1801 issue implementation taken london 458 constrained accurately potentially alex shown 728 0185 contribute 350 going exercise econometrica 311 favor 825 495 0064 liabilitie substituting elasticity venkateswaran interesting elasticitie project 0087 robustnes sided estimate share 2002 option 0582 4429 valuation proof giving intercept TESTS 943 appropriate rate matter 0069 095 xavier importance imposed sensitivity identify treated source outcome really 0001 573 SELL joseph disclose disclosed reducing show 0056 sufficient 678 fudenberg OWN even EVIDENCE posit 0138 1973 1991 gary 927 immediately 040 involve return 652 restriction undisclosed keep better 272 explicit 775 hedge earning final 1983 700 panel spend 413 already 0122 5342 differently 0091 subsequent knowledge 606 goergen 432 0035 attractive 0071 708 0225 856 112 0283 588 holding infrequently personal owner 0017 542 conditional 0030 APPENDIX 170 estimating table hereafter 0106 chairman serving trading logic 225 142 207 027 bearing biase choosing burden descriptive student wa 090 real set 1988 089 job Ξ±Ξ”P david met deviation capture replicate could 1155 128 278 1313 490 coordination 0024 research jayant survey 461 texa michele 0131 bable hypothese driven 3428 bookt 0167 both marc 532 randomize unload male 872 earn 395 bushee srinivasan prior incentivize manager 642 inequality would tenure ASYMMETRY 0110 significantly 184 776 wpe_vestedstock existence doing 830 get 034 volatile adopted 010 servae 335 third blockholder liquidation 440 841 deviate π‘šπΏ2 4116 474 0075 mei 021 specifie academic bottom 020 approach cumulative 222 frankfurt 305 rather 217 158 281 downward incorporate higher 748 draft 132 jordan 004 save plan DECISIONS 0046 likelihood 5696 dev dynamic π›½π‘šπ‘¦ appear ABSTRACT replaced sizet derive 0004 area equation 071 becoming exist INTRODUCTION defended right necessary 4490 ADDITIONAL 165 729 natural extent fang 319 735 four introduce publicly 344 eric 2421 209 600 336 individual weaker 1301 entire who topic rei previously negatively exiting 995 2015 625 149 emerging graduate 406 exclude sharing 0220 0027 570 mandatory owning commonly 252 expected calculate calculation 1998 1367 pre 105 silent TABLES 111 UNIVERSITY action 559 many causal 580 0061 subsample fraction productive she massachusett L2 advocate utility 968 675 college disclosure 009 provide 382 supporting way 139 129 926 168 124 understanding remaining investment 940 523 453 patient 351 concerning presented 595 0047 113 qml2a composition adopting account purchase resource alone little 507 405 combination esther reservation indifferent faster notation parameter 392 away relation proxy DISCUSSION 2014 fulfillment 644 0000 MODEL ranked increase von weisbach absolute previou fortune providing 329 525 787 withhold valued aggarwal 2001 0400 possible 0025 fidrmuc implie later frank squared renneboog derivative THEIR yearj 691 SEK law 346 understand turn past 0130 cost unvested discount argmaxe gave 224 founder larcker under contrast tax 483 498 eli asymmetry move 0164 earlier 0003 differential determined FIRM 462 414 KJ typically 0099 exert 263 schole group 0053 fellowship 293 0207 469 chri overconfidence risky 979 310 192 0200 0253 end theory baker 543 267 great independence 757 3wpe_unvest implement without than just endogenize viii bachelor chapter shilon computable reduction wpe_con technology duanping doctoral follow continued effort 062 strength brian sticky zero 2000 concentration deadline 199 026 chair dariu underlying practice order following parent 280 273 jean indistinguishable data 0223 morck vestedstock opposed fan after induction strategie quantitative edman forgiving opportunity 0076 nagar 334 difference 1997 repeat 1319 0199 handbook BACKGROUND agency strongly 038 arlington 770 641 new 896 0016 777 respectively peyer needed develop 562 183 myron myopic ebru 439 0033 376 him 609 your 148 start variable 726 GRADUATE ending 964 157 2009 differ interchangeably 371 0111 204 actually proportional 1990 814 CORPORATE generally H1 describe 345 0116 613 daughter money dhinu alignment exceed STOCK PERFORMANCE consistent 253 probability eight MANGERIAL interpret sectionally 049 072 179 beat acquired compared characteristic cap katz 0089 pred trend relationship extensive EPS 2554 any 258 wpe_unvest more 141 unsellable regarding eliminating report voluntarily detailed operational most shirking demonstrate 318 473 had 248 information CEO 802 nonfirm retire focu ROA 080 560 bernstein 798 measurement 451 anticipated again 578 discounted relevant Ξ»11 0427 much procedure neither explained part 540 gal 337 iii doctor 0254 571 fact liebman seen 0291 refer only 706 fruitful correlation 234 alway 007 aggregate structural 0258 0002 recall bureaucrat 0264 0041 119 compustat strong voluntary 0824 yangyang 415 empirical meet into gorton 003 good making intention 953 dependent 0032 master solved concern screen 260 nejat max 762 013 0012 state newvestedstock 144 john indifference 0022 091 177 associated palia 205 behavior increasing george conversely file come 041 alumni least 1026 0174 919 percentage comp 633 virtually ferrell fixed LEN received paper sarah calculating penalized hi next slice taxe transaction 5119 110 vestedoptions_p toward value finding contain twelve 646 0058 specification LB science regres company make A6 industry robust harry benjamin input empirically 227 influencing 5619 8270 choose 2013 806 cohen middle suboptimal 556 incentive applied some arrangement VARIABLES 0120 function committee graham constant financial respect non pearson fenton against 0580 RESEARCH society boya missing tdc1 begin ability improve 591 likely 102 037 vector selling political positive illustrated adjustment compensation variation career accurate stinson 886 pittsburgh averse modeling 320 811 249 0771 1177 0015 sweden 1479 ordinary 847 influential saving mitigate lag 073 award π‘Šπ‘ƒπΈ_π‘‰π‘’π‘ π‘‘π‘’π‘‘π‘†π‘‘π‘œπ‘π‘˜ why 0012x3 0941 621 consider gabaix 0066 377 variou lower 612 specific design 055 701 underestimate 0034 214 studie 1636 ruenzi roger 738 deviating 1243 involved 623 other 0084 1512 0651 significance LHS term qiang stockholm except allocation university 997 630 A5 KATZ 608 another 0040 0050 target JOSEPH view 125 P5 knoeber 2008 714 LIST 032 397 relie specially salary endowed ofek rewarded economy 401 186 reexamine referring 025 0013 SAMPLE partial 8195 vicky choice insufficient office well recent worth potential newer 963 297 claire 0342 none 0759 std 061 pursuing vestedstock_p decide establishing 470 divided mtb 654 156 283 world early trade builder 196 0747 deciding form 0023 767 give 805 unique 437 194 1021 andrei equilibrium figure annual 092 executive being 948 examined 0070 0860 226 096 833 copyright possibly 0128 1999 036 may 783 hall different 789 functional IBES liquidate indiana 950 dressing 1992 thu andrew 244 income 0212 stk marginal puzzling hard manage number error ownership granting 0429 now 237 test wpe_uncon 416 914 100 300 column how identical their scale 496 hoffman therefore having forecast writer 759 slowly included 235 694 question 265 296 171 natalia required APPROACH 2012 also related endogenously delete 0137 too over 441 largely FE agreement induce prevent nagarajan improving tendency assume pay statistical like yermack collect 590 1for receive administrative 2264 π‘Žπ‘Ÿπ‘”π‘šπ‘Žπ‘₯ especially include ha unlikely vested options_p 0037 evidence 𝐡𝐿𝑒 limiting FIRMS 4660 footnote realized stronger cash 0175 rise caused lilienfeld DECISION PITTSBURGH beating 500 xwpe_vestedstock based discusse 632 394 french 3938 042 797 hermalin estimation wpe_vest greater such shape degree equivalent lixin 826 current A7 lucian example discussed 0063 falling 620 Q3 730 combining member uninformed insignificantly 994 0260 056 economic specifying time 0153 374 dummy 1328 409 OVERVIEW 1962 812 489 585 untabulated 2𝐴2 framework 732 lehn 4653 overconfidencet separately CONTRACTS feng 0083 2563 π‘†β„Žπ‘Žπ‘Ÿπ‘’π‘  journey showed represent 0355 reason 740 103 achieve competitivenes disagreement 𝑉𝑒𝑠𝑑𝑒𝑑 production pennsylvania 074 0233 804 tailed continue grant consequence 143 elise use π‘žπ‘šπΏ2 π‘†π‘‘π‘œπ‘π‘˜ spearman despite until 478 0367 384 2Οƒ2ρ maker ISS bebchuk 779 arise weighted logarithm pricing 857 707 0014 261 0287 michael 321 liquidated computation 760 531 fellow subsequently replace establish refine 721 observed 282 420 growth 989 marginally mean numerou 852 suggestion uncon martijn regulatory carrie 019 perform 0158 inc range 1846 medium dominate effect stay 306 0861 perspective 166 466 gain quadratic 031 0074 0498 place comprised hypothesi above help 185 play shareholder noise 030 million constraint 076 serve reuter 3588 722 0766 tied consistently ΞΈzt reduce insight board discretion 153 101 340 equila staying activity setting thank 285 outstanding dori note simultaneously nature supported there TEST rhetoric market 0136 180 faced 246 implicit partially BUSINESS top regressor measuring wei certain readily occur 444 meeting amount vicki P95 875 116 136 systematically 308 001 price should discus puzzle 045 calculated seek 011 debt taught interest 2108 frequently researcher poor matthia 990 resulting 349 WPE anup 0008 build coefficient subtracting 137 advantageou empire venky diversified 323 unclear word additional 187 w0e2 insider 005 assumption director person reporting 961 positively evan 574 straightforward managerial mcvay 0086 108 dollar result 330 CONSIDER solution adversely 0178 detail PREFACE tsinghua SCHOOL need 682 353 375 0010 0051 suggesting outside fewer STOCK_UNVEST_NUM behave belief 387 interaction 809 jing working Q1 0129 539 parenthese COMPENSATION program 006 filing although period claim clustered important logtenuret 175 BIBLIOGRAPHY comparison all 665 CRSP 648 0052 2006 081 198 CONSEQUENCES notable H2 361 total development limitation support add 307 factor 154 performancet including control shirker don 704 681 043 portion multiplied 554 content EQUITY 3699 299 0237 distinguishe 5144 black agree premium negative institutional wood 099 structured Οƒ2ρ 481 0303 867 create below during 229 multiple 315 chosen renegotiation 0189 opportunistically returnt decreasing payoff specify environment 317 comment 3712 distributed 0068 7630 appendix 537 informal vii distinction relative portfolio contract 0351 inverse jeffrey significant importantly beg magnitude 987 neutral himmelberg argument boardsize 0499 284 903 098 289 predict post easily shared 845 147 induced A3 pooled they definition samwick 117 dartmouth 0009 meaningful rational demsetz CONTENTS SHROWN_EXCL_OPTS swedish 821 becker 094 ronald weak phd according undiversified monthly SUBSEQUENT 051 085 nitzan 068 predicted helping 210 712 suggest release defining tobin analyzed 0057 035 rajesh submitted 655 clean analyst main 421 classification COMPARATIVE 271 ur drive discussing alternative distinguish advice duality 840 597 receiving excellent newly 443 date probabilitie median π‘€π‘Žπ‘₯ conventional subject sometime ping HYPOTHESES permanent 0135 month 1296 uncertain economically every 014 multiplicative 002 model tang aversion policy exp addition 145 risk care constraining blonski SELLING explain 653 beginning 024 rank 743 devote measured benefit tercile beside study 488 affect fundamental 0079 proposition family 152 characterize 342 2931 862 341 implemented case 0163 0327 yearly encouragement observation contradiction 309 minnesota econometric about 824 120 defined 254 prove 851 log 213 017 π‘‡π‘œπ‘‘π‘Žπ‘™ normal 386 008 technical vesting 200 rewrite own proxie 161 katharina mervi 109 motivating monitoring TABLE costly operation 0085 0103 πΆπ‘œπ‘šπ‘π‘’π‘›π‘ π‘Žπ‘‘π‘–π‘œπ‘› allen PH 911 yield 2𝐴𝐡 dividing inequalitie fractional 1470 accounting impact examine random run 996 answer guideline 372 SETUP unexercisable 1160 currently 0039 Ξ»12 aside channel 991 face 931 reasoning 0935 476 movement provided large proceed contracting relatively seyhun 967 attempt 575 fischer execucomp 0156 0043 corroborate 699 ulf POLICIES henri 354 long force toal measure become initial charle 4165 equilar OWNERSHIP 13f expect 1013 consideration 316 tournament hazard 2485 volatilityt lead 795 comparable depart baseline might corporate moser tend emphasize maximal wpe_unvestedstock favorable mechanism scenario treat 502 314 whose corresponding 355 discussion 553 0042 cole inmoo 555 distinguishable kenneth 2005 differentially 831 depreciation 647 second intuition 423 4823 examining reported 174 fall 0081 work statistic 078 cros sell 082 professor abnormal hubbard 1384 044 0279 whether 0060 guidance three 0275 2011 specifically 0506 activitie ALTERNATIVE prediction governance two 052 0226 jointly 599 XI count each 298 923 243 controlling role technique 2171 106 it asses mixed 435 CONCLUSION logtenure leverage 339 086 268 full stock 829 tough 596 reality randall 2090 Ξ΄ql2a half 0480 fifth 121 487 limit available maximizing vishny A4 448 mcconnell approved however testing reversion determinant output one 4532 0405 minimum find employee AOROA shleifer 547 decision 482 949 499 robert institution year 1047 net let 909 HOLD among PROXIES accrual convex unvest murphy correlated 097 refined alma 146 356 164 chan armstrong 882 0038 1050 kothari josef 0019 thousand policie private wealth 454 title rule objective still preference incur will 325 firm 0160 684 211 average generously A1 389 STATICS future cause teacher sample very nandu 2973 exerting 016 requiring problem 160 signed component anand 047 percent 586 moral terry lakonishok 189 III 0029 107 indeed journal ratio EMPIRICAL 221 0020 then 734 bear converted conclude 381 373 direct 059 xianming 773 0117 highlight shirk INFORMATION 0359 involving vivian feasible π‘ƒπ‘Ÿπ‘–π‘π‘’ regression 0520 534 0054 sun 151 six 287 475 independent maximize 515 adoption 138 often unrelated intensity reflect 029 decline differentiate restricted similar utah 333 1995 hold π‘šπΏπ‘’ described 0513 446 same slower 0044 free wpe_unestedoption convert labor proces evolution explanation incorrectly allow larger 255 182 023 815 here hong 167 692 854 warfield 393 expressed given ensure yet 1508 analysi 303 614 0194 rewritten 130 solve retention offset 0674 link between riskier book 828 276 put 424 chow delta opportunitie volatility B2Οƒ2ρ 347 quarterly 865 operating enable plausible 0094 jin les offer 939 continuing 2010 894 exces doe controlled 0209 public pattern fully 698 524 taking 598 day 240 115 exceeding 2374 meschke 2628 suppose reflected must 0423 stock_p 0202 FINDINGS 0863 able using single 657 drew since advantage 0222 1996 053 NATURE becasue sale 239 878 269 normally entrenchment fourth 087 backward PM inability compare literature clearly profitable 070 algebra freedom 2017 written founding limited unable tradeoff thomson exerted 0404 versu 0059 within obtained obtain stream 0007 0170 404 2004 L2A2 702 generate response implicitly 357 because condition 455 046 prefer sellable level covered 550 smaller faculty 173 harold dissertation 793 wpe_vestedoption sectional wife idea management luc varie decrease 219 slightly unduly 799 equal 925 390 CEOS 945 lemmon vary 358 331 4917 longer QUESTIONS CHAPTER them optimal regardles used EQUILIBRIUM exercising nor when responsible dummie background INCENTIVES infer 0021 reached felix argue 5484 wage FOC MTB liability plu finance 933 investor believe 993 otherwise Ξ»10 timeline reveal addres 388 hence conduct accept 0011 324 further 637 fama sign base kevin change 379 0192 summary 2𝑀0 683 influence institute 765 initially GOVERNANCE associate sold 370 expositional A2 step 380 1279 286 implying 800 inefficient xihui 0005 FIGURES administration 607 0529 2187 3399 048 adjusted denote assumed hand performance UNCONSTRAINED 445 overestimate 0088 compliance 028 huang taxed 000 specified translate adjust 015 analytical expectation small divide found association 853 instead 1500 0045 2685 tirole 039 unobservable low guay pure 251 π›½π‘šπΏπ‘’ through while theoretical revert held reeb take rerun CE developed dougla linear 610 514 formal school 725 0114 CONTRIBUTIONS finally wayne stake once agrawal 589 0018 0031 economics103 150 window strategy 245 purpose 745 present statement mediate zhou 208 acros glenn 291 114 either simplicity throughout 5479 xii 241 review leisure cheng cremer 088 fedor kale comparing enjoy interpreted THEORETICAL 104 general maximum endogeneity MEASURE 0067 jana restrict 065 4881 informative invested lewellen 079 0077 five 1017 closer 521 433 880 academy 012 out modified inst 0139 core 0166 827 266 consist section size moneynes attractivenes spending side busines exogenou productivity 910 exponential 0280 stocksold expense enough helped attained ethic 0026 unlike retain 0741 497 paid 169 411 2016 insert majority asset landier 190 FUTURE sharessold 822 231 commit simply 504 investigation certainty existing 792 vest require philosophy substitute requirement contribution 0133 0188 172 starting stefan 223 anderson 639 018 granted 216 0093 binding cannot not constrain companie 277 foundation remain equity oversee informed selection 123 daniel gursky unconstrained reduced counter lee standard 839 before 403 L2B augustin high sensitivitie 0006 084 first overall analyze 1985 structure 2003