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Managerial incentives and stock price dynamics: an experimental approach

Author

Listed:
  • Te Bao

    (Nanyang Technological University)

  • Edward Halim

    (Nanyang Technological University)

  • Charles N. Noussair

    (The University of Arizona)

  • Yohanes E. Riyanto

    (Nanyang Technological University)

Abstract

We investigate experimentally how granting a manager stock ownership and the opportunity to trade shares of a company’s stock influence the manager’s effort and the overall behavior of the market for the company’s shares. In our design, managerial effort affects the fundamental value of the firm. Our findings suggest that endowing a manager with stock does not significantly increase the manager’s effort. When the manager is allowed to trade the company’s shares, however, she tends to accumulate additional shares, increase her effort, and raise company value. In all of our treatments, prices tend to reflect underlying fundamentals, and bubbles are rare.

Suggested Citation

  • Te Bao & Edward Halim & Charles N. Noussair & Yohanes E. Riyanto, 2021. "Managerial incentives and stock price dynamics: an experimental approach," Experimental Economics, Springer;Economic Science Association, vol. 24(2), pages 617-648, June.
  • Handle: RePEc:kap:expeco:v:24:y:2021:i:2:d:10.1007_s10683-020-09675-7
    DOI: 10.1007/s10683-020-09675-7
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    More about this item

    Keywords

    Stock-based compensation; Managerial incentives; Experimental finance; Asset bubbles; Agency problem;
    All these keywords.

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration

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