00000cam 2200000zi 4500 9.965203 CaOODSP 20260814113654 m o d f cr cn||||||||| 260814e20260724oncd ob f000 0 eng d CaOODSP eng rda CaOODSP FB3-5/2026-25E-PDF Ríos-Rull, José-Víctor, author. Time-inconsistent manager incentives and capital formation / José Víctor Ríos Rull, Josef Schroth, Tamon Takamura, Yaz Terajima. [Ottawa] : Bank of Canada = Banque du Canada, July 24, 2026. ©2026 1 online resource (38 pages) : graphs. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2026-25 Title from cover. Includes bibliographical references (pages 20-23). "The empirical literature emphasizes the importance of protecting shareholder rights by encouraging managers to deliver a high present value of payouts. We show that this alignment is dynamically self-defeating: whenever access to outside equity is possible, even if costly, and commitment is limited, compensation tied to total payouts inadvertently generates edogenous managerial short-termism through time inconsistency"--Abstract, page 1. Saving and investment Econometric models. Time and economic reactions. Épargne Modèles économétriques. Temps et comportement économique. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 1701-9397 ; 2026-25. (CaOODSP)9.806221 PDF 678 KB https://publications.gc.ca/collections/collection_2026/banque-bank-canada/FB3-5-2026-25-eng.pdf