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- W68621796 abstract "a€€a€€ Using contract theory, this article considers the effect of stock-based compensation on managerial replacement. I show that while stock-based compensation solves the moral hazard problem, it creates a distortion in the principal's managerial replacement decisions. Specifically, I show the principal endogenously determines the agent's tenure in a way that maximizes her own expected payoff, where her rational choice to replace or retain the incumbent agent may depart from the total firm value maximization. I find that along the parametric range of control benefit, both long- and short-term vested stock options may exhibit over-replacement of the incumbent agent, but in some cases, long-term vested options may cause more ine¢ ciency than short-term vested options. The article also indicates that only the short-term vested options may exhibit under-replacement. Journal of Economic Literature Classifications:" @default.
- W68621796 created "2016-06-24" @default.
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- W68621796 date "2013-06-01" @default.
- W68621796 modified "2023-09-27" @default.
- W68621796 title "Incentive Pay that Causes Inefficient Managerial Replacement" @default.
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