My research examines how the performance effects of internal governance choices and the design of compensation vary by managerial position. For example, I document links between innovation and stock options for corporate R&D heads; earnings management and bonuses for CFOs; and resource allocation in internal capital markets and the performance measures for division manager bonuses. Overall, these findings are significant because they demonstrate the complementary nature of internal governance choices, the importance of recognizing non-monetary incentives, and the differential incentive effects across managerial positions.
Influence and Inefficiency in the Internal Capital Market , Journal of Economic Behavior and Organization 72, no.1 (October 2009): 305-321. Article in pdf format.
Internal Capital Markets and Firm-Level Compensation Incentives for Division Managers, Journal of Labor Economics 20, no. 2 (April 2002): S219-S262. Journal Article in pdf format.
Authority, Risk, and Performance Incentives: Evidence from Division Manager Positions Inside Firms, Journal of Industrial Economics 55, no. 1 (March 2007): 169-196. Journal Article in pdf format.
Innovation and Incentives: Evidence from Corporate R&D [Written with Josh Lerner]. The Review of Economics and Statistics 89, no. 4 (November 2007): 634-644. Journal Article in pdf format.
Earnings Management from the Bottom Up: An Analysis of Managerial Incentives Below the CEO [Written with Felix Oberholzer-Gee]. (HBS Working Paper 12-056). Working Paper in pdf format.