... 7 2020 2021 agency conflict managerial compensation vega operating risks investment policy asset substitution bankruptcy credit default swap (CDS) In this study, we examine whether and how stringent lender monitoring reduces the efficacy of risk-inducing incentives put...

... 3 2020 2021 accounting quality debt concentration creditor coordination bankruptcy distress Recent studies have documented significant heterogeneity in the mix of debt types that firms use (e.g., Rauh and Sufi 2010 ; Colla, Ippolito, and Li 2013 ). Many firms rely...

... The second contractual mechanism, KERPs, ties CEO compensation in bankrupt firms to a timely bankruptcy reorganization and related financial performance measures. These include accounting financial and nonfinancial, as well as market-based, performance measures. ⁵ Gilson and Vetsuypens (1993...