Inside Debt and the Design of Corporate Debt Contracts

Theory posits that managerial holdings of debt ("inside debt") align managers' incentives with those of outside debtholders. Executive pensions, consisting of rank-and-file (RAF) plans and supplemental executive retirement plans (SERPs), and other deferred compensation (ODC) have debt...

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Veröffentlicht in:	Management science 2014-05, Vol.60 (5), p.1260-1280
Hauptverfasser:	Anantharaman, Divya, Fang, Vivian W., Gong, Guojin
Format:	Artikel
Sprache:	eng
Schlagworte:	Business entities Chief executive officers Compensation Compensation and benefits Consulting services Contracts Corporate debt Covenants debt contracting Debt contracts Debt financing (Corporations) debt-like compensation Deferred compensation Equity Executive compensation Executives Financial leverage Incentives Income tax Income taxes inside debt Insolvency Loans Pay-off Pension plans Pensions Personal income Personal income tax Retirement Retirement income Retirement plans State income tax Stockholders Studies Tax law Tax rates
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