INFORMATION EXTERNALITIES, SHARE‐PRICE BASED INCENTIVES AND MANAGERIAL BEHAVIOUR
综述了短期股价激励如何导致管理者操纵信息、损害公司价值的理论研究，适合关注公司治理与激励设计的学者。
Abstract. We survey recent theoretical research on the effects of short‐term share‐price based managerial incentive schemes. Such schemes can induce inefficient managerial behaviour in both hidden action and hidden type contexts. These problems arise from informational asymmetries: managers take actions to manipulate the information flow rather than to maximize firm value. More generally, imperfect transmission of information between managers and shareholders or between managers of different firms can lead to similar distortions even when the parties' interests are aligned.