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Pay for Prudence

Reynolds Holding

Armstrong and Vashishtha (2012)​ show that equity risk-taking incentives lead managers to pursue strategies that expose their firms to systematic risk, which they can hedge, and not idiosyncratic risk, which they cannot hedge, and ​Armstrong et al. Coles et al. 2019​; ​Granja et al., 2009​; ​Berger et al.,

Banking 40