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INFORMATION EXTERNALITIES, SHARE-PRICE BASED INCENTIVES AND MANAGERIAL BEHAVIOUR (1996)

Grant, Simon ; King, Stephen ; Polak, Ben

Oxford, UK : Blackwell Publishing Ltd

Journal of economic surveys 10 (1996), S. 0

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ISSN: 1467-6419

Source: Blackwell Publishing Journal Backfiles 1879-2005

Topics: Economics

Notes: Abstract. We survey recent theoretical research on the effects of short-term share-price based managerial incentive schemes. Such schemes can induce inefficient managerial behaviour in both hidden action and hidden type contexts. These problems arise from informational asymmetries: managers take actions to manipulate the information flow rather than to maximize firm value. More generally, imperfect transmission of information between managers and shareholders or between managers of different firms can lead to similar distortions even when the parties' interests are aligned.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1111/j.1467-6419.1996.tb00001.x

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