Managerial Incentives and Stock Price Manipulation
构建理性预期模型，分析管理层可能操纵短期股价时，最优薪酬合约如何权衡长短期业绩，以及操纵不确定性如何影响合约设计和价格信息含量。
ABSTRACT We present a rational expectations model of optimal executive compensation in a setting where managers are in a position to manipulate short‐term stock prices and the manipulation propensity is uncertain. We analyze the tradeoffs involved in conditioning pay on long‐ versus short‐term performance and show how manipulation, and investors' uncertainty about it, affects the equilibrium pay contract and the informativeness of prices. Firm and manager characteristics determine the optimal compensation scheme: the strength of incentives, the pay horizon, and the use of options. We consider how corporate governance and disclosure regulations can help create an environment that enables better contracting.