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Incentive Compensation, Valuation, and Capital Market Access

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  • Helmut Laux
  • Robert M. Gillenkirch
  • Matthias M. Schabel
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    Abstract

    In this paper we consider linear sharing rules for incentive compensation, when principal and agent are potentially restricted from short sales. We derive subjective valuation lines for performance shares, based on graphical analyses, and present results with respect to implementing effort and investment incentives. When the agent is restricted from short sales, he may reject an investment with positive market value, and higher performance shares may not induce proper incentives. relative performance evaluation will improve incentives and risk sharing, but there will generally be no clear definition of a suitable benchmark.

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    Bibliographic Info

    Article provided by LMU Munich School of Management in its journal Schmalenbach Business Review.

    Volume (Year): 61 (2009)
    Issue (Month): 4 (October)
    Pages: 335-360

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    Handle: RePEc:sbr:abstra:v:61:y:2009:i:4:p:335-360

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    Related research

    Keywords: Incentive Compensation; Portfolio Allocation; Principal-Agent-Theory; Short Sales;

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