The authors are from the Stern School of Business, New York University. The paper has benefited from the comments of Yakov Amihud, James Brickley, Jeff Coles, Stuart Gilson, Steven Kaplan, Han Kim, Robert Lippert, Hamid Mehran, M. P. Narayanan, Jonathan Paul, Ronen Israel, Joshua Ronen, Lemma Senbet, Badih Soubra, and Marti Subrahmanyam, seminar participants at New York University and the University of Michigan, conference participants at the 1992 American Accounting Association Meetings, 1992 American Finance Association Meetings, and the 1993 Conference on Optimal Security Design and Innovations in Financing (Rutgers University). We are especially grateful to Rick Antle, Hayne Leland, Kevin Murphy, and an anonymous referee for extensive comments on an earlier draft. Financial support was provided by Stern School summer research grant (Teresa John) and a Bank and Financial Analysts Faculty Fellowship (Kose John).
Top-Management Compensation and Capital Structure
Version of Record online: 30 APR 2012
© 1993 the American Finance Association
The Journal of Finance
Volume 48, Issue 3, pages 949–974, July 1993
How to Cite
JOHN, T. A. and JOHN, K. (1993), Top-Management Compensation and Capital Structure. The Journal of Finance, 48: 949–974. doi: 10.1111/j.1540-6261.1993.tb04026.x
- Issue online: 30 APR 2012
- Version of Record online: 30 APR 2012
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