Associate Professor of Finance & Commerce '77 Fellow of Finance, Smith School of Business at Queen's University.
Education: PhD in Finance, London School of Economics, 2010. Curriculum Vitae.
WORKING PAPERS:
When is performance sensitive debt optimal? with Alex Edmans and Daniel Gottlieb
Financing small investments, with Alex Edmans and Daniel Gottlieb
Motivational and informational financial ratings, with Nicolas Sahuguet
PUBLISHED AND FORTHCOMING PAPERS:
A theory of fair CEO pay, with Alex Edmans and Daniel Gottlieb
American Economic Review: Insights, forthcoming. Media coverage: VoxEU article, VoxEU podcast, Harvard Law School corporate governance forum, NBER presentation, NBER discussion
Executive compensation with environmental and social performance, with Nicolas Sahuguet.
Review of Finance 2025, Vol 29, 779-818. Highlights. Internet Appendix. Media coverage: Duke FinReg blog, Columbia Law School blue sky blog, Smith Business Insight.
Capital structure with information about the upside and the downside
Journal of Financial and Quantitative Analysis 2024, vol 59, 3921-3958. Internet Appendix
Expected earnings skewness and CEO compensation convexity: Theory and evidence, with Woo-Jin Chang and Stephen Hillegeist
Contemporary Accounting Research 2024, vol 41, 1754-1784. Internet Appendix
The complementarity between signal informativeness and monitoring, with Nicolas Sahuguet
Journal of Accounting Research 2023, vol 61, 141-185.
How should performance signals affects contracts? with Alex Edmans and Daniel Gottlieb,
Review of Financial Studies 2022, vol 35, 168-206. Internet Appendix. Media coverage: VoxEU, Harvard Corporate Governance Forum
CEO gender-based termination concerns: Evidence from initial severance agreements, with Felice Klein and Cynthia Devers
Journal of Management 2021, vol 41, 567-596. Lead article. Media coverage: Forbes, The Conversation, The Agenda.
The informativeness principle without the first-order approach with Alex Edmans and Daniel Gottlieb
Games and Economic Behavior 2019, vol 113, 743-755. Internet Appendix.
Does improved information improve incentives? with Alex Edmans and Daniel Gottlieb
Journal of Financial Economics 2018, vol 130, 291-307. Internet Appendix.
The effect of monitoring on CEO compensation in a matching equilibrium with Nicolas Sahuguet
Journal of Financial and Quantitative Analysis 2018, vol 53, 1297-1339. Smith Business Insight post.
Transparency in the financial system: rollover risk and crises, with Matthieu Bouvard and Adolfo de Motta
Journal of Finance 2015, vol 70, 1805-1837. Internet Appendix, Smith Business Insight post.
Risk aversion, prudence, and compensation
European Journal of Finance 2015, vol 21, 1357-1373.
Risk shifting and the regulation of bank CEOs compensation
Journal of Financial Stability 2013, vol 9, 778-789.
Explaining the structure of CEO incentive pay with decreasing relative risk aversion
Journal of Economics and Business 2013, vol. 67, 4-23, Lead article, special issue on Executive Compensation.
PUBLISHED SHORT PAPERS:
Downside risk neutral probabilities, with Louis Eeckhoudt
Economic Theory Bulletin, 2020, vol 8, 65-77.
The optimal timing of CEO compensation
Finance Research Letters 2018, vol 24, 90-94.
Prudence and the convexity of compensation contracts with Nicolas Sahuguet and B. Sinclair-Desgagné
Economics Letters 2017, vol 157, 14-16.
Changes in probability distributions and the form of compensation contracts
Economic Theory Bulletin 2015, vol 3, 223-232.
