Talking Down the Firm: Short-Term Market Manipulation and Optimal Management Compensation

G.T. Garvey, Simon Grant and Stephen King

Working Papers from Australian National University - Department of Economics

Abstract: This paper analyzes the optimal use of short and long-term share prices in management incentive contracts. A key innovation of our model is that the short-term share price is determined even before the manager has made her effort choice and therefore cannot be informative in the standard principl-agent sense.

Keywords: MANAGEMENT; CONTRACTS (search for similar items in EconPapers)
JEL-codes: J40 J41 L22 (search for similar items in EconPapers)
Pages: 14 pages
Date: 1996
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Journal Article: Talking down the firm: Short-term market manipulation and optimal management compensation (1998)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fth:aunaec:297

Access Statistics for this paper

More papers in Working Papers from Australian National University - Department of Economics THE AUSTRALIAN NATIONAL UNIVERSITY, DEPARTMENT OF ECONOMICS, RESEARCH SCHOOL of PACIFIC STUDIES, RESEARCH SCHOOL OF SOCIAL SCIENCES, G.P.O. 4, CANBERRA ACT 2601 AUSTRALIA..O. BOX 4 CANBERRA 2601 AUSTRALIA.. Contact information at EDIRC.
Bibliographic data for series maintained by Thomas Krichel ().