOSE OF THIS ARTICLE is to provide a description of the model of administrative behavior found in agency theory as contrasted with earlier models of administrative behavior, and to introduce new managerial accounting techniques that can be used to evaluate upperlevel administrators in a nonprofit organization such as a library. In addition, the article outlines several problems with the o...

Most sectors of industry, commerce, and government have reported variation in the performance payoff from electronic customer relationship management (e-CRM). In this paper we build on surprisingly sparse literature regarding the importance of managerial discretion to show that the heterogeneity of beliefs held by managers about e-CRM execution matter when explaining e-CRM success. Drawing on a...