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| Author: | Spagnolo, G. |
| Title: | Stock-related compensation and product-market competition |
| Journal: | RAND Journal of Economics
2000 : SPRING, VOL. 31:1, p. 22-42 |
| Index terms: | COMPENSATION PRODUCT MARKETING COMPETITION |
| Language: | eng |
| Abstract: | The author shows that as long as the stock market has perfect foresight, nd incentives are paid more than once or are deferred, stock-related compensation packages are strong incentives for managers to support tacit collusive agreements in repeated oligopolies. The stock market anticipates the losses from punishment phases and discounts them on stock prices, reducing managers' short-run gains from any deviation. |
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