Insurer Reserve Error and Executive Compensation
研究保险公司经理为最大化薪酬而操纵损失准备金的动机，发现奖金可能封顶或无奖金的经理倾向于多计提准备金，而奖金可能不封顶的经理则少计提，行使股票期权的经理也会少计提。
This article investigates incentives of insurance firm managers to manipulate loss reserves in order to maximize their compensation. We find that managers who receive bonuses that are likely capped or no bonuses tend to over-reserve for current-year incurred losses. However, managers who receive bonuses that are likely not capped tend to under-reserve for current-year incurred losses. We also find that managers who exercise stock options tend to under-reserve in the current period.